First 5 Monarch Tractors Roll Off Line at Foxconn Plant

LORDSTOWN, Ohio – Hon Hai Technology Group, or Foxconn, announced Tuesday that the first five Monarch MK-V tractors have rolled off the production line at its plant here.

The Monarch MK-V is a fully electric, driver-optional smart tractor. Foxconn signed a contract manufacturing agreement with Monarch Tractor in June 2022 to build the company’s next-generation agricultural equipment and battery packs.

“We’re very pleased with the product quality ahead of full-rate production,” Foxconn Technology Group said in a news release Tuesday. “This milestone is achieved thanks to our employees and the strength of our ongoing partnership with Monarch Tractor. Foxconn prides itself on our partnerships, and we believe the shared goal of promoting sustainability and safety in agriculture is one of the many reasons we have found the right partner in Monarch Tractor.”

Praveen Penmetsa, co-founder and CEO of Monarch Tractor, said Foxconn is “the ideal partner” to produce its tractors.

“Today’s farmers need solutions like the MK-V now that will increase farm profitability and sustainability, and we’re the first company that is able to fulfill the global demand for these solutions,” Penmetsa said.

The MK-V smart tractor combines electrification, automation and data analysis to help farmers reduce their carbon footprint, improve field safety and streamline farming operations. The MK-V tractor includes technology that is designed to help prevent farm-related injuries whether it is being driven or performing driverless tasks. The tractor is produced with collision prevention, human detection and power takeoff protection.

After the official delivery of the first tractors, the next steps of the partnership include continued tuning of production lines and material sourcing in preparation for full-rate production, the release states.

“We are excited to partner with Foxconn as we forever change the future of electrified farming,” Penmetsa said.

Pictured at top: The first Monarch MK-V tractors built at Foxconn’s plant in Lordstown.

Copyright 2024 The Business Journal, Youngstown, Ohio.