Data Gabungan Industri Kendaraan Bermotor Indonesia (Gaikindo) mencatat, angka penjualan mobil secara keseluruhan dari pabrik ke dealer atau whole sales di Januari hingga Desember 2024 lalu, mencapai 865.723 unit. Sedangkan, angka penjualan mobil secara ritel sales atau dari dealer ke konsumen tercatat 889.680 unit.
Sayangnya, kinerja penjualan mobil di tahun lalu tersebut mengalami penurunan dibanding tahun sebelumnya (YoY). Angka penjualan mobil turun 13,9% dibandingkan 2023 yang mencapai 1.005.802 unit. Penjualan ritel juga mengalami nasib sama, turun 10,9%. Meski demikian, angka penjualan tersebut masih melampaui revisi target penjualan mobil dari Gaikindo yaitu 850.000 unit.
Sayangnya, kinerja penjualan mobil di tahun lalu tersebut mengalami penurunan dibanding tahun sebelumnya (YoY). Angka penjualan mobil turun 13,9% dibandingkan 2023 yang mencapai 1.005.802 unit. Penjualan ritel juga mengalami nasib sama, turun 10,9%. Meski demikian, angka penjualan tersebut masih melampaui revisi target penjualan mobil dari Gaikindo yaitu 850.000 unit.
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TVTranscript
00:00The National Car Sales Index in 2024 was recorded to have not yet exceeded 1 million units, or only 865,723 units.
00:26This figure dropped 13.9% compared to 2023 when it reached 1,005,802 units,
00:34where national car manufacturers put their hopes on the momentum of Ramadan and Eid al-Adha in 2025.
00:42Indonesia Motor Vehicle Industry Combination Data or GIKINDO recorded
00:50the total number of car sales from factories to dealers or wholesalers throughout January to December 2024 reached 865,723 units,
01:00while the number of car sales in retail sales or from dealers to consumers was recorded as high as 899,680 units.
01:08Unfortunately, car sales in the past year decreased compared to 2023 in years or year-to-year.
01:14The number of car sales dropped 13.9% compared to 2023 when it reached 1,005,802 units.
01:21Retail sales also experienced the same fate, down 10.9%.
01:26However, the number of car sales still exceeds the car sales target from GIKINDO, which is as big as 890,000 units.
01:33Meanwhile, like other industries in the country, the momentum of Ramadan and Eid al-Fitr will be used optimally
01:39to boost the performance of national car manufacturers.
01:41Because there are usually some communities that purchase new cars to be used on the road to the village of Halaman.
01:50Various sources of IDX Channel
01:56Ladies and gentlemen, to discuss our theme this time, related to the automotive industry,
01:59which is hoping for blessings for Ramadan 2025,
02:03is already present with me at the IDX Channel studio.
02:06There is Pak Kukuh Kumara, he is the Secretary General of the Indonesian Motor Vehicle Industry Association or GIKINDO.
02:11Hello, how are you, Pak Kukuh?
02:13How are you? Thank you for inviting me.
02:14Thank you too, Pak Kukuh, for being present today at IDX Channel.
02:18And it has also been combined through Zoom.
02:20There is Mr. Yanis Martinus Pasaribu, an automotive observer from the Bandung Institute of Technology.
02:26Hello, Mr. Yanis, how are you?
02:28How are you? Good, how are you?
02:30Hello, Mr. Yanis.
02:31How are you, Pak Kukuh?
02:33Good, thank you.
02:34Thank you too for the opportunity, Mr. Kukuh and Mr. Yanis.
02:38Now, let's talk about the review of the current sales in 2024.
02:44Maybe Mr. Kukuh can tell us the real situation.
02:46Earlier, it was said that the sales will reach 1 million units.
02:51It seems that this will be a challenge in 2024.
02:55How is the story, Pak?
02:57Yes, indeed, on the one hand, we are a little above what we projected again.
03:04We started projecting more than 1 million,
03:06it turned out that we had to revise it to 850.
03:09Alhamdulillah, it reached 865.
03:12Then, how do we face 2025?
03:15There are still many things that we need to look at and pay attention to.
03:19Although in ASEAN, we are not alone in experiencing a decline.
03:23What is interesting is that Malaysia is still growing,
03:26although it is still below us, but Thailand is quite heavy.
03:30So, the latest data we got,
03:33it was even below 600,000.
03:37We are still at 865, that is the condition.
03:40Facing 2025, let's see what it will be like.
