Jakarta. Astra International (ASII), the distributor of Toyota cars in Indonesia, shares were unaffected by the scandal involving the tampering of vehicle testing that affected Toyota Motor Corp.

On Tuesday, Astra experienced a 4 percent surge in its shares, reaching Rp 5,125, despite the testing issues at Toyota Industries Corp. False results were found for certification testing and other sampling inspections for engines that claimed the products met standards when they didn’t, according to Toyota. Toyota decided to temporarily halt shipments for engines affected by the irregularities.

In Indonesia, one of the impacted models is the Fortuner, produced by Toyota Motor Manufacturing Indonesia (TMMIN).

"We believe this issue will have minimal impact on Astra's car sales, considering the relatively small contribution of Toyota Fortuner to the total car sales of ASII," said Investment Analyst Stockbit, Michael Owen Kohana in his analysis on Tuesday.

Toyota Fortuner sales in Indonesia reached 16,322 units in 2023, equivalent to 2.91 percent of Astra's vehicle sales. TMMIN exported 45,733 Fortuner units in 2023, accounting for 8.01 percent of the total car exports from Indonesia.

According to Michael, although the Fortuner significantly contributes to total exports, Astra's ownership in Toyota Motor Manufacturing Indonesia is only 5 percent, resulting in a relatively minimal impact.

While the financial impact may be minimal, the issue could add negative sentiment to Astra's stock prices. In recent weeks, the shares have faced substantial selling pressure due to safety scandal issues at Daihatsu Japan and the entry of Chinese car manufacturer BYD into Indonesia, posing a potential threat to Astra's market share in the country.

Toyota's Chief, Koji Sato, apologized on Monday to customers, suppliers, and dealers for flawed testing at a group company, following a series of similar problems in recent years.

The apology came a day before Chairman Akio Toyoda is set to announce a "global vision" for the Toyota Motor Corp. group.