The launch of new vehicles has come in the auto market during the festive season. Meanwhile, the country's largest tractor company Sonalika has now reached the Chinese auto market. According to the Sonalika Group, their flagship company International Tractors Limited will form a joint venture with China's Shandong Shandong Luoy Heavy Industry Corporation at a cost of $ 400 million in China. According to the report, Sonalika is preparing to set up an assembly plant in China for tractors' engines, let us tell you that 'Sonalika' is India's largest tractor export company. ITL currently has a presence in 120 countries.
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It is to be noted that at present, China is the second-largest tractor market in the world and now is slowly registering its strength as a global tractor manufacturer, so there are plenty of opportunities for Sonalika. The statement issued by the company said that "Luoy has maintained a good presence in China's small loader, forklift market. It also exports its products to other countries. Our tractors are in high demand in China and we hope to work with our partners to provide tractors to Chinese farmers with better technology and reasonable prices".
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"We are also looking at furthering this business in collaboration with other partners besides Luoy. This joint venture will also assemble engines for Luyu loaders and other equipment, as the Sonalika Group is exploring its potential in China. In such a situation, it can be expected that other tractor companies existing in India will also take such steps".
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