TheJakartaPost
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Recovery continued to elude the four-wheel vehicle market in the January-June period amid ongoing weak consumer demand, with local multi-finance companies, which typically rely on car loans, posted modest year-on-year growth of 2.8 percent in May.
Automakers are hoping for an uptick in sales from the upcoming GIIAS as both factory shipments and retail sales remained weak in May, declining by double digits year-on-year as slowing economic growth continued to weigh on demand.
US President Donald Trump said on Friday that Chinese President Xi Jinping agreed to let rare earth minerals and magnets flow to the United States, a move that could lower tensions between the world's biggest economies.
The government must develop a more balanced approach to fulfill Indonesia's potential in the automotive industry. The government can implement policies such as lowering taxes on all types of cars, making financing more accessible and supporting economic growth to bolster the industry.
Industry leaders have urged authorities to boost consumer spending aggressively in response to what they describe as a demand-side crisis reminiscent of the COVID-19 era, but officials say current policies are sufficient to maintain economic activity in the country.
President Donald Trump's administration will move to reduce the impact of his automotive tariffs on Tuesday by alleviating some duties imposed on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said.
The Chinese investor has cited weak global demand and shifting market dynamics as reasons for the cutback, which comes on the heels of LG's announced withdrawal from a broad EVB supply chain project for similar reasons.
