Such have been the reduction in sales that consolidated revenues are down a colossal $3.83bn or 21% on the first three months of 2024, while net sales of industrial activities fell $3.17bn or 23% on the same period.
In response, company CEO Gerrit Marx said that CNH’s focus on reducing dealer inventories and managing costs has positioned it to weather the current macroeconomic uncertainties.
With reduced numbers of machines available to buy, dealers are able to release capital that would normally be bound up in various equipment. CNH also pointed out that machinery is sold on a global market and while one market may be down another may be up.
However, looking further afield, machinery sales in Brazil fell 11% in March compared with the same month in 2024.
In the UK, figures from the Agricultural Engineers Association show that 986 tractor units were sold in April – down 14.9% on the same month of 2024. In the year to date, 3214 units have been sold, a figure which is 20.6% less tha January-April 2024 period.
The number of tractors registered over the past four months is the lowest total registered by this point since 2001.
