VKTR and BNBR Partner with Danantara, Here's the Outlook for Indonesia's Electric Vehicle Business

Indonesia's electric vehicle market has just recorded an exciting new chapter. The Bakrie Group, through PT VKTR Teknologi Mobilitas Tbk (VKTR) and PT Bakrie & Brothers Tbk (BNBR), has officially partnered with PT Danantara Investment Management (DIM) in a strategic collaboration that has the potential to transform the national electric mobility landscape.

The signing of an indicative non-binding term sheet in late August 2026 paves the way for funding of up to Rp 2 trillion to strengthen the mobility-as-a-service (MaaS) ecosystem, particularly in the electric bus and truck segments. 

This move not only sends a positive signal for VKTR and BNBR stocks, but also confirms that large institutional investors are beginning to seriously eye the commercial electric vehicle sector in the country.

Key Takeaways

• Danantara explores indicative funding of up to Rp 2 trillion for VKTR and BNBR, with conversion options that could alter the shareholding structure.
• The collaboration focuses on developing the mobility-as-a-service (MaaS) ecosystem for electric buses and trucks in Indonesia.
• Analysts give an ADD rating for VKTR stock with a target price of Rp 1,085, while noting risks of dilution and the need for sustainable profitability.

Deal Details and Funding Structure

The signing of the term sheet between DIM, VKTR, and BNBR took place on 28 August 2026, marking the initial step in exploring a strategic investment. This document is non-binding, meaning the actual funding still requires a due diligence process and the signing of definitive agreements at a later stage.

The indicative principal value being discussed reaches Rp 2 trillion, with a scheme that includes conversion option rights. If this option is activated in the future, Danantara could potentially become not only a lender but also a shareholder in VKTR. 

This structure provides flexibility for both parties, while also opening up the possibility of changes to the ownership map of the Bakrie Group's electric vehicle issuer.

Currently, BNBR controls 24.41% of VKTR shares as of the end of July 2026 and remains the guarantor in this funding scheme. For investors tracking the latest VKTR stock price, this conversion structure is one of the factors to watch, as it could potentially affect dilution of existing shareholders.

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Business Focus: Mobility‑as‑a‑Service for Commercial Vehicles

Illustration: Generated Image

The Danantara VKTR BNBR collaboration is focused on developing the commercial electric vehicle ecosystem through the mobility-as-a-service (MaaS) model. This model is designed to reduce upfront costs for fleet operators, ease access to financing, and accelerate the transition from conventional to electric vehicles across various regions.

Pandu Sjahrir, Chief Investment Officer of Danantara Indonesia, described this move as a long‑term investment aligned with national priorities for energy transition and critical mineral downstreaming. 

With this funding support, VKTR and BNBR are targeting the expansion of electric bus and electric truck fleets for various commercial transportation needs.

Anindra Ardiansyah Bakrie, President Director of BNBR, views this collaboration as an important moment to open a new chapter in electric mobility solutions in Indonesia. 

For investors following the prospects of Indonesian electric vehicle stocks, the focus on the commercial segment distinguishes VKTR from other EV issuers that mostly target passenger vehicles.

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Market Reaction and Analyst Recommendations

The market responded positively to the collaboration news. VKTR shares closed at Rp 935 per share on 2 September 2026, up 0.54% from the previous close. Over the past month, VKTR shares have even risen 31.69%, indicating investor enthusiasm for the issuer's business expansion prospects.

Nafan Aji Gusta, Senior Market Analyst at Mirae Asset Sekuritas, views this funding plan as a positive catalyst for VKTR if it materialises. 

The Rp 2 trillion funding could strengthen the company's funding capacity without relying entirely on internal cash, enabling faster fleet expansion and market penetration.

Based on that analysis, the recommendation is ADD with a target price of Rp 1,085 per share. However, the analyst also highlights two main risks for shareholders of Bakrie & Brothers and VKTR: potential dilution if the conversion option is exercised, and VKTR's need to generate sustainable net profit alongside sales growth.

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Strategic Context: Danantara and the National EV Ecosystem

This collaboration does not occur in a vacuum. Danantara, as Indonesia's sovereign wealth fund investment management body, is actively expanding its investment portfolio into strategic sectors such as electric vehicles and battery downstreaming.

This move aligns with government priorities to reduce carbon emissions from the transport sector, deepen the national battery industry value chain, and support downstreaming of critical minerals such as nickel and cobalt. With Danantara's entry into the VKTR‑BNBR ecosystem, the signal of long‑term commitment to Indonesia's energy transition grows stronger.

For investors tracking the Danantara VKTR BNBR collaboration, this context is important because it shows that this funding is not just a typical financial transaction, but part of a larger national strategy. Institutional support like this can provide additional stability and credibility for VKTR in executing its expansion plans.

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Conclusion

The strategic collaboration between VKTR, BNBR, and Danantara opens up significant opportunities for accelerating the commercial electric vehicle ecosystem in Indonesia. With indicative funding of Rp 2 trillion and a focus on the mobility-as-a-service model, the Bakrie Group's issuer has strong capital to expand its electric bus and truck fleets. 

Although still in the exploratory phase, the positive market response and the analyst's ADD recommendation indicate optimism about the future prospects of Indonesian electric vehicle stocks.

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FAQ

What is the legal status of the Danantara agreement with VKTR and BNBR?
This agreement is still an indicative non-binding term sheet, meaning it is not yet legally binding and still requires due diligence and definitive agreements.

How much funding is Danantara exploring for VKTR?
Danantara is exploring indicative funding of up to Rp 2 trillion for VKTR and BNBR, focusing on developing the electric bus and truck ecosystem.

Can Danantara become a shareholder of VKTR?
Yes, the term sheet includes conversion option rights that would allow Danantara to change its status from lender to shareholder of VKTR in the future.

How has the market reacted to this collaboration news?
VKTR shares rose 0.54% to Rp 935 on 2 September 2026, with a 31.69% increase over the past month, reflecting positive investor response.

What is the analyst recommendation for VKTR stock?
Mirae Asset Sekuritas analyst gives an ADD rating with a target price of Rp 1,085 per share, while also noting risks of dilution and the need for sustainable profitability.

What is the main business focus of the VKTR, BNBR, and Danantara collaboration?
The main focus is developing the mobility-as-a-service (MaaS) ecosystem for electric buses and trucks in Indonesia.