In a significant news announcement, Force Motors, a prominent brand in the automotive sector, will stop producing farm tractors and related items by March 31, 2024. This decision comes after the company found out that its tractor business only contributed 3.66 per cent to its overall earnings in 2023. This big change means Force Motors will no longer be in the agricultural tractor market.
Force Motors has unveiled a strategic move to streamline its product offerings by aligning its decision to shutter the agricultural tractors division. The Pune-headquartered firm is set to optimize its operations, directing its efforts towards bolstering core business sectors. These include last-mile mobility solutions, shared mobility transportation, and the production of tailored vehicles for civilian and military purposes.
Force Motors wants to improve how it works and make sure it stays strong in the changing car business. They said in a report that in 2023, only 3.66 per cent of their money came from selling farm tractors. They decided to stop selling these tractors to make more money in the future, even though it would stay the same amount of money they make by a lot.
This move by Force Tractor is expected to shake up the industry. When a big player like Force Tractor leaves, other companies are ready to step in and compete for the space it leaves behind. This could lead to more competition among existing companies and bring in new, affordable, and advanced tractor models.
Nearly half of Force Tractor's revenue, about 48 per cent, comes from selling vehicles. The company is well-known for making cars that can carry many passengers. It's also respected for supplying engines to big names like Mercedes-Benz and BMW in India. According to its latest report, about 36 per cent of its total revenue comes from making engines for other companies.
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