Investor Presentaiton

Road Transport 30,000 EV adoption status and targets +264% 25,782 7,679 +479% 5,486 2,012 Indonesia Electric Vehicle Outlook 2023 1,947 229 О (2020) Certified Vehicle Certified Vehicle (2021) EV on the road (2022) E2W E4W Barriers in adopting EVs EV adoption is hampered by a lack of infrastructure, high upfront costs, and low performance • EV adoption has been increasing in recent years. In 2022 alone, the number of E2W and E4W on the road increased by almost 5 and 4 times, respectively, compared to 20211. However, despite such a huge growth in 2022, the EV adoption rate is still far from the target of Indonesia's NDC. Inadequate charging infrastructure, high upfront cost, and limited driving/ riding range are the main barriers to EV adoption. In addition, long charging duration, low performance, and limited travel range of EVs are also somewhat considered as hindrances (IESR, 2022). Consumer perception and lack of understanding about EVs also obstruct EV adoption (Candra, 2022; Maghfiroh, 2021; IESR, 2020). • Both E2W and E4W have higher upfront cost compared to their ICEV counterparts. Most E2Ws cost more than IDR 25 million, while the majority of motorcycles sold in Indonesia cost less than IDR 20 million. The gap is even more pronounced for E4W, most of which cost more than IDR 600 million, while the majority of ICEV 4Ws sold cost less than IDR 300 million. Meanwhile, to be considered affordable and attractive for consumer, an E4W should be priced around 1.2-1.4 times higher than ICEV (Khoirunurrofik, 2021). The introduction of the new E4W model in 2022 at a lower price range of IDR 200-300 million has attracted more than 5,000 purchase orders, equivalent to 65% of the total E4W sales to date. • The availability of charging infrastructure plays an important role in EV adoption, as it reduces consumer range anxiety since most EVs have lower driving/riding range compared to ICEV. The range limitation issue is especially relevant for E2W ride hailing drivers, as most E2Ws only have 50-60 km per charging cycle, which is insufficient for their daily coverage. Units 20,000 10,000 Sources: MoT, MEMR Difficulty in finding SPKLU Price Limited range Battery change & other operational Charging duration. Performance, reliability, safety Model and type 1 Figures for 2020 and 2021 are based on certified vehicle only, so there might be fewer EVs on the road that year than that figure. 62 62 46.6 32.4 28.6 12 10.2 options Others 1.2 ° 20 40 Percentage (%) 60 80 Sources: IESR, 2022 16

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