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The company expects volume in the domestic tractor industry to fall by 6-7% in FY24. Export markets also remain dull thanks to recessionary concerns in Europe, and the company’s launch in the US has been delayed to FY26.
The company said it has invested Rs 1,200 crore on developing the OJA platform which consists of four platforms that could churn out 40 different trims in the 20-70 HP power output. The company aims to cater to the needs of farmers with small land parcels, especially in India, US and ASEAN region with the new range. Mahindra & Mahindra President - Farm Equipment Sector Hemant Sikka said the OJA brand would help in enhancing the company's share in the market while helping it enter new markets.
The new tractors are designed for key global markets and will open up the light-weight small tractor market for Mahindra. The company aims to increase its market share in the light-weight tractor segment to over 40%.
Domestic tractor sales in November were at 67,940 units, against 63,783 units in the same period last year, according to data released by the Tractor and Mechanization Association.