CMV360 Weekly Wrap-Up | That Mattered This Week (12th Aug – 19th Aug): Mahindra Unveils Seven Tractors Under the OJA Range

We hope this summary will provide you with valuable insights into the current state of commercial vehicles and the direction it is heading.

Welcome to the Cmv360 Weekly Wrap-Up, where we offer you the most recent commercial vehicle industry news and developments. Join us as we delve into the highlights and stories that have shaped the week, providing you with a concise overview of the most noteworthy happenings that you need to know.

Check out this week's essential news on the truck, three-wheeler, tractors, new launches, and more. Stay tuned with us as we explore these and other automobile parts-related topics.

Fans arrive on tractors to watch Sunny Deol's Gadar 2 movie in theatres.

In a unique and enthusiastic display of fandom, fans of Bollywood icon Sunny Deol flocked to theatres in an unconventional fashion to catch the long-awaited screening of "Gadar 2." Rather than arriving in typical vehicles, fans from various regions arrived on tractors, paying homage to the memorable tractor scene from the original "Gadar" movie released in 2001.

Even as the much-anticipated 'Gadar 2', a sequel to the hit 'Gadar' starring Sunny Deol, is making its way across large screens throughout the country, hundreds of fans in Rajasthan's Bhilwara district rode their tractors to a movie theatre to watch the film.

Mahindra & Mahindra's Farm Machinery Unit Achieves Remarkable Q1 Results

Mahindra & Mahindra's Farm Machinery Unit has reported impressive results for the first quarter of the fiscal year, reaffirming its position as a prominent player in the agriculture machinery sector. The company announced a remarkable revenue of Rs 181 Crore during this period, demonstrating its dedication to quality, strategic insight, and the unwavering support of stakeholders.

M&M's Farm Equipment unit had the second-highest quarterly sales volume in Q1 FY 24, with 114,000 units sold. The Farm machinery unit generated INR 181 crore in revenue, a remarkable 24% rise over Q1 23. In the Rotavators Market, Mahindra & Mahindra won an amazing 23.5% market share, placing them second.

The company's Profit Before Interest and Taxes (PBIT) was INR 1,303 crore, a 16% rise over FY 23. The PBIT margin increased by 160 basis points to 17.5% in Q1 FY 24. The consolidated Profit After Tax (PAT) rose to INR 1,198 Crore, representing a 21% rise over Q1 FY 23. The company's consolidated sales increased by 9% to INR 9,710 crore in Q1 FY 23.

Also Read: CMV360 Weekly Wrap-Up | That Mattered This Week (05th Aug – 11th Aug): Mahindra Launches New e-Alfa Super Rickshaw with Enhanced Range

Mahindra Unveils Seven Tractors Under the OJA Range

Mahindra Tractors has introduced three new OJA models: MYOJA (intelligence pack), PROJA (productivity pack), and ROBOJA. This significant launch marks a pivotal moment in the agricultural machinery sector, as Mahindra continues to cement its reputation as a pioneer in farm equipment.

The tractors are priced at INR 564,500 (ex-showroom ) for the OJA 2127 and INR 735,000 (ex-showroom ) for the OJA 3140. They will be manufactured in India and sent to six other continents.

The new tractors are based on three OJA platforms: subcompact, compact, and small utility, and are designed to meet a variety of market needs. Mahindra introduced seven new tractor models for India, including 4WD as standard, on compact and light utility platforms ranging from 20 to 40hp (14.91kW - 29.82kW).

Magenta Mobility Enhances Operational Efficiency through Adoption of OutSystems Platform

Magenta Mobility has announced the adoption of the OutSystems platform to optimize company operations due to its user-friendliness and agility in the development environment.

OutSystems provides high-performance application development with enterprise-grade features for building strategic mission-critical apps.

The OutSystems platform will enable the digital transformation of asset tracking, monitoring, and auditing, which will dramatically cut manual costs and enhance accuracy.

The implementation of the OutSystems platform is expected to revolutionize Magenta Mobility's approach to software development and process optimization.

Lord's Automative Unveils Eight New Electric Vehicles in India

In a significant move towards sustainable mobility, Lord's Automative, a pioneering name in the automotive industry, has introduced a remarkable lineup of eight new electric vehicles (EVs) in the Indian market. The launch includes six innovative three-wheeler models and two cutting-edge two-wheeler models, showcasing the company's commitment to eco-friendly transportation solutions.

Lord's Automative has rolled out 6 three-wheelers (3W) EV models:

• Lord's King E-Rickshaw
• Lord's Samrat E-Loader
• Lord's Sawari Butterfly E-Rickshaw
• Lord's Gati Butterfly E-Loader
• Lord's Grace E-Rickshaw specially designed for disabled person
• Lord's Swachh Yaan E-Garbage

Lord's Automative has rolled out two-wheeler (2W) EV scooter models:

• Lord's Ignite High Speed E-Scooter
• Lord's Prime High Speed E-Cargo Scooter.

PNB and Tata Motors Finance Collaborate for Co-Sourcing of Commercial Vehicles

In a strategic move to enhance accessibility to commercial vehicles, Punjab National Bank (PNB) and Tata Motors Finance (TMF) have joined forces to forge a co-sourcing agreement. This landmark collaboration aims to empower businesses across India by providing them with improved avenues to acquire commercial vehicles, thereby boosting economic growth.

The partnership between PNB, one of India's leading public sector banks, and TMF, a prominent player in vehicle financing, is expected to have a profound impact on the commercial vehicle market. Under the terms of the agreement, both entities will jointly facilitate financing options for commercial vehicle buyers.

India's First Hydrogen Bus Hits the Roads of Leh

India's first hydrogen-powered bus has been unveiled and deployed on the public roads of Leh. The National Thermal Power Corporation (NTPC), a leading energy conglomerate, takes the lead in this green initiative, marking a significant step forward in India's efforts to reduce carbon emissions and promote cleaner modes of transport.

The first hydrogen bus in India arrived in Leh, after a three-month process of field trials, roadworthiness checks, and other legislative procedures. This will be India's first public-road deployment of hydrogen buses.

The deployment of the hydrogen bus in the challenging terrains of Leh holds special significance. The high-altitude region, known for its pristine beauty and fragile ecosystem, often experiences air pollution due to the influx of tourists and vehicular emissions.

Also Read: CMV360 Weekly Wrap-Up | That Mattered This Week (22th July – 29th July): Ashok Leyland Embarks on 'Manzil ka Safar' Stallion Drive from Kanyakumari to Leh

Conclusion

That concludes our weekly wrap-up of commercial vehicle news. The past week has been filled with exciting developments, showcasing the industry's dedication to sustainability, efficiency, and innovation.

We hope this summary has provided you with valuable insights into the market of commercial vehicles and the direction it is heading. Stay tuned for more updates, and until next week, drive safely!