Force Motors to Exit Tractor Business, Focuses on Sharpening Other Sectors
Force Motors, an Indian automotive brand known for its integrated approach, has announced its exit from the tractor business to focus on core sectors, aiming for sharp growth.
![Force Motors to Exit Tractor Business, Focuses on Sharpening Other Sectors](https://t-news.gumlet.io/media/4yxlnzwn/force.png)
Force Motors, an Indian multinational automotive manufacturer headquartered in Pune, is known for its comprehensive expertise in designing, developing, and producing automotive components, assemblies, and vehicles.
The company's forte lies in delivering top-notch products through advanced design, cutting-edge engineering, modern manufacturing processes, and innovative marketing strategies.
Recently, Force Motors Ltd made a strategic decision to withdraw from the tractor business, which includes the manufacturing and trading of agricultural tractors, effective from March 31, 2024. This move is part of the company's plan to streamline its product offerings and focus on its core areas of expertise.
Also Read:- Top 10 Benefits Farmers Will Get from the 'Krishi Integrated Command and Control Centre'
The company will focus on other sectors that includes shared mobility transportation, last mile mobility solutions, goods transportation, manufacturing high-tech critical components for OEMs (Original Equipment Manufacturers), and crafting specialized vehicles for both civil and defense purposes.
According to information disclosed in a stock exchange filing, the revenue generated from the sale of agricultural tractors by Force Motors amounted to ₹182.53 crore for the fiscal year ending March 31, 2023. This represented approximately 3.66% of the company's total revenue for the same period.
Also Read:- Sonalika Tractors Launches Sikander DLX DI 60 Torque Plus Tractor at this Price for Indian Farmers
Additionally, the net block of assets related to the tractor business unit stood at ₹12.29 crore as of March 31, 2023. The company aims to reinforce its competitive edge in the evolving automotive terrain. This move highlights the company’s adaptability and resilience in the dynamic market environment. The company remains financially strong and is confident this strategic shift will lead to future success.
Also Read:- Singer Guru Randhawa Drives Tractor on the Roads of Punjab, Says 'Mera Pind, Mere Khet'
More News
-
CNH India Hits Major Milestone: 700,000 Tractors Manufactured in Greater Noida
-
VST Zetor Range of Tractors Launched in Gujarat
-
Sonalika Outperforms Domestic Industry in June 2024, Achieves Record Q1 Performance with 41,465 Tractors Sold and Estimated 14.4% Market Share
-
VST Tillers Tractors Reports June 2024 Sales: 3,128 Tractors and 582 Power Tillers Sold