The major suppliers of compact and utility tractors into the North American market are enjoying an exports boom with Daedong (Kioti), LS Mtron and TYM all reporting record half-year sales figures thanks to a buoyant market.
LS Tractor, the tractor division of the LS Mtron, headquartered in South Korea, confirmed to Ag Equipment Intelligence its intention to double the production capacity of its Brazilian factory in Garuva, Santa Catarina.
In the year that Escorts, the Indian tractor and construction machinery business, finished paying off historical debts to a former supplier, the group saw revenues climb 23.5% above the prior 12 month period.
After making major strides in increasing sales in the U.S. and Canada, LS Mtron, the South Korean-based manufacturer of the LS brand of compact and mid-range tractors, is eyeing Brazil as its next target for growing revenues.
South Korea’s second biggest tractor maker — the LS Mtron division of LS Group — aims to ship $15 million worth of tractors to Iran this year with a view to expanding its presence in the Middle East and Africa.
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In this episode of On the Record, the latest Dealer Sentiments Report shows that dealers inventories of both new and used equipment are improving despite being too low. In the Technology Corner Noah Newman talks with Verdant Robotics plans to scale its fleet. Also in this episode, Titan Machinery reports record results for the third quarter of fiscal year 2023 and Farm Credit Canada forecasts tight machinery inventories well into 2024.