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The Silicon Review Asia

Indonesia’s automobile sales will experience slightly recovery in 2021: Fitch Ratings reports

Indonesia’s automobile sales will experience slightly recovery in 2021: Fitch Ratings reports

Fitch Ratings has reported that the automobile sales in Indonesia will recover only in 2021, and also, it will not reach the 1 million units number that was achieved in 2019 any time soon.  The rise in unemployment and weak purchasing power will significantly affect the demand for automobiles, and this will be even more affected due to the restricted movements. The Association of Indonesia Automotive Industries has also considerably lowered its car sales expectations. The government's new initiatives to trigger demand for sales are also significantly less due to the ongoing Covid 19 pandemic. Fitch has forecasted that the 4W sales in 2021 will be lower than the numbers achieved in 2019.

Improvements were seen in June 2020; however, the fundamental demand for the same remains null. The pandemic's uncertain nature has forced people to curb their spending, and this includes car purchases. The recovery trajectory also failed to gain momentum in October, and the rise in the number of Covid cases also affected the sales. Recently there was a rate cut done by the Bank Indonesia, but that will not benefit the sales of 4Ws as the customers are still unsure about making large purchases any time soon.

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