As of March 2021, no longer restricted. Previously, foreign investment in passenger and cargo road transportation was limited to 49% of equity interest. 
"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 49 OF 2021 CONCERNING AMENDMENT TO PRESIDENTIAL REGULATION NUMBER 10 OF 2021 CONCERNING THE INVESTMENT BUSINESS SECTOR
LIST OF BUSINESS FIELDS WITH CERTAIN REQUIREMENTS
- Cargo land transportation, Special cargo land transportation, Passenger land transportation scheduled routes (intercity and inter provincial transport suburban/rural transport in-province intercity transport, urban/suburban/rural transport, and crossborder transport), Passenger land transportation on non-scheduled routes (taxi transport, tourism transport, specific destination transport, specific area transport), Operation of passenger land transport terminal facilities (public facilities and general cargo terminals only  [see 2019 restrictions below]: Open (without condition) [...]" (Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation])
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Previously
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"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITION TO INVESTMENT - 
LIST OF BUSINESS FIELDS THAT ARE OPEN UNDER SPECIFIC CONDITIONS [...]
J. Transportation Sector
- Cargo land transportation, Special cargo land transportation, Passenger land transportation scheduled routes (intercity and inter provincial transport suburban/rural transport in-province intercity transport, urban/suburban/rural transport, and crossborder transport), Passenger land transportation on non-scheduled routes (taxi transport, tourism transport, specific destination transport, specific area transport), Operation of passenger land transport terminal facilities (public facilities and general cargo terminals only: Foreign capital ownership: Max.49% [...] "(PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT)
Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation]
PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT
[<a href="https://peraturan.bpk.go.id/Home/Details/168534/perpres-no-49-tahun-2021">PR49</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/161806/perpres-no-10-tahun-2021">PR10</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/40374/perpres-no-44-tahun-2016">PR44</a>]