Indonesia Automotive Industry Outlook 2020 - Ipsos

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OPPORTUNITIES AND CHALLENGES IN INDONESIA’S AUTOMOTIVE INDUSTRY February 2016 1

Executive Summary



Over the next five years the passenger vehicle segment will remain very attractive, while growth of the commercial vehicle segment will be slower – Passenger vehicle (PV) growth is estimated at CAGR 6.8% to 2020 – Motorcycle (MC) growth is estimated at CAGR 4.8% to 2020 – Truck growth is estimated at CAGR 3.5% to 2020 – Bus growth is estimated at CAGR 1.9% to 2020



Greater Jakarta will remain the key region driving PV and CV growth, while demand from medium and smaller-sized cities is expected to increase over the next decade



In the PV segment, the lo- cost green car segment (LCGC) is expected to experience the fastest growth at CAGR 8.1% to 2020



In the truck segment, the gasoline light-duty truck segment (GLDT) is expected to experience the fastest growth at CAGR 4.6% to 2020



In the bus segment, the medium-duty bus segment (MDB) is expected to experience the fastest growth at CAGR 3.2% to 2020

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2

Three Main Implications for New Market Entrants

1 Competitive Landscape

2 Localization Impact

3 Geographical Landscape

Japanese OEM brands dominate the market • Long history in the market • Comprehensive portfolio • Extensive dealership networks • High brand awareness

Government preference for OEMs to increase local production • Local content targets for parts production • Policies supporting high local content models

Demand spread across vast country • Top four cities account for only 26% of total PV population • Logistic challenges to ensure distribution and service coverage

Develop differentiated and focused value proposition to target specific consumer segments

Carefully review and understand relevance of government policy to market entry strategy

Include distribution and service implications when prioritizing cities and regions for market entry

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ECONOMIC OVERVIEW

With GDP forecasted to reach USD 1.3 trillion in 2020, large urban centers will emerge driving a more balanced growth and providing new opportunities

Nominal GDP Development*

Key Cities at a Glance

Unit: USD billion**

City Level GDP 2014*

CAGR

7.8% 1,307 CAGR

913

889

Unit: USD billion**

Unit: Million people

114.3

10.1 29.5

-0.9%

City Level Population 2014

12.8

11.4

7.5

5.8

2.8

2.5

2.2

1.5

1.6

896 Medan

Palembang

Makassar Bandung

2013

2014 2015e

5

Jakarta Surabaya

2020f

• Java, with half of the Indonesian population, will remain the economic and political center of Indonesia, accounting for over half of the GDP output. • With a depreciation of over 10% in 2015, stabilizing the currency will be vital for the Government to ensure growth. Source: BPS; IMF

*GDP is calculated using current price ** USD exchange rate: 1USD = IDR 11.850

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CONSUMER DEVELOPMENT

Continued urbanization and the addition of 21 million new consumers will drive overall consumption and the demand for passenger vehicles and motorcycles

Urbanization Level Unit: Population in Millions

Unit: Population in Millions

6.1%

255.5

Rural

Urban

Total

47%

2015e

67

Wealthy class Affluent consuming class

57%

2020f

88 <2

271.1

43%

53%

Consuming Class Population*

Mass consuming class

<2

30

22

56 43

2015e

2020f

Comments • Urbanization could reach 70% by 2030, which will require significant infrastructure development and other investment to support growth of the smaller cities that will integrate the new urban citizens. • With a share of roughly 30% of total population, smaller cities, defined as having a population between 150,000 and two million inhabitants, are expected to be able to grow at an estimated 6-9% annually. • The growing working-age population will play a key role in driving new consumption. • Ensuring the economic growth is more evenly distributed across the country will be a key challenge over the coming years.

