JAKARTA (The Jakarta Post/ANN): Weakening purchasing power following business disruptions caused by the COVID-19 pandemic has battered the country’s automotive industry, forcing carmakers to significantly lower their car sales targets this year.
The Association of Indonesian Automotive Manufacturers (Gaikindo) cut its domestic car sales target this year by 40 percent to just 600,000 units as the government’s large-scale social restrictions (PSBB) and cooling economic outlook were expected to hit demand. According to the association, more than 1 million cars were sold last year.