OJK Says Portion of Electric Vehicle Financing Is Only 0.01%

The Financial Services Authority (OJK) said that the portion of financing distribution for electric vehicles is still very small.

Chief Executive for Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions and Other Financial Services Institutions OJK Agusman said the portion of financing distribution for electric vehicles until March 2024 will be around 0.01% of total financing receivables.

Even though the portion is still relatively small, Agusman estimates that electric vehicle financing has the potential to continue to grow in the future.

"This can be seen from the fairly rapid development of electric vehicles, as well as the strong government support in building an electric vehicle ecosystem," he said in the OJK RDK written answer sheet, Tuesday (14/5).

Agusman said that future electric vehicle financing will also contribute to accelerating the formation of a green financing ecosystem in Indonesia.

For information, OJK recorded financing receivables from multi-finance companies amounting to IDR 488.52 trillion in March 2024. The value of financing receivables in March 2024 grew 12.17% Year on Year (YoY).

Growth in March 2024 is considered stronger compared to February 2024. Meanwhile, in February 2024, it grew by 11.73% YoY, with a value of IDR 478.69 trillion.

Agusman explained that this growth was supported by a maintained financing risk profile, where Net Non-Performing Financing (NPF) was recorded at 0.70% in March 2024.

This value decreased from the previous month which reached 0.72%.

Meanwhile, the Gross NPF of finance companies in March 2024 is 2.45%. This figure decreased by 0.1%, compared to the previous month which reached 2.55%.

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