UPDATE 1-Indonesia's Astra bets on ride-hailing firm Go-Jek as car sales dive [Reuters]
PT ASTRA INTL IDR U/ADR (PTAIY)
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Source: Reuters
UPDATE 1-Indonesia's Astra bets on ride-hailing firm Go-Jek as car sales dive - Reuters 2 Min Read (Recasts throughout, adds comments) JAKARTA, July 18 (Reuters) - Astra International, Indonesia’s largest automobile distributor, on Thursday launched a joint venture with Go-Jek to provide cars to the ride-hailing firm. The move, which comes on the heels of an overall $250 million investment in Go-Jek, is aimed at boosting Astra’s already-strong market dominance, despite a dismal full-year outlook for countrywide car sales. “The outlook for the country’s overall car sales is between 1.05 million and 1.1 million units for 2019,” Astra President and Director Prijono Sugiarto told reporters, a dive from 1.5 million units sold in 2018. “This is because the global economy is not so good and the export of CPO (crude palm oil) is low, so it risks impacting our purchasing power,” Sugiarto added. Astra is 50.1% owned by conglomerate Jardine Cycle & Carriage. The newly launched “GoFleet”, which c
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