*Source: McKinsey, The archipelago economy: unleashing Indonesia's potential, Ipsos Analysis Note: Consuming class is defined as individuals with a net income of above USD3,600 per annum at 2005 purchasing power parity (PPP) [email protected]

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PASSENGER VEHICLE MARKET OVERVIEW

For OEMs assessing market entry opportunities, the MPV and LCGC* segments are expected to remain the highest volume and growth segments through to 2020

PV Population 2013-2020

PV New Sales by Segment 2013-2020

Unit: Million Units

Unit: Thousand Units CAGR

CAGR 13-15

CAGR

7.5%

CAGR 15-20

6.8% CAGR

-9.0% 880

CAGR

1,022

880

9.3%

737

11.88 6.93

7.72

MPV

LCGC Sedan Other**

2013

2014

2015

2020f

7.7%

185

-1.7%

6.5%

79.8%

8.1%

-28.6%

-2.0%

-19.7%

1.5%

340 118

135

140 51

-20.1%

467

533

SUV

8.28

492

172

34

244

165

22

122

101

79

2013

2014

2015

18

85

16

2020f

• MPVs and SUVs are popular due to their larger seating capacity, which are viewed as more suitable for Indonesian families. • Declining popularity of sedan cars is partly due to the higher luxury tax imposed at 30%, while MPV and LCGC models are only taxed at 10% and 0% respectively. *LCGC – Low Cost Green Car **Other car types include hatchbacks and city cars

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PASSENGER VEHICLE BRAND SHARE

To successfully compete against the dominance of Japanese brands, new entrants must focus on brand building and development of distribution and after-sales capabilities

New PV Sales by Brand 2015

Comments

Total: 736,664 cars

Others*

9% 3% 3% 8%

41%

15%

21%

*Other includes Chery, Geely, Tata, Hyundai and KIA

• The key competitive advantages of Japanese OEMs are: - Localization: - Most Japanese brands have local plants, allowing for ~30% cheaper taxes than CBU units imported - Products and model specifications fit local needs; such as focusing on small engine cars to capitalize on favorable tax policies for fuel-efficient vehicles - Geographical coverage: A wide-spread distribution network allows for convenient servicing and spare parts availability - Government support: Trade agreements resulting in lower import duties for Japanese companies • Recent new entrants have chosen different strategies to enter the market - Chinese brands have struggled with Japanese dominance; Geely and Chery have an insignificant share of ~1%, despite having low priced cars - German brands (Mercedes, BMW, Audi) avoid direct competition by targeting premium customer segments - Hyundai’s ‘buy-back guarantee’* offer has enabled them to minimize perception of the poor resale value of Korean cars [email protected]

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PASSENGER VEHICLE MODELS

As the PV market becomes more mature, providing consumers with a well rounded portfolio will be necessary for OEMs targeting the low- to mid-end segment

Number of PV Car Models 2010-2015 10.6%

Number of PV Models by Segment 2015 Total

17

MPV

6

SUV

3

3

LCGC

1

2 1

Sedan

6

3

11

8

8

3

3 1 1

1

2

1 1 1 2

Toyota

Honda

Daihatsu

Suzuki

9

6

209

189

Other** 2010

2015

3

5 3 2 1 1

2 1

Nissan Mitsubishi

• Total increase in PV models is attributed to the introduction of LCGC and an increase in the number of SUV and sedan models, which have increased by ~30% and ~10% since 2010 respectively. • The number of models available to consumers is expected to increase as competition increases in the LCGC segment and more OEMs enter the market. *LCGC – Low-Cost Green Car **Other car types include hatchbacks and city cars

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DEALERSHIP DISTRIBUTION

With the highest dealership density, the strong competitive position of the incumbent brands must be diligently assessed to achieve successful market entry into Jakarta

Estimated Number of Dealerships in 2015

Comments

300

Other cities

190 230 240

Medan

12

Bandung

17

Surabaya

12

166 110 90

Jakarta

69

3 5 5 27

Toyota

145

130

Honda

6 12

111

74

5 4 5

3 3 6

20

24

11 35

Daihatsu

Suzuki

202

2 6

7

23

Nissan Mitsubishi

• Astra International, Indonesia’s incumbent automotive distributor, holds exclusive dealership rights for Toyota and Daihatsu, accounting for over 50% of new car sales • To manage Toyota’s network of 300 dealerships and 840 spare part shops, Astra cooperates with seven main dealer companies including Auto 2000, Nasmoco, and PT Hadji Kalla • Typical challenges faced by distributors when expanding dealership networks include: - Long lead time: lengthy bureaucratic and land clearing process - High investment: land purchase from USD 230,000 to 2,500,000, construction from USD 110,000 to 1,200,000 - Concerns over the scale of demand and return-on-investment, especially for setting up networks in smaller cities

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DEEP DIVE – LOW-COST GREEN CAR SEGMENT

The introduction of the LCGC segment in 2013 has been very successful and is expected to remain a key driver of new PV sales through to 2020

