Electrifying the Fleet: How VKTR Is Driving Indonesia’s Commercial EV Shift

JAKARTA, Investortrust.id — As Southeast Asia’s largest economy pushes toward decarbonization, the industrial heavyweights spearheading its transition are finding that green transit is increasingly becoming good business.

In the first half of 2026, commercial electric vehicle pioneer PT VKTR Teknologi Mobilitas Tbk (IDX: VKTR) recorded a double-digit surge in profitability, driven by growing municipal appetite for zero-emission public buses and a broader recovery across Indonesia's automotive supply chain. The firm, a subsidiary of the prominent Bakrie Group conglomerate, posted a 25% year-over-year jump in net profit, demonstrating how state-backed electrification mandates are translating into balance sheet momentum.

The results provide a concrete test case for whether commercial EV manufacturing can achieve sustainable margins in developing markets without perpetual state intervention.

With corporate logistics operators and regional governments accelerating fleet modernizations to meet national net-zero targets by 2060, VKTR's ability to localize assembly and scale domestic supply chains is emerging as a bellwether for Indonesia’s industrial EV ambitions. How successfully local players bridge the cost gap for commercial fleets will help determine whether Southeast Asia can transform from an assembly hub into an integrated EV manufacturing center.

Surging Revenues and Operational Leverage

During the six-month period ending June 30, 2026, VKTR generated net sales of Rp 647 billion ($40.7 million), marking a 56% increase compared to the same period last year. The revenue growth reflected accelerating market demand for heavy-duty, low-emission commercial transit solutions across municipal and corporate sectors.

"The spare parts manufacturing segment also made a positive contribution to the company's performance, driven by the ongoing recovery of the national automotive industry throughout this year," Chief Executive Officer Anindra Ardiansyah Bakrie said in an official statement released on Sunday, August 2, 2026.

Top-line expansion generated significant operating leverage. Operating profit skyrocketed 1,890% year-over-year to Rp 16 billion ($1 million), illustrating tighter cost controls and operational efficiencies at its assembly plants despite shifting global energy costs. Net income climbed to Rp 10 billion ($628,900), up 25% year-over-year.

The company maintained a stable balance sheet to support its ongoing capital expansion. Total assets rose 3% year-over-year to Rp 1.84 trillion ($115.7 million) by the close of the first half. Liabilities increased 6% year-to-date to Rp 589 billion ($37 million), while total equity expanded 1% to Rp 1.26 trillion ($79.2 million).

Bakrie noted that factory order books remain active as corporate clients and public transit operators place new purchase orders. "This achievement proves the market's growing trust in the quality of VKTR's products, while serving as a positive signal for the expanding adoption of commercial electric vehicles and the national EV industry," he stated.

Securing the Municipal Core while Expanding Corporate Reach

VKTR strengthened its position in public transit infrastructure during the first six months of the year by completing the delivery of 30 12-meter electric buses to operators of TransJakarta, the bus rapid transit network serving the greater Jakarta metropolitan area.

"With this addition, VKTR has cumulatively supplied 152 electric bus units for the TransJakarta fleet, or about 30% of the total TransJakarta electric bus fleet currently operating," Bakrie confirmed on Sunday, August 2, 2026.

Beyond public transit, the firm is diversifying its commercial customer base into corporate logistics and B2B fleet operations. During the first half, VKTR delivered intercity electric transporter units to a logistics firm in Malang, East Java, while supplying additional utility transporters to business entities within the broader Bakrie Group ecosystem.

To capture broader market segments, VKTR has assembled a commercial EV portfolio that includes 8-meter and 12-meter electric buses in low-floor and high-floor variants, as well as the LOKON utility transporter. Its heavy-duty electric truck lineup includes 6x4 long-wheelbase, 6x4 short-wheelbase, 4x2 medium-wheelbase, and 6x4 tractor-head configurations engineered for both on-road logistics and off-road mining applications.

Domestic Assembly and Environmental Impact

A key differentiator for VKTR’s competitive positioning remains its domestic manufacturing strategy. The company's electric buses supplied to TransJakarta are assembled locally at its Magelang facility in Central Java, achieving a local content requirement (TKDN) exceeding 40%.

"This local advantage allows VKTR to provide a more responsive, reliable, and integrated after-sales service through a full maintenance contract (FMC) scheme to support the optimization of customer fleet operations," Bakrie explained.

The environmental metrics from VKTR's operational footprint are scaling alongside its order book. On a cumulative basis, VKTR commercial electric vehicles have covered more than 19 million kilometers (11.8 million miles) in active service.

Company calculations estimate that this mileage has offset roughly 17,000 metric tons of carbon dioxide emissions compared to conventional diesel combustion engines—an offset equivalent to saving approximately 7 million liters (1.85 million gallons) of diesel fuel, or the environmental benefit of planting 777,000 trees.

Second-Half Outlook and Capital Raising Plans

Looking toward the second half of 2026, VKTR is positioning for additional fleet deliveries. The manufacturer is currently completing a bulk order of electric buses for a public transit modernization program in Central Java, with initial vehicle shipments scheduled to begin in the third quarter of 2026.

Concurrently, the company is preparing for a rights issue (PMHMETD I) currently under regulatory review by the Financial Services Authority (OJK). Proceeds from the capital raise will primarily fund the expansion of a specialized subsidiary focused on leasing solutions and Mobility-as-a-Service (MaaS).

"This is designed to meet the needs of customers who want to utilize electric fleets without making large upfront capital investments," Bakrie said on Sunday, August 2, 2026. "By strengthening manufacturing, strategic partnerships, and business model innovation, we are optimistic about maintaining healthy growth while creating added value for all stakeholders."