JAKARTA - PT Mitra Pinasthika Mustika Tbk (MPMX) and its subsidiary, PT Mitra Pinasthika Mulia, will branch out to support electric vehicle (EV) business. Its entry to the market will increase the heat of the competition within the management of EV battery charging and swapping stations in Indonesia.

In the short prospectus quoted Wednesday (22/5), the company projects total investment required to establish this business of IDR 9.96 billion, starting this year until 2033. Meanwhile, total investment until 2039 is projected to reach IDR 336.49 billion. This plan will be further decided during the Annual General Meeting of Shareholders next week (29/5).

As of now, existing operators of swapping stations include PT Swap Energi Indonesia, PT Volta Indonesia Semesta, PT Oyika Energi Indonesia, PT Smart Motor Indonesia, Gogoro Inc, PT Alessa Motors Nusantara, PT HPP Energy Indonesia, PT Kilats Energy Indonesia, PT Pertamina Patra Niaga, and PT Perusahaan Listrik Negara (Persero). Meanwhile, operators of charging stations include PT Exelly Elektrik, PT Starvo Global Energi, PT Casion Power Indonesia, and PT Transisi Enjiniring.

McKinsey data mentioned that Indonesia will be the third biggest market of electric motorcycles, following China and India by 2030, with total sales of nearly 2 million electric motorcycles. In addition, electric car sales were estimated to reach 500 thousand by 2030. (LK/ZH)