Bengaluru: Homegrown auto major Mahindra and Mahindra on Wednesday announced the launch of its 'Mahindra Yuvo' range of tractors here with an aim to increase market share.
"Mahindra has been leader in the tractor industry for over three decades now, we have a market share of about 41 percent and we offer a full range of 15 to 60 HP tractors in India," Mahindra Farm Equipment Sector Vice President (Marketing-Farm Division) Ravindra Shahane told reporters here.
Speaking at the launch of the new product, he said "We certainly expect improvement in our market share, we have 41 percent market share and we surely expect that it will improve...We are sure that we will gain out of this particular range of products."
'Mahindra Yuvo' is range of tractors in the 30-45 HP category which will be added to the company's existing range of 15-57 HP tractors.
Yuvo that comes in five models will be available in about 400 outlets in 15 states and will be priced starting at Rs 5 lakh (ex-showroom Bengaluru).
Mahindra and Mahindra has invested over Rs 300 crore towards the development of this new platform.
On its Yuvo tractors, Shahane said the tractor industry in India though ranges from 15-60HP,the core of this industry is in the 30-45HP range.
He said "of the entire sales about 70 percent of sales is in 30-45 HP range, so it is very very important and it touches every farmer."
Mahindra and Mahindra that exports tractors to US, Africa and other neighboring countries has plans to export Yuvo range in later stage and in the phased manner.
Stating that Indian tractor industry which is approximately Rs 25,000 crore has "de-grown" in the last two years because of bad monsoon, the VP said it "de-grew" by 20 percent in financial year 2014-15 and last year by 9 to 10 percent.
"We are keeping our fingers crossed expecting better monsoon and hopefully better tractor sale," he added.