In 2020, the target for car sales decreased by around 50% due to reduced domestic and foreign demand. As of 2020 the number of car production in Indonesia is 1.28 million units, and there are at least 22 four-wheeled vehicle companies in Indonesia with an investment value of IDR 99.16 trillion and absorbing a workforce of 38.39 thousand people (Ministry of Industry 2021). However, the pressure of COVID-19 resulted in an economic contraction at the end of January 2020 and the large-scale social restriction (PSBB) policy caused movement and mobility to be limited. Not only is the pressure of COVID-19 in order to suppress the use of fuel, the government is implementing changes in fuel prices and providing alternative use of vehicles, namely electric cars. This causes investors to be confused whether to invest in the automotive sector or not. This study aims to analyze the effect of fuel prices, financial performance, macroeconomic factors, and electric car sales in Indonesia on automotive companies.
The type of data in this study uses secondary data. The data taken are in the form of quarterly financial reports, stock prices, fuel prices, inflation, interest rates, and the number of electric car sales in Indonesia each quarter. The analytical method used is descriptive analysis to describe the data studied and panel data regression to analyze the effect of each variable. The samples used in this study were 13 automotive companies.
This study found that fuel prices have a significant influence on stock returns. On the microeconomic side, namely financial performance for ROE, DER, and CASHR have a significant effect on stock returns with a negative relationship. Likewise, inflation has a significant effect on stock returns with a negative relationship, while interest rates have a significant positive impact on stock returns of automotive companies. Sales of electric cars in Indonesia have no significant effect on stock returns. This study recommends that investors need to take into account financial performance and macroeconomic issues such as interest rates and inflation, as well as other issues such as fuel prices and electric car sales in Indonesia.

Keywords: electric car, financial performance, fuel price, stock returns