Comprehensive Analysis of the EV Market

Competition in Indonesia
(Q1 Jan-Mar 2024)
Curious about who is leading in Indonesia's fiercely competitive EV market for
2024 in the market of 500 million below? Read on to discover the winners of
this intense competition and explore the trends that are defining their success.
 Wuling Binguo EV Achievement

2024 Average 2024

1.393 1,040 unit/month
1.876 817
Launching 428

Dec-23 Jan-24 Feb-24 Mar-24

Wuling Binguo EV: Navigating Market Challenges

Wuling's Binguo EV began the year with strong sales, demonstrating its initial
market appeal and strong consumer interest. However, a gradual decrease in
sales in the following months highlights a challenging market environment and
the need for adaptive strategies.

This trend reflects the dynamic nature of the automotive industry, where
consumer preferences can shift rapidly. For Wuling, the focus should now be on
understanding these market shifts and exploring ways to consistently refresh
and innovate the Binguo EV’s offerings to maintain its competitive edge and
meet the evolving demands of customers.
 Wuling Air EV Achievement

8.053
(average 1,611) Average 2024
805 776 779 791

2023
229 unit

421 450 455 480 451

Launch August
2022 293 229
207 Average 2023
35 83
465 unit 6

2022

Wuling Air EV: In Search of Stability

Wuling's Air EV has experienced significant fluctuations, with an alarmingly low
start in January followed by a brief surge in February, only to fall again in March.

Compared to its strong performance in the previous year, the current instability
suggests that the Air EV is struggling to maintain its foothold in an increasingly
competitive and dynamic market. Wuling may need to reevaluate its strategy for
the Air EV, focusing on innovative features or enhanced marketing efforts to
regain traction.
 MG 4 EV Achievement

Start
2023
Average 2023
2024 246

Launching 17 unit 76
36 25 39
16 4 17 1

Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

MG 4EV: Rising Through Innovation

MG’s 4EV shows a compelling growth pattern, marked by a steady increase in
sales throughout the quarter. This model’s success can be attributed to MG's
adept positioning and responsive adaptation to market needs.

The upward trend highlights effective strategic initiatives, possibly

encompassing targeted marketing, technological advancements, and aligning
with consumer preferences. Continued focus on these areas could further
establish the 4EV as a dominant player in the sector.
 NETA V Achievement

100
2024
Launching
81

39
Average 2023
91 unit
2023 20
10

Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

Neta V: Urgent Revival Needed

Neta’s V model faces a severe decline, indicating critical shortcomings in either
the product's appeal or the brand's market strategy.

The consistent drop in sales underscores the urgent need for Neta to overhaul
its approach, perhaps by enhancing product features, redefining its value
proposition, or intensifying marketing efforts. For Neta V, turning the tide will
require a profound reassessment of how the brand meets the evolving
demands of Indonesian EV consumers.
Facing fluctuating sales in the
competitive EV market,
What strategic moves should your
brand make next to gain the market
and win the competition?
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