OJK Chief Reveals Double-Digit Surge in Electric Vehicle Credit

The trend in electric vehicle financing is accelerating rapidly, reaching double digits in the first quarter of 2026. This contrasts sharply with the contraction in financing for conventional four-wheeled vehicles.

According to data from the Financial Services Authority (OJK), electric vehicle financing grew strongly by 31.63% year-on-year (yoy) as of March 2026, reaching Rp18.77 trillion.

“The factors driving debtor interest in electric vehicles include lower operating costs and the variety of environmentally friendly energy-based vehicle options in the market,” said Agusman, Executive Head of Supervision for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions at OJK, in a written statement quoted on Friday (8/5/2026).

Amid the massive growth in electric vehicle credit, financing for new four-wheeled motor vehicles contracted by 3.17% yoy to Rp146.56 trillion. Meanwhile, financing for used four-wheeled motor vehicles contracted by 7.67% yoy to Rp86.73 trillion.

Nevertheless, financing for new four-wheeled vehicles still dominates with a 26.95% share of the total outstanding multifinance industry portfolio.

Agusman projects that in the near future, automotive financing is expected to remain one of the main contributors to the growth of the multifinance industry, in line with society’s vehicle financing needs and the strategic role of this sector in supporting economic activities.

It is known that the performance of the multifinance sector is still under pressure. Outstanding financing growth remains weak at 0.61% yoy as of March 2026. Meanwhile, gross non-performing financing (NPF) rose by 12 basis points yoy to 2.83%.