August 9, 2022
Hon Hai Technology Group (operating as Foxconn) has announced the signing of a contract manufacturing agreement with Monarch Tractor, which develops an electric, driver-optional smart tractor for agricultural applications. The agreement will have Foxconn building next-generation agricultural equipment and battery packs at the Foxconn Ohio facility.
Full-rate production of Monarch’s MK-V Series is scheduled to begin Q1 2023 at the Foxconn Ohio facility, an approximately 6.2 million square foot campus. This will follow production of Monarch’s Founder Series in Q4 2022 at the company’s Livermore, Calif., manufacturing facility.
“Leveraging Foxconn’s manufacturing strengths, worldwide network of industry leaders and supply partners, and our new partnership with Monarch Tractor, Foxconn is positioned and eager to contribute to the ongoing and future success of Monarch Tractor, its products and its customers,” said Young Liu, chairman of Hon Hai Technology Group. “This partnership reflects Foxconn’s growing center of gravity for autonomous electric vehicle production and the potential that can emerge from forward-thinking collaborations.”
In May 2022, Foxconn assumed manufacturing operations at its Ohio facility after completing an Asset Purchase Agreement (APA) with Lordstown Motors Corp. The agreement with Monarch is the first contract manufacturing engagement by Foxconn following the closing of the APA, and allows it to expand its contract manufacturing in the EV market.
“Creating the industry’s most advanced tractor demands a manufacturing partner with the experience to quickly scale and execute with precision,” said Praveen Penmetsa, co-founder and CEO of Monarch Tractor. “Foxconn is an EMS leader whose manufacturing and solutions are world-renowned. We are proud to partner with Foxconn and work together to transform the future of farming.”
Established in 1974, Hon Hai Technology Group has recently expanded its capabilities into the development of electric vehicles, digital health and robotics, along with next-generations communications technology, artificial intelligence, and semiconductors.
For more details on Monarch Tractor’s technology, visit its website here.