According to a report from ETAuto, following a nationwide shutdown in India due to the COVID-19 pandemic, the opening of a factory meant to produce tractors for a joint venture between Kubota and Escorts has been delayed.
For the three months ended March 31, 2020, revenue of Kubota Corporation and its subsidiaries decreased by ¥41.2 billion ($380 million) or 8.6% from the same period in the prior year to ¥439.5 billion ($4.1 billion).
According to a report from Global Atlanta, Kubota has closed its two manufacturing plants in Georgia through April 13, located in Gainesville and Jefferson. The plants will be disinfected following 3 of Kubota's employees being diagnosed with COVID-19.
Distortions in the registrations data used to monitor tractor sales in the United Kingdom have resulted in figures for 2019 that appear to show some growth, when, in fact, a drop in sales was the reality.
Farmers in France bought more new tractors in 2019 than in any year since 2013, lifting Europe’s second largest tractor market to between 40,000-42,000 units of all types, including specialist vineyard tractors and groundscare models.
Dealer optimism in the rural lifestyle equipment segment remained healthy but dipped slightly from last year’s outlook. About 85% of surveyed dealers who focus on rural lifestyle equipment expect revenue in 2020 to be as good or better than revenue in 2019, down slightly from the 88% reported in last year’s survey.
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In this week's episode we look at the preliminary results of Farm Equipment and Ag Equipment Intelligence's latest Brand Loyalty Study. Also in this episode, dealers adjust their sales forecast for 2020 and Dealer Optimism takes a huge hit in March. Rocky Mountain Dealerships reported a decline in first quarter earnings and the Kansas City Federal Reserve Bank says farm lending slowed in the first quarter. In the Technology Corner, Jack Zemlicka discusses some non ag opportunities for precision services.