EV Business Boosts TOBA's Revenue by 120%, Shows Promising Outlook
PT TBS Energi Utama Tbk (TOBA)'s electric vehicle (EV) business surged its revenue by 120% year-on-year to US$12.9 million in the first nine months of 2026. Electrum, a joint venture between TOBA and GoTo, achieved improved profitability and margins through expansion of its electric motorcycle fleet and battery swapping stations.
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