PT VKTR Teknologi Mobilitas (VKTR), the Indonesian importer of Chinese made BYD electric buses, announced plans to build a bus assembly plant in the country.

VKTR raised IDR875bn (US$59m) through an initial public offering (IPO) on the Jakarta Stock Exchange last month when it floated 20% of its shares. The remaining 80% of the company’s equity is retained by Bakrie Group companies, a Jakarta-based energy and industrial conglomerate. Most of the funds raised will be used for capital investments, with some cash returned to shareholders.

VKTR said it planned to build a new plant in the central Javan city of Magelang next year in partnership with bus bodybuilder Tri Sakti and BYD, for the production of battery powered buses using chassis/platforms imported from China and with some locally produced parts. The facility will have an initial production capacity of 500 units per year.

The company began importing BYD K9 buses last year which it sells mainly to operators of TransJakarta bus routes. The K9 has a power output of 324kWh and a range of up to 250km.

VKTR said it planned to expand its sales to other major cities in the country where it sees substantial untapped demand. The company estimated there were around 200,000 medium and large buses operating in the country, many of which are old, polluting models that have been rebuilt multiple times.

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By GlobalData