03:44Yesterday, we were disturbed, doubtful,
03:49maybe the community is also waiting.
03:52That is the condition we are facing right now,
03:56in the midst of global economic uncertainty.
03:59The picture is that we are not alone.
04:01Okay, not alone with the conditions experienced by other automotive producers around the world,
04:06especially in Southeast Asia or ASEAN.
04:09Mr. Yanis, in your opinion, which part is more of a trigger?
04:14We see the challenges that Mr. Kukuh has mentioned,
04:17related to the sale of our national cars.
04:20If we review in 2024,
04:22although Mr. Kukuh has mentioned that Indonesia is not alone at the moment.
04:27So, if we look at it, this is actually a global problem.
04:31So, starting from national first.
04:36When Mr. Pemilu yesterday,
04:38the market is also waiting for the policy of the government.
04:44And then, with the presence of the case of Ukraine and so on,
04:49it causes global political economic uncertainty
04:53and also has an impact on Indonesia.
04:55Then, the inflation in Indonesia also
04:59gives a significant decrease in purchasing power
05:02due to inflation yesterday.
05:04There was a high rate of inflation that was crowded.
05:06And then, the combination itself
05:11which in a macro way weakens the purchasing power.
05:13Then, we can see the impact.
05:17The market is not developing as expected.
05:20And we hope that this 2025 can be a little better.
05:25Will the challenges be the same or not, Mr. Yanis?
05:30The challenge with the global geopolitical shift
05:35with the election of Donald Trump will be different.
05:38It will be very different.
05:40Okay, will the difference be more even or lighter, sir?
05:43We hope it will be more positive
05:45because it is clear that all countries
05:48that can be said to be challenged by President Trump
05:54are starting to fight back.
05:57And the interesting market shift
05:59from Indonesia to BRICS is also extraordinary
06:02if we look at it.
06:03Because we can open up a larger market
06:06to new market segments
06:08in Southeast Asia, Europe,
06:13some BRICS members,
06:15and all BRICS members,
06:18especially Latin America.
06:20Okay, Mr. Yanis.
06:21Mr. Kuku, if we look at the condition of car exports,
06:24there was a positive thing with the joining of BRICS.
06:28Then there was a global challenge
06:30that became a challenge for Indonesia.
06:32But the energy export also fell by 6.5% in 2024.
06:36Do you think this is in line
06:39with the challenges in the country
06:41because the wholesale is also slow,
06:43which has an impact on the energy export
06:45or are both facing challenges?
06:48Both are facing challenges.
06:50And what's interesting is actually
06:52we from the industry, industry actors,
06:54also cooperate with the government.
06:57We saw yesterday that we had exported to Mexico.
07:01And at that time,
07:03it ranked second in Indonesia's export to Mexico
07:06below the Philippines.
07:08Well, the data from 2024
07:10showed that there was a decline
07:12because we still have problems with Mexico.
07:14But we can make Mexico
07:16a stepping stone
07:18to export to other countries
07:20in South America.
07:22And that's from the Indonesian consulate
07:25or from the Indonesian Embassy in Mexico
07:28has given input.
07:30And we are looking for a way
07:32what can be done so that we can also increase export.
07:35And not only Mexico,
07:37but also other countries,
07:39there is the Caribbean and of course in North Africa
07:41and so on, we must increase.
07:44Well, the market for Indonesian products
07:46is actually quite interested, isn't it?
07:48By many countries,
07:50we can look for other countries
07:52that are not traditional,
07:54it can be said, for Indonesian export.
07:56It's quite interesting if we look
07:58at the products that are interested.
08:00We don't have the accurate data yet.
08:02But it seems that what is interested
08:04by Mexico, for example,
08:06and also other countries in South America,
08:08it is naturally more or less the same
08:10as our community.
08:12So they are very interested
08:14in multipurpose vehicles
08:16which means the price is affordable
08:18and not too expensive.
08:20That's what many people are interested in.
08:22Therefore, we can export quite well there.
08:25Well, if we go back to the country,
08:28you see with our economic growth,
08:30we also know that it still holds at 5%.
08:32Does this have a correlation
08:34with our automotive industry?
08:36In other words, is it true that our economy
08:38which is a bit sustainable,
08:40finally also reduces the purchasing power?
08:43Or is the community still in a wait-and-see phase?
08:46Both.
08:47Everything is said by Mr. Prasadi.
08:49There is a wait-and-see phase,
08:51there are economic conditions that are not fully
08:53as we expected.
