Listen to this article
Monarch Tractor signed a contract manufacturing agreement with Foxconn to produce the Monarch MK-V electric tractor and battery packs at the Foxconn Ohio manufacturing facility.
Monarch co-founder and CEO Praveen Penmetsa worked in the automotive market early in his career, and is no stranger to the automotive supply chain in the midwest. The Foxconn Ohio facility is located near Lordstown in eastern Ohio and boasts approximately 6.2 million square foot campus of scalable production space. The facility produced General Motors vehicles for 50 years before selling the property to Lordstown Motors in 2019. Other notable clients of Foxconn at the facility include Apple and the electric truck company Lordstown Motors.
Full-scale production of Monarch Tractor’s MK-V Series is scheduled to begin in the Lordstown facility in Q1 2023. This will follow production of Monarch’s Founder Series in Q4 of 2022 at Monarch Tractor’s Livermore, California, manufacturing facility.
“Leveraging Foxconn’s manufacturing strengths, world-wide 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 with Lordstown Motors Corp. The agreement with Monarch Tractor is the first contract manufacturing engagement by Foxconn following the closing of the APA. It embodies the Foxconn vision to expand its contract manufacturing in the EV market. The agreement also continues the transformation of Foxconn capabilities in the Mahoning Valley.
“Creating the industry’s most advanced tractor demands a manufacturing partner with the experience to quickly scale and execute with precision,” said Penmetsa. “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.”