LCGC New Sales by Volume 2013-2020 Unit: Thousand Units

CAGR

8.1% CAGR

79.8% 172.1

165.4

2014

2015

232.0

51.2

2013

2020f

LCGC New Sales by Brand Share 2015 7%

18%

19%

34%

22%

Comments • The LCGC segment was launched at the end of 2013 and has experienced significant growth, today accounting for ~20% of total PV new sales. • LCGC is an attractive vehicle due to: – Low entry level price. Roughly 17% cheaper than an entry level MPV, LCGC is an affordable alternative as an additional vehicle for first time car buyers and motorcycle owners trading up – Easier and cheaper credit financing options are available – Exemption from the luxury tax scheme allowing LCGC to be sold at a cheaper price – Fuel efficiency, due to its small engine (1,000-1,200cc), the LCGC officially travels at least 20km/L • LCGC future trend: – 40% local content requirement to be increased to 80% in five years time – Increased export activity with first exports to the Philippines in 2014 by PT Astra Daihatsu Motor – JV between GM, Wuling, and SAIC expected to begin production of its MPV LCGC in Indonesia in 2017 – Other expected investments in LCGC production [email protected]

11

DEEP DIVE – LUXURY VEHICLE SEGMENT

While the sales of individual luxury vehicle brands fluctuate year-to-year the increasing number of high net worth individuals will ensure growth in this segment

High Net Worth Population*

Number of New Luxury Vehicle Sales 2015**

Unit: Thousand Persons

YoY % Change

41.7%

145

-30.5%

8

2.9% 435

-14.7% 3498

46.9 33.1

472

-24.8%

26

-48.3% 2561

205

2010

2014

52.5%

0.5% -40.9%

Comments • Mercedes Benz and BMW lead luxury vehicle sales due to the overall brand awareness within their target segment, a portfolio covering almost all PV segments, in addition to a fairly wellestablished dealership network • Prestige and comfort are key attributes for consumers of luxury vehicles • Ferrari, Aston Martin, and Lamborghini are all present in the market each with one authorized dealer

*A High Net Worth Individual is defined as someone with investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables, Source: Capgemini, RBC 2015 Asia-Pacific Wealth Report ** Estimated 2015 sales

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PASSENGER VEHICLE SEGMENT PRICE ANALYSIS

Toyota’s ability to maintain its strong position in each vehicle segment is attributed to its lower price points in comparison to other Japanese OEMs

MPV

SUV

LCGC

Sedan Currency: USD*

34,000

40,000

32,000

15,000

CRV 12,000

15,000

56,000

Brio

Livina

14,000 Avanza

18,000

Rush

9,000

Agya

23,000

City 13

21,000 7,000

14,000

6,000

Vios

20,000

• In June 2014 the down payment requirements were reduced from a minimum of 30% to 25%. • Combined with the relatively stable benchmark interest rate of 7.5% this policy aims to ensure a smooth car sales trend amid the current economic slowdown *USD average 2015 exchange rate as per 7th December: 1USD = IDR 13.366 Prices have been rounded to the nearest thousand

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MOTORCYCLE MARKET OVERVIEW

Motorcycles will remain the dominant mode of transport due to readily available credit with low down payment requirements as well as being relatively cheap to run

MC Population 2013-2020

MC New Sales 2013-2020

Unit: Million Units

Unit: Million Units CAGR

CAGR

4.8%

3.2% CAGR

-8.8% CAGR

6.8%

87.3 65.4

71

74.6

7.7

8.1

7.9 6.4

14

2013

2014

2015e

2020f

2013

2014

2015e

2020f

• Down payment requirements were relaxed in 2014 being reduced from 25% to 20% for new MCs purchased with credit. An entry level MC can cost as little as USD 970, which is affordable for many Indonesians • With the growing middle class expected to upgrade to affordable entry level PVs such as LCGC and MPVs, this shift is expected to provide some challenges to motorcycle growth moving forward [email protected]

MOTORCYCLE BRAND SHARE

Yamaha and Honda maintain their dominant position by focusing on functionality and offer a low purchasing price and maintenance cost to attract price sensitive consumers

