The agricultural division of CNH Industrial (Case IH, New Holland and Steyr) saw its Q3 net sales rise by nearly a third to US$3.56b compared to the same three months in 2020.
The strongest growth during the quarter was in North America and Europe. The North American tractor market increased by 3.0% (<140hp) and 29% (>140hp). Combine harvester volumes rose by 29%.
In Europe, the tractor and combine markets increased by 5.0% and 55%, respectively. The demand for new tractors and combines in South America was up by 8.0% and 16%, respectively. In the Rest of World, tractor demand decreased 7.0% and combine demand increased 28%.
The company says its order book has more than doubled for tractors and combines worldwide. Acute supplier issues are expected to constrain the Q4 results, but CNHI agricultural division net sales of US$10.57b for the first nine months of this year are 41% higher than the same nine months a year ago.
When construction machinery, commercial and speciality vehicles, powertrains and financial services are added to the agricultural machinery figures then CNHI net sales for the first nine months of this year increased by 39% to US$23.4b.
