Foxconn to build Monarch Tractor’s MK-V series in Ohio
Hon Hai Technology Group, internationally known as Foxconn, has announced a manufacturing agreement with Monarch Tractor.
Foxconn will begin full-rate production of equipment and battery packs for Monarch Tractor’s autonomous MK-V series at the Foxconn Ohio facility in the first quarter of 2023. This facility has an approximately 6.2 million square foot campus of scalable production space.
Established in Taiwan in 1974, Foxconn is the world’s largest electronics manufacturer. Recently the company has expanded its production into the development of electric vehicles, digital health, and robotics, along with three key technologies: communications, artificial intelligence, and semiconductors.
“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,” says 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.”
Foxconn completed a $230 million deal with Lordstown Motors Corp., an electric-truck startup, in May 2022 for the facility in Ohio. This agreement with Monarch Tractor is Foxconn’s first contract manufacturing engagement since the purchase of the facility.
Production of the MK-V series in Ohio will follow the production of Monarch’s Founder Series in the fourth quarter of 2022 at Monarch’s Livermore, California manufacturing facility.
"Creating the industry's most advanced tractor demands a manufacturing partner with the experience to quickly scale and execute with precision," says 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."