2015 New MC Sales by Brand Total: 6,430,543 units

Others*

2%2%

29%

68%

*Other brands include TVS, Kanzen Kawasaki

Comments • Japanese MC brands are able to dominate the market by offering Indonesian consumers a very relevant value proposition - Reasonable prices: MCs are priced to target the lower income customer segment - Wide distribution network: Authorized workshops cover almost all regions of Indonesia ensuring parts availability and servicing convenience - Strong Japanese brand image: Functionality and reliability are the key attributes relevant for MCs - Local manufacturing: Lower production ensures cost competitiveness and design localization catering to domestic consumers • While the opportunity remains large, other brands have struggled to capture significant market share over the past few years - Kawasaki’s product range of sport and off-road MCs targets the small premium segment - TVS’ lack of distribution coverage and limited portfolio has not enabled them to gain a significant share even though they are much cheaper (~25% cheaper than Honda and Yamaha) [email protected]

15

PASSENGER VEHICLE AND MOTORCYCLE POPULATION

With a growing middle class and low PV ownership, Indonesia is a very attractive and complex market with well entrenched incumbent brands dominating the landscape Medan - 2014 Ownership per 1,000 Population

Jakarta - 2014 Ownership per 1,000 Population

CAGR 11-14

MC PV

401 91

CAGR 11-14

4.1%

MC

8.1%

PV

494

10.9% 7.1%

142

Medan

Jakarta

Surabaya

16

Bandung Bandung - 2014 Ownership per 1,000 Population

Surabaya - 2014 Ownership per 1,000 Population

CAGR 11-14

MC PV

328 81

CAGR 11-14

5.0%

MC

7.0%

PV

429 69

6.7%

6.6%

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ECONOMIC OVERVIEW

Government reforms to increase the attractiveness of Indonesia as an FDI destination are expected to primarily benefit the manufacturing, construction, and hospitality sectors

Foreign Direct Investment 2012-2015 Unit: Billion USD**

GDP Contribution by Industry 2014* Total: 245.5 Billion USD**

CAGR 2015-2020 25.5%

Manufacturing and Automotive

CAGR

9.5%

Trading, Hospitality

18.0%

Agriculture, Livestock, Forestry, and Fishery

28.6

28.5

24.6

28

19.5

12.1%

4.9% 5.4% 4.4%

Financial Services

9.9%

5.3%

Others

9.4%

3.2%

Communication

7.1%

6.3%

Mining

6.7%

0.3%

Construction

6.7%

5.2%

18

Transportation/Logistics

2011

2012

2013

2014

2015e

Public Utility

3.9% 0.8%

5.9% 4.8%

• Reforms implemented in 2015 to meet desired economic growth primarily focus on deregulation such as: – Time required to fulfill procedures for investors to receive tax incentives to be less than 28 days, previously up to one year – Removal of VAT on import of components and raw materials for transportation means produced in Indonesia, *GDP presented is at 2000 constant price – Relaxation of negative investment list for specific sectors ** USD exchange rate: 1USD = IDR 11.850

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TRUCK MARKET OVERVIEW

Gasoline light-duty trucks are expected to be the key growth segment in the coming five years as the need for efficient inner city logistics increases

Truck Population 2013-2020

New Truck Sales by Segment 2013-2020

Unit: Million Units

Unit: Thousand Units CAGR

6.5%

HDT

CAGR

330 30

MDT

4.7

2013

3.2

2014

109

3.5%

-11.6% 312 22

8.3%

2.9

CAGR ‘15-’20

CAGR

CAGR

94

310 17

1.6%

261 15

69

60

30

-0.7%

194

4.6%

DLDT

39

36

31

GLDT

152

160

155

2013

2014

2015

3.0%

3.4

2015

2020f

2020f

• Fluctuation in truck sales is primarily driven by the ever-changing business landscape (e.g., mining sector, logistical needs) that predominantly drives truck demand in the country • Gasoline light-duty truck is the most popular truck type in Indonesia due to its versatility for the ever-growing small business owner segment [email protected]

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TRUCK BRAND SHARE

Japanese brands dominate the commercial vehicle market with their strong dealership footprint and spare parts availability, however competition by segment varies greatly

