Force Motors has announced its decision to shut down its agricultural tractors business starting from March 31. The move comes as part of the company’s plan to streamline its product range, focusing primarily on segments like shared mobility transportation, last mile mobility, and specialized vehicles for civil and defense purposes. In the fiscal year 2023, sales from agricultural tractors contributed 3.66% to the company’s total revenue.
Force Motors, known for its multi-seater passenger vehicles and engine manufacturing for BMW and Mercedes cars in India, derives 48% of its revenue from vehicle sales and 36% from contract engine manufacturing, as per its latest annual report. Despite challenges, the Maharashtra-based company reported profits for the fourth consecutive quarter during the October-December period, buoyed by a resurgence in economic activity post-pandemic.
– Open a Demat account with Angel One.
– Explore the stock market, find Sat Industries, and place your order.