08:55Even though we have to be grateful for 5%.
08:57But if we look at our data,
08:59when our volume of sales is good,
09:01usually the economic growth rate is also good.
09:06Fortunately, if we can reach 5%, 6%
09:09or even 8% that we expect,
09:11the sales are also good.
09:13If the sales are good, the industry is also good,
09:15this is also a job.
09:17It turns out that Indonesia is still the largest market in ASEAN.
09:21That's what we have to maintain.
09:23And then the export is also good.
09:25There is a target export of 1 million.
09:27And so on.
09:28This is what we have to take care of.
09:30Hopefully, with what has been done so far,
09:33we can maintain it.
09:35That's it.
09:36How about the defense strategy that needs to be done
09:38by automotive producers in Indonesia, Mr. Yanis?
09:40Maybe it can also be conveyed.
09:42I remember we have various policies,
09:44as Mr. Kukus mentioned a while ago.
09:48There are quite a lot of policies for the automotive industry.
09:51Mr. Yanis, is that correct?
09:53Is it appropriate?
09:56Or do we need a new booster?
09:59Actually, we should be grateful
10:04for President Prabowo's policy now.
10:08What will be made now is an orchestration, a cabinet.
10:13So there is synchronization, there is harmony
10:16between the ministries.
10:18To be honest, I also know the details.
10:21To be honest, this is too layered, overlapping
10:25between the policies of one department
10:28and the other department.
10:29This is what appears to be a program
10:32to be streamlined through various efficiencies.
10:36The point is, it can facilitate investment
10:41and development of the automotive industry ecosystem
10:45in Indonesia.
10:47And this is still in the process, of course.
10:49Because this is also the first semester.
10:53This is what we hope,
10:54we can come up with constructive solutions
10:57in a short time.
10:58Because this is very important to build investment
11:02and economic certainty in Indonesia.
11:04That's it.
11:05Certainty related to regulation.
11:07It's not just like that.
11:08Mr. Kukuwoto, is that right?
11:10That's right.
11:11Thank you, Mr. Yannis, for the announcement.
11:13So the automotive industry...
11:14Sorry for the mess, sir.
11:16That's right.
11:17So we do need a long-term policy
11:19for the automotive industry.
11:20Because if it's only five years,
11:23it's very short.
11:25We know that the model of the car
11:27is in that range.
11:29If we have a policy that can be consistent
11:33and long-term,
11:34it will be very interesting.
11:35But thank you.
11:36Last week, PMK No. 12 was released.
11:39It gives incentives to industry players.
11:43And hopefully this can also boost sales this year.
11:49That is, among other things,
11:50giving incentives to hybrids and others.
11:53We hope this is also a long-term policy.
11:56What is being released now
11:58may only apply until the end of this year.
12:00If this can be made into a long-term policy,
12:03the players can then prepare
12:06what their grand design is like.
12:09This is what needs to be applied.
12:11And earlier, it was related to President Trump's policy.
12:15What can we do from Indonesia?
12:17We have to take advantage of that.
12:19We can look for new markets, new opportunities.
12:23Of course, cooperation from principals
12:26who then know that Indonesia
12:28has a better policy now.
12:32Investments and exports can be done.
12:35That's it.
12:36What's interesting is that we know that every year,
12:38and maybe all industries will take advantage
12:40of the Ramadan and Eid momentum,
12:42where the level of public consumption will also be high.
12:45We will discuss this in the next segment.
12:47We will take a short break.
12:48Mr. Yanis, we will take a short break.
12:50And Mr. Mirsa, we will be right back
12:51with the next Pariwara.
12:58PARIWARA
13:03Thank you for joining us in Market Review.
13:05In the next segment, we will provide you with data
13:07related to the sales of Indonesian cars.
13:10We will discuss the January to December 2024
13:14in terms of annual sales,
13:15as you can see on your TV screen.
13:181.058 million units in 2023.
13:22Meanwhile, at the end of 2024,
13:24865,723 units,
13:28even though it is still above the target
13:31of Gai Kindo's car sales of 850,000 units.
13:35Then, Indonesia's car energy export.
13:38This is not much different.
13:40The pressure is also like what Mr. Kukuh said earlier.
13:43We are still under pressure.
13:46In 2023, we see 5,134 units.
13:52In 2024, we see 472,194 units.
13:58We will continue our discussion with Mr. Kukuh Kumara,
14:01the Secretary-General of Gai Kindo.
