Trumbull County, OH (April 4, 2023) – Hon Hai Technology Group (“Foxconn”) (TWSE:2317) today announced the start of production in Ohio of the Monarch MK-V, the first fully electric, driver-optional, smart tractors, in Ohio with the initial five tractors rolling off the production line for delivery to customers. In August 2022, Foxconn signed a contract manufacturing agreement (CMA) with Zimeno Inc. D/B/A Monarch Tractor (“Monarch Tractor”) to build Monarch Tractor’s next-generation agricultural equipment and battery packs at the Foxconn Ohio facility. 

“We’re very pleased with the product quality ahead of full-rate production,” said Jerry Hsiao Chief Product Officer of Foxconn Technology Group. “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.”

Launched to the public in 2020, Monarch Tractor has transformed the agriculture industry with next generation EV technology and unparalleled automation capabilities to meet farmers’ most pressing needs. The MK-V brings to life Monarch Tractor’s mission to elevate farming practices to enable clean, efficient, and economically viable solutions for today's farmers and the generations of farmers to come. The MK-V, a fully electric, driver-optional, smart tractor combines electrification, automation, and data analysis to help farmers reduce their carbon footprint, improve field safety, streamline farming operations, and increase their bottom lines.

“As a leader in manufacturing some of the world’s most influential electric and autonomous technologies, Foxconn is the ideal partner for us as we look to rapidly expand production of the MK-V,” said Praveen Penmetsa, Co-Founder & CEO, Monarch Tractor. “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. This is also a massive opportunity to produce large volumes of smart tractors in this class. We are excited to partner with Foxconn as we forever change the future of electrified farming.”

Setting a new standard for farm safety – a top priority for Foxconn and Monarch Tractor – the MK-V also includes technology that will help prevent farm-related injuries whether the tractor is being driven or performing driverless tasks. Each MK-V is produced with collision prevention, human detection, and power take-off (PTO) protection. The tractor will stop moving if it detects a human within six feet of the tractor, and the PTO will automatically shut off if the system detects a person within one foot of the PTO.

Foxconn start the commercial production of Monarch Tractor’s MK-V Series in the first quarter of this year as scheduled. After the official delivery, the next steps of the partnership include continued tuning of production line(s) and material sourcing in preparation for full-rate production.