New Truck Sales by Brand 2015

Comments

Total: 260,850 Trucks

Other*

7% 5% 7%

33%

23%

25%

*Other truck brands include Volvo, Renault, Isuzu, and UD Trucks

• Mitsubishi has the highest market share due to their extensive portfolio from DLDTs to HDTs • Suzuki and Daihatsu specialize only in GLDTs and have a significant competitive advantage in this segment • European brands such as Volvo and Renault face two key challenges in the market: - Price – Japanese brands are cheaper. They are more affordable to cost-conscious individual truck owners as well as fleet owners - Distribution network – Japanese brands have a widely established distribution and service network • Despite the advantages of Japanese brands, one of the significant strengths of European brands is the generally higher horsepower that allows more goods to be carried • Tata is actively seeking to enhance its position in Indonesia’s commercial vehicle market as can be seen by the company showcasing 18 truck models in the country’s biggest automotive show earlier this year (Gaikindo Indonesia International Auto Show 2015) [email protected]

20

LIGHT DUTY TRUCK PRICE ASSESSMENT

The initial lower price of GLDTs is driving their popularity especially for transportation of goods within big cities where higher engine power is not perceived as critical

DLDT

GLDT

Comments Currency: USD*

22,000

11,000

10,000

Gran Max

16,000 Hilux 9,000

Carry

12,000 L300

9,500

7,000

• GLDTs are popular among small business owners (owner operators, e.g., retail shop owners) who generally prefer more affordable and compact commercial vehicles • DLDTs are still relevant for commercial vehicle fleet owners (e.g., logistics companies) as these operators understand the overall cost benefit of DLDTs compared to GLDTs, specifically: – DLDTs have up to 30% better fuel economy – DLDTs are generally heavier and are built for hauling heavier loads providing operators more flexibility – Lower frequency of repair and maintenance requirements leads to perceived lower costs – DLDTs are perceived as more versatile with a longer overall operating time span • Despite selling at ~30% cheaper than Japanese brands, Tata Motors low brand awareness and small distribution network is limiting its success.

*USD average 2015 exchange rate as per 7th December: 1USD = IDR 13,366 Prices have been rounded to the nearest thousand

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BUS MARKET OVERVIEW

The bus segment is expected to grow, albeit slowly, as local governments develop public transportation systems and demand from the tourism industry increases

Bus Population 2013-2020

New Bus Sales by Segment 2013-2020

Unit: Thousand Units

Unit: Hundred Units CAGR

CAGR

5.0%

1.9%

CAGR ‘15-’20

CAGR

-2.8% CAGR

6.6%

65

67

68 61 18

MDB

28

82

88

LDB

Mini Bus

2013

2014

2015

2020f

3.2%

10

-1.5%

26

29

2.0%

2015

2020f

16

118 93

28

24

11

12 34 24

2013

2014

• The government has identified tourism as a key sector for development, which should lead to more demand for buses, specifically for MDBs with higher seating capacity • Many fleet companies are currently limiting their investments in new buses and prefer to maintain older buses as they wait and see if the economy will improve and specifically how demand for transportation services will develop [email protected]

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BUS BRAND SHARE

The bus segment is currently still very concentrated, however in the past years successful market entrants have been able to start gaining a foothold in the market

2015 New Bus Sales by Brand

Comments

Total: 6,144 Buses

Other* 13% 4%

37%

21%

23%

• Hino leads the bus segment through numerous means: – One of the first bus players in Indonesia, entering the market in 1983 and today with an extensive dealership and service network across Indonesia – Offers a wide range of durable LDB and MDBs to meet different customer needs at more affordable prices than its European counterparts – Good fuel and lubricant consumption (acceptable operating costs) • Isuzu’s specialization and leading position in the minibus segment is largely due to its higher fuel efficiency, cheaper prices and better brand awareness • With Japanese brands dominating the market, recent market entrants have focused on specific segments: – Scania offering high-end luxury buses primarily used in the tourism industry – Zhongtong has entered with a low price strategy targeting fleets requiring affordable buses (e.g., public transport and tourism)

*Other bus brands include Scania, Zhongtong, and Daewoo

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COMMERCIAL VEHICLE SEGMENT GROWTH DRIVERS

Government and private sector initiatives to drive the development of the economy should enable stable growth for the automotive industry over the next five years Impact 2015-2020

Comments Road and highway development

Current administration's five-year infrastructure plan is to develop new 2,650 KM non-toll and 1,000 KM toll roads across Indonesia

Port development

State-owned port operator PT Pelabuhan Indonesia (Pelindo) plans to build 22 ports across Indonesia within the next five years at total investment of USD3.57 billion.

