Mahindra and Mahindra had already announced last week that the company is all set to hike the prices of its passenger cars as also Commercial vehicles. Now, the company has said that it will also increase the prices of its tractors from January 1, 2021. The company said that the price hike was necessary because of the increase in commodity prices.
The company has witnessed a strong growth in its tractor business. In fact, it sold, 31,619 units in November 2020 as against, 20,414 units during November 2019 in the domestic market witnessing a hike of 55 per cent in sales. The company has been continuing to see this growth throughout the year.
The facility at Zaheerabad also manufactures the company's next-generation range of Yuvo and Jivo tractors
Mahindra has big plans for the tractor business. In fact, it plans to manufacture its new K2 series tractors at the company's manufacturing facility in Zaheerabad, in the state of Telangana. For the new K2 series tractors, the company will be making an additional investment of ₹ 100 crore in the Zaheerabad facility, and plans to double employment in the tractor plant by 2024.