On March 29, 2024 at 12:20 p.m
India’s Force Motors said on Friday that it will discontinue its agricultural tractor business and related activities from March 31. The closure of the business is part of the company’s product rationalization program under which it will focus on its core segments such as shared mobility transportation, last-mile mobility and the development of specialized vehicles for civil and military applications, the company said. In fiscal 2023, sales of agricultural tractors accounted for 3.66% of the company’s total revenue, Force Motors said. The company, which is known for its multi-seater passenger vehicles and also makes engines for BMW and Mercedes vehicles in India, generates about 48% of its revenue from vehicle sales, while about 36% of revenue comes from contract manufacturing, according to its latest annual report engines come from. Force Motors reported a fourth consecutive quarter of profit in the October-December period as a pick-up in economic activity post the pandemic helped the Maharashtra-based company turn profitable.
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© Reuters – 2024
2024-03-29 11:53:46
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