Government support on Small and Medium Enterprises (SMEs) in Indonesia

Increased support for SMEs through advisory services provided by financing firms and regulations by Bank Indonesia in 2012, where 20% of banks’ loan portfolios should be lent to SMEs by 2018.

Government

Infrastructure development

Private

Free Trade Agreements with ASEAN, Japan, and China

OEMs from free-trade areas enjoy cost reductions through no levies and low tariffs, allowing vehicles and parts to be imported at a lower cost, which ultimately allows price reductions of 2050%

Ease of down payment requirements

Down payment requirements reduced from 30% to 25% for all vehicles purchased on credit

Foreign Direct Investment Growth

FDI in 2015 was concentrated in the manufacturing and mining sector, which accounted for ~55% of total FDI. LOW

24

HIGH

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BUS AND TRUCK POPULATION

Greater Jakarta is expected to drive overall demand for buses and trucks, while demand from smaller cities is dependent on more evenly distributed economic development Palembang - 2014 Truck and Bus Population

Makassar - 2014 Truck and Bus Population

Unit: Thousand

Unit: Thousand

Truck Bus

CAGR 11-14

39.4 1.7

11.9%

Truck

7.0%

Bus

CAGR 11-14

13.2%

33.7

9.4%

3.3

Palembang Jakarta

Makassar 25

Surabaya Greater Jakarta - 2014 Truck and Bus Population

Surabaya - 2014 Truck and Bus Population

Unit: Thousand

Unit: Thousand

Truck Bus

CAGR 11-14

389.3 15.4

9.5%

Truck

8.8%

Bus

CAGR 11-14

59.2 1.3

10.5%

7.5%

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Authors of this Paper

Douglas Cassidy Head of Consulting Indonesia

Tirto Utomo Consultant Indonesia

Brenda Karnadi Associate Consultant Indonesia

Industry focus: Automotive OEM Construction vehicles Vehicle Parts Automotive Lubricants

Industry focus: Automotive Banking Asset Management

Industry focus: Automotive Construction Finance

Industry focus: Automotive Finance

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NEW DELHI 801, 8th Floor, Vipul Square Sushant Lok, Part 1 Gurgaon-122016, Haryana [email protected] Telephone 91 (12) 4469 2400

INDONESIA Graha Arda, 3rd Floor Jl. H.R. Rasuna Said Kav B-6, 12910 Kuningan Jakarta, Indonesia [email protected] Telephone 62 (21) 527 7701

JAPAN Hulic Kamiyacho Building 4-3-13, Toranomon Minato-ku, 105-0001 Tokyo, Japan [email protected] Telephone 81 (3) 6867 8001

MALAYSIA 18th Floor, Menara IGB No. 2 The Boulevard Mid Valley City Lingkaran Syed Putra, 59200 Kuala Lumpur, Malaysia [email protected] Telephone 6 (03) 2282 2244

NIGERIA Block A, Obi Village Opposite Forte Oil MM2 Airport Road, Ikeja Lagos, Nigeria [email protected] Telephone 234 (806) 629 9805

PHILIPPINES 1401-B, One Corporate Centre Julia Vargas cor. Meralco Ave Ortigas Center, Pasig City, 1605 Metro Manila, Philippines [email protected] Telephone 63 (2) 633 3997

SOUTH KOREA 12th Floor, Korea Economic Daily Building, 463 Cheongpa-Ro Jung-Gu 100-791 Seoul, South Korea [email protected] Telephone 82 (2) 6464 5100

THAILAND 21st and 22nd Floor, Asia Centre Building 173 Sathorn Road South Khwaeng Tungmahamek Khet Sathorn 10120 Bangkok, Thailand [email protected] Telephone 66 (2) 697 0100

UAE 4th Floor, Office No 403 Al Thuraya Tower 1 P.O. Box 500611 Dubai Media City, UAE [email protected] Telephone 971 (4) 4408 980

USA 31 Milk Street Suite 1100 Boston, MA 02109 United States of America [email protected] Telephone 1 (617) 526 0000

VIETNAM Level 9A, Nam A Bank Tower 201-203 CMT8 Street, Ward 4 District 3 HCMC, Vietnam [email protected] Telephone 84 (8) 3832 9820

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Indonesia Automotive Industry Outlook 2020 - Ipsos

OPPORTUNITIES AND CHALLENGES IN INDONESIA’S AUTOMOTIVE INDUSTRY February 2016 1 Executive Summary • Over the next five years the passenger vehicle...

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