14:03Then, there is Mr. Yanis Martinos Pasarimu,
14:05an automotive observer from ITB.
14:09Mr. Kukuh, we were talking earlier
14:11about the momentum of Ramadan.
14:13Then, Eid al-Fitr,
14:14where consumption levels have been confirmed to skyrocket.
14:17What can we optimize
14:19for the momentum of the year,
14:20the celebration of religion,
14:22which can further boost the car sales?
14:24We do hope to avoid
14:27a religious celebration once a year.
14:31The hope is that we can do better sales.
14:34However, we also need to remember
14:36that during the month where the celebration falls,
14:39the working days are reduced.
14:41These are two things that sometimes
14:43contradict each other.
14:45People tend to spend their working days,
14:49but on the other hand, their working days are also reduced.
14:52Our data has not yet shown
14:54whether the consistency is always up or down.
14:57In recent years,
14:58there has been a decrease of up to 9% from the previous year,
15:01but there has also been an increase of 19% from the previous year.
15:04So, we hope that
15:06if the economic condition improves,
15:08people's trust also improves,
15:10and they will buy more cars.
15:12As I mentioned earlier,
15:13the incentives have been issued,
15:14and people have confidence that
15:16they no longer need to spend their working days.
15:18The competition is getting more and more intense.
15:20We know that the transition from fossil fuels
15:23to new cars is the focus of the government.
15:25What do you think of the PMK?
15:28Will this make the automotive industry
15:31more and more popular nationally?
15:34Mr. Kukuh, what do you think?
15:36Whether we want it or not,
15:37we have to face technology.
15:39There is a competition for technology.
15:41There is a knowledge of technology.
15:42And we do have the policy
15:44to move towards net zero emission
15:46or green mobility in 2060.
15:48Technology has been offered.
15:50The government has given incentives
15:54for environmentally friendly vehicles,
15:57starting with electric vehicles.
16:00However, to achieve net zero emission,
16:03it is not just about electric vehicles.
16:06There are other alternatives.
16:08There are hybrids, plug-in hybrids,
16:10and flexi-engines
16:13that use ethanol or biodiesel.
16:18It turns out that the government
16:22has issued a new policy
16:24to give incentives for hybrids,
16:26plug-in hybrids, and so on.
16:28Hopefully, with this choice or incentive,
16:31this will also start to shake up the market.
16:33Because it just came out last week.
16:35Hopefully, we will see the results
16:37in the coming months.
16:38That's it.
16:39The incentives are already there, Mr. Yanes.
16:40Then the momentum,
16:42as soon as there is a celebration,
16:44we know there is Ramadan,
16:45then Eid,
16:46which is usually the first consumption ticket.
16:48In your opinion, Mr. Yanes,
16:49will this be a new booster?
16:52Again, if we talk about
16:54the national automotive industry.
16:56Yes, because traditionally,
16:59Eid is the momentum
17:01for people to buy new vehicles.
17:03That's the first.
17:04Second, if we look at this long holiday,
17:06the toll roads are getting better.
17:08The trend of people driving
17:10using their latest vehicles
17:12is also increasing.
17:13However, there is something interesting too.
17:16Actually, if it was related to
17:18the government's policy
17:20related to incentives for hybrids.
17:24This is just HEV.
17:26Of course, in a moment.
17:28Actually, now a lot of cars
17:29are entering Indonesia.
17:30We see it at this weekend's event
17:33in Jakarta.
17:34There are more cars
17:36that are more environmentally friendly
17:39than hybrids,
17:40namely plug-in hybrids.
17:42And if we look at the government's policy
17:45in this regard,
17:46related to the Ministry of Finance,
17:48it will clearly point to,
17:50as Mr. Koko said earlier,
17:53all taxes and incentives
17:55will be,
17:56the policy refers to
17:58a lower carbon rate for vehicles.
18:02And to be honest,
18:04if we look at the government's policy
18:07on energy diversity,
18:10diversification that will be inclusive
18:12for each region,
18:13this will also not generalize
18:15that one policy for
18:19battery electric vehicles
18:20is for the whole of Indonesia.
18:22But later,
18:23with an increase, to be honest,
18:25in our independence and energy conservation,
18:29we will also develop more
18:31bio-variants besides hydrogen.
18:34Starting from bio-tunnel,
18:37bio-fuel, bio-diesel, and so on.
18:39So that later this development
18:41will be very rich,
18:43the diversity in Indonesia
18:45will be very different from the policies
18:47that can be said to be very homogenous
18:51like other countries.
