Production of Monarch’s MK-V Series is scheduled to begin early 2023 at the Foxconn Ohio facility, an approximately 6.2 million square foot campus of scalable production space. This will follow production of Monarch’s Founder Series late this year at Monarch Tractor’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,” said Praveen Penmetsa, Co-Founder & 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.”

In May 2022, Foxconn assumed manufacturing operations at its Ohio facility after completing an Asset Purchase Agreement (“APA”) with Lordstown Motors Corp. (Nasdaq:“RIDE”). 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 Hon  Hai Technology group has been around since the 1970’s and is currently the leader in I-phone assembly.