These Listed Companies are Supporting Indonesia's Dream of Becoming a Global EV Player: INCO-VKTR
The electric vehicle (EV) ecosystem involves various companies listed on the Indonesia Stock Exchange (IDX). Business opportunities are spread across nickel mining, battery material processing, vehicle sales, and the provision of charging facilities.
Dozens of listed companies within this EV ecosystem will support Indonesia’s grand ambition to become a major player in the global electric vehicle market. However, the involvement of each company differs; some are already selling materials for the battery supply chain, while others are entering through subsidiaries or projects still under development.
Therefore, mapping these companies requires looking at the products actually being sold. Owning a nickel mine does not automatically make a company a battery producer, just as selling electric vehicles does not necessarily constitute a group’s primary revenue source.
Nickel Processing to Battery Materials
A number of listed companies engage in nickel mining and processing with varying end products, including ferronickel, nickel pig iron (NPI), nickel matte, and mixed hydroxide precipitate (MHP). MHP is an intermediate product containing nickel and cobalt, which requires further processing before being used in the manufacture of EV batteries.
Beyond existing products, INCO is developing HPAL processing facilities, including the Pomalaa project in collaboration with Huayuge and Ford, aimed at producing MHP. This development should be distinguished from the company’s ongoing sales activities.
ANTM is also involved in developing the battery ecosystem alongside the Indonesia Battery Corporation and partners CBL/CATL. However, involvement in such projects cannot be directly equated to the sale of finished EV batteries.
Meanwhile, Merdeka Copper Gold (MDKA) is involved in the nickel chain through MBMA. In ecosystem mapping, the relationship between parent and subsidiary companies must be noted so that identical operational activities are not counted as two separate businesses.
Upstream Players: Selling Nickel Ore
The next group consists of companies involved in the sale of nickel ore. They are part of the raw material industry but cannot automatically be categorised as battery material producers. Some also engage in commodity or other service sales. Consequently, business descriptions should follow the company’s specific sales details rather than just the ownership of mines or smelters.
To measure this group’s connection to EVs, investors must trace customers, processing routes, and the end-use of the products. The sale of nickel ore alone does not prove that all materials enter the battery supply chain.
Electric Vehicles, Leasing, and Charging
On the vehicle and supporting services side, the involvement of listed companies is more diverse. Some companies sell electric buses, market electric motorcycles, provide fleet leasing, or manage charging networks.
This list demonstrates that involvement in EVs does not always mean all of a company’s revenue originates from electric vehicles. VKTR still maintains an automotive component business, while SLIS also records electronic component sales.
AUTO as the Representative of Astra’s Charging Business
For the charging category, AUTO is more appropriately placed as a primary company because Astra Otopower is part of the Astra Otoparts portfolio. Meanwhile, Astra International (ticker: ASII) can be noted as the parent company.
The Astra Otopower network is already operational. Based on company announcements for February 2026, there were 65 units across 57 locations by the end of 2025. This figure represents the number of facilities, not the number of users or charging transactions.
Nevertheless, the reviewed sources do not provide details on the number of charging sessions, energy delivered, facility usage rates, or specific profits for Astra Otopower. Thus, the existence of a charging network is not sufficient to conclude that this business is a major contributor to AUTO’s profits.