Foxconn Signs Deal to Make Tractors at Lordstown Plant
LORDSTOWN, Ohio — Foxconn announced this morning that it has signed a contract manufacturing agreement with Zimeno Inc., which does business as Monarch Tractor, to build “next-generation agricultural equipment and battery packs” for the tractor at its plant here.
The announcement was made by Hon Hai Technology Group, the Taiwan-based electronics manufacturer that does business here as Foxconn Ohio.
In May, Foxconn assumed manufacturing operations at the plant after completing an asset purchase agreement with Lordstown Motors Corp. The agreement with Monarch Tractor is the first contract manufacturing engagement by Foxconn here.
Full-rate production of Monarch Tractor’s MK-V Series is scheduled to begin in the first quarter. This will follow production of Monarch’s Founder Series in the fourth quarter at Monarch Tractor’s plant in Livermore, California, the companies said..
“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.
“This announcement is further evidence that our new corporate neighbors at Foxconn Ohio will accelerate the Valley’s economic development momentum,” said Guy Coviello, president and CEO of the Youngstown/Warren Regional Chamber.
“We identified electric, autonomous and connected mobility among the emerging technologies disrupting manufacturing, and we positioned ourselves to be a focal point in this space. The addition of Foxconn, one of the largest and most technologically advanced manufacturers in the world, to our Valley’s economy will help us once again emerge as a global leader.”
“We are more than grateful for Foxconn’s investment here. We will continue to provide all the resources they desire to grow in our community,” he added.
“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, in a statement. “This partnership reflects Foxconn’s growing center of gravity for autonomous electric vehicle production and the potential that can emerge from forward-thinking collaborations.”
Monarch Tractor describes itself as “working to utilize 21st-century technology to empower farmers by enabling profitable implementation of regenerative, sustainable and organic practices. The company has produced what it calls “the world’s first fully electric, driver optional, smart tractor, enhances farmer’s existing operations, alleviating labor shortages, and maximizing yields.”
Hon Hai Technology Group, founded in 1974, is the world’s largest electronics manufacturer.
Pictured at top: Monarch Trailer. Source: Foxconn Ohio.
Copyright 2024 The Business Journal, Youngstown, Ohio.