18:53This is what is interesting for Indonesia.
18:55And this is now
18:57in various processes,
18:59to reach a more in-line line
19:03for all policies.
19:05That's what we hope.
19:07Okay, it looks like a positive trend.
19:09It's on the way,
19:10if we look at the automotive industry.
19:12Then if we talk about
19:14the type of vehicle,
19:15the price range,
19:16Pak Kuku is quite sensitive, right?
19:17If we talk about
19:18the purchasing power condition of the people today,
19:20where the economic growth rate is still 5%,
19:23then we also know,
19:24hopefully with the rise of the UMP 2025,
19:27we can increase the purchasing power too.
19:29Will this challenge be lighter,
19:31or how, Pak?
19:332025.
19:342025, the challenge should still be the same.
19:37So we have to face it.
19:39The challenge is like that.
19:41As Mr. Yannes said,
19:42it's getting more diverse.
19:43Okay.
19:44However, as a note,
19:46we are still the largest market in ASEAN.
19:48And this is quite interesting.
19:50If we can continue to develop
19:52and the economy grows,
19:545, 6, 7, 8 percent,
19:56this is the potential for the sale of motor vehicles
19:58and the production in Indonesia.
20:00Okay.
20:01So this is our challenge.
20:04Hopefully we can also work there.
20:07And the capacity is there.
20:08We have a capacity of 2.3 million units per year.
20:12And new customers are also starting to come.
20:15Provide diverse choices.
20:16Yes.
20:17With a price that may also be more competitive.
20:20Right.
20:21Because our community is very price sensitive.
20:24Yes.
20:25Yesterday we discussed the decrease in purchasing power
20:28from middle class groups
20:30up to 10 million people.
20:32Hopefully with new developments,
20:34their purchasing power will increase
20:36and they will be able to buy new cars,
20:37no longer used cars.
20:38That's it.
20:39So what is the target, Mr. Kuku?
20:41If we look at this year 2025 from Gaikindo,
20:44will it be the same as last year?
20:46Yes, we are still careful.
20:48Because in the current condition,
20:50some areas will still apply
20:53there are choices, right?
20:55They apply the option by giving incentives.
20:59Okay.
21:00So there is no increase.
21:01But they will do an evaluation,
21:03three months or six months and so on.
21:05Yes.
21:06If the condition is good
21:07and then this can be maintained,
21:09of course we can predict
21:12around 900,000.
21:14But if then this option policy is implemented
21:17and then the community reacts differently,
21:21then maybe we can also fall below 800,000.
21:25Maybe around 700,000 per year.
21:27This is quite heavy.
21:29If that happens,
21:31we will lose everything.
21:33So we have to be careful there
21:35because the hope is to get income tax
21:38or income from motor vehicle tax.
21:41If the sales go down, the car will also go down.
21:43That's what we hope for.
21:45That's right, Mr. Kuku.
21:46Finally, Mr. Yannis,
21:47what is the strategy that needs to be applied?
21:49Even though there was an option tax for vehicles,
21:52then the challenge of the community's purchasing power.
21:55Is the target of 900,000,
21:57as Mr. Kindo said,
21:58which is quite careful,
22:00optimistic enough?
22:03So if we look at it,
22:05maybe the challenge first.
22:06Mr. Kuku has started the single option.
22:09Yes.
22:10This option,
22:11if yesterday, Mr. Kindo
22:13was quite dealing with the central government.
22:16Now with this option,
22:18the economy is in each region.
22:20So imagine, Mr. Kuku has to deal
22:23with dozens of provincial governments,
22:26cities or regencies, if we count.
22:29For areas where the PAD is good,
22:32which may be below 20% of the PAD,
22:35from motor vehicle tax,
22:37this seems to be supportive
22:39regarding the program
22:41that can boost vehicle sales
22:44in each region.
22:46So for areas above 40-60%,
22:50if you get the regional tax
22:52from motor vehicle tax,
22:53this becomes a serious challenge,
22:55it seems, Mr. Kuku.
22:56Yes.
22:57This becomes a problem.
22:58And if we look at it,
22:59there is no explosion in the region yet
23:02because there is a delay in the implementation
23:05of the government,
23:06the official regional government
23:08that was elected recently.
23:10If now it is still PLT.
23:12So this is what we are worried about.
23:14Actually, this time will be more
23:17related to fasting month and Eid later.
23:21So we actually hope that
23:23until this Eid,
23:24if possible, there will be no policies
23:27related to the impact
23:29on the increase in vehicle prices.
