Daihatsu Gains on Sales of Indonesian Low-Cost Cars: Tokyo MoverAnna Mukai
Daihatsu Motor Co. rose the most in four weeks in Tokyo trading as the automaker and parent Toyota Motor Corp. began selling models suited for Indonesia’s incentive program for fuel-efficient vehicles.
Shares of Daihatsu gained 3.5 percent, the most since Aug. 13, to 1,950 yen,at the close in Tokyo trading. The benchmark Nikkei 225 Stock Average added 1.5 percent.
Daihatsu’s new Ayla compact, sold as the Agya under Toyota’s brand, comes as the Indonesian government introduces subsidies and tax breaks for cheap, low-emission cars. The automaker based in Osaka, Japan that is about 51 percent owned by Toyota, plans to sell 4,000 Ayla cars a month, while Toyota targets monthly sales of 5,000 Agya models.
“Its cheap, and because there wasn’t a compact model like this in Indonesia before, Daihatsu may be creating an entirely new market,” Koichi Sugimoto, a Tokyo-based auto analyst at BNP Paribas SA, said. “The Indonesian government is pushing to expand the market with the incentives, and the model will be very important for Daihatsu.”
The Ayla will start from 76.1 million rupiah ($6,700), while Toyota’s Agya will start from 99 million rupiah, according to the companies. Both models will be built at Daihatsu’s factory in Indonesia.