Indian tractor manufacturer, Mahindra & Mahindra on June 15 said that it plans to roll out a new tractor in this fiscal. The company also said that it plans to roll out a few more variants of the existing models.
Pawan Goenka the president of the automotive division of Mahindra and Mahindra said, “We will launch a new tractor by this yearend. In addition, we will also introduce 3-4 variants of the existing models”. Mahindra and Mahindra, which is the country’s largest farm equipment manufacturer, reported a marginal rise in its tractor sales to 19,016 units in the month of May.
Goenka added that he expects the tractor sales to turn around in the second half, which will add correlation between the tractor sales and the monsoon has not been so high in the last three years. The president also said, “In 2009, we had the worst monsoon but still we had the best growth”.
When asked about the impact on the investment by the car makers on diesel portfolio in the event of the government hiking the excise duty on cars , Goenka said that the companies might revisit their expansion plans. Goenka also assured that they have had a meeting with the finance minister and have strongly expressed their views that there should not be any more increase on duty on vehicles.