23:31Because frankly,
23:32one of the supporters and supporters
23:36of Indonesia's economic growth
23:39is the automotive industry in the country.
23:43Okay, that's it.
23:44Related to some policies.
23:46Are you still optimistic, Mr. Kuku?
23:482025?
23:49We are still optimistic.
23:50If we are not optimistic,
23:51it will be more difficult later.
23:52Okay.
23:53So we hope we are still optimistic.
23:55We saw earlier,
23:56Mr. Yanis mentioned the PAD problem
23:59from the regional government.
24:01It is on average above 40,
24:03between 40-80% of the PAD.
24:05So be careful there.
24:06Yes, yes.
24:07Okay, that's a challenge
24:08that seems not a little
24:09if it is applied
24:10for the offset tax.
24:11Hopefully,
24:12Mr. Yanis said earlier,
24:13hopefully after Eid,
24:15then there will be more studies, of course.
24:18So it won't be too close
24:20to the increase in sales prices
24:22in society.
24:23Unfortunately,
24:24we have limited time.
24:25Mr. Yanis, thank you very much
24:26for the analysis and information
24:27that has been conveyed
24:28to the audience today.
24:29Then, Mr. Kuku,
24:30thank you also for the comments
24:31and updates
24:32given to the audience
24:33of IDX channel today.
24:36Thank you, Mr. Yanis.
24:37Salam, Mr. Kuku.
24:38Salam.
24:39Thank you, Mr. Kuku.
24:40Thank you, Mr. Kuku.
24:41Thank you, Mr. Kuku.
24:42Thank you, Mr. Kuku.
24:43Thank you, Mr. Kuku.
24:44Thank you, Mr. Kuku.
24:45Thank you, Mr. Kuku.
24:46Thank you, Mr. Kuku.
24:47Thank you, Mr. Kuku.
24:48Thank you, Mr. Kuku.
24:49Thank you, Mr. Kuku.
24:50Thank you, Mr. Kuku.
24:51Thank you, Mr. Kuku.
24:52Thank you, Mr. Kuku.
24:53Thank you, Mr. Kuku.
24:54Thank you, Mr. Kuku.
24:55Thank you, Mr. Kuku.
24:56Thank you, Mr. Kuku.
24:57Thank you, Mr. Kuku.
24:58Thank you, Mr. Kuku.
24:59Thank you, Mr. Kuku.
25:00Thank you, Mr. Kuku.
25:01Thank you, Mr. Kuku.
25:02Thank you, Mr. Kuku.
25:03Thank you, Mr. Kuku.
25:04Thank you, Mr. Kuku.
25:05Thank you, Mr. Kuku.
25:06Thank you, Mr. Kuku.
25:07Thank you, Mr. Kuku.
25:08Thank you, Mr. Kuku.
25:09Thank you, Mr. Kuku.
25:10Thank you, Mr. Kuku.
25:11Thank you, Mr. Kuku.
25:12Thank you, Mr. Kuku.
25:13Thank you, Mr. Kuku.
25:14Thank you, Mr. Kuku.
25:15Thank you, Mr. Kuku.
25:16Thank you, Mr. Kuku.
25:17Thank you, Mr. Kuku.
25:18Thank you, Mr. Kuku.
25:19Thank you, Mr. Kuku.
25:20Thank you, Mr. Kuku.
25:21Thank you, Mr. Kuku.
25:22Thank you, Mr. Kuku.
25:23Thank you, Mr. Kuku.
25:24Thank you, Mr. Kuku.
25:25Thank you, Mr. Kuku.
25:26Thank you, Mr. Kuku.
25:27Thank you, Mr. Kuku.
25:28Thank you, Mr. Kuku.
25:29Thank you, Mr. Kuku.
25:30Thank you, Mr. Kuku.
25:31Thank you, Mr. Kuku.
25:32Thank you, Mr. Kuku.
25:33Thank you, Mr. Kuku.
25:34Thank you, Mr. Kuku.
25:35Thank you, Mr. Kuku.
25:36Thank you, Mr. Kuku.
25:37Thank you, Mr. Kuku.
25:38Thank you, Mr. Kuku.
25:39Thank you, Mr. Kuku.
25:40Thank you, Mr. Kuku.
25:41Thank you, Mr. Kuku.
25:42Thank you, Mr. Kuku.
25:43Thank you, Mr. Kuku.
25:44Thank you, Mr. Kuku.