LORDSTOWN, OH (August 18, 2022) – Hon Hai Technology Group (“Foxconn”) (TWSE:2317) and Zimeno Inc., (“Monarch Tractor”) hosted a product reveal event of the Monarch Tractor MK-V tractor to Foxconn Ohio employees at Foxconn’s facility in northeast Ohio.

“As the world’s largest consumer electronics contract manufacturer and solutions provider, Foxconn is proud to partner with Monarch Tractor and reveal to our Ohio employees as the next generation of autonomous electric vehicle tractor,” said Foxconn Technology Group. “The partnership with Monarch Tractor and the product reveal continues the transformation of Foxconn capabilities in the Mahoning Valley.”

In August 2022, Foxconn and Monarch Tractor entered into a contract manufacturing agreement (CMA) to produce MK-V tractors at Foxconn’s Ohio facility. The agreement with Monarch Tractor is the first contract manufacturing engagement by Foxconn following the closing of Foxconn’s asset purchase agreement (APA) with Lordstown Motors. 

“Production of our MK-V tractors at the world-class Foxconn facility ensures that our tractors will continue to be built here in the USA by a seasoned team of experts with an unparalleled commitment to quality and care,” said Praveen Penmetsa, co-founder & CEO, Monarch Tractor. “We are very proud to partner with Foxconn on this journey and deliver our tractors globally to accelerate a sustainable farming future.”

Commercial production of Monarch Tractor’s MK-V Series is scheduled to begin Q1 2023 at the Foxconn Ohio facility, an approximately 6.2 million square foot campus of scalable production space. This will follow production of Monarch Tractor’s Founder Series of MK-V tractors in Q4 of 2022 at Monarch Tractor’s Livermore, California manufacturing facility.

About Hon Hai

Established in 1974 in Taiwan, Hon Hai Technology Group (“Foxconn”) (2317: Taiwan) is the world’s largest electronics manufacturer. Hon Hai is also the leading technological solution provider, and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies. Hon Hai has expanded its capabilities into the development of electric vehicles, digital health, and robotics, and three key technologies – new-generation communications technology, AI, and semiconductors – which are key to driving its long-term growth strategy.

In addition to maximizing value-creation for customers who include many of the world’s leading technology companies, Hon Hai is also dedicated to championing environmental sustainability in the manufacturing process and serving as a best-practices model for global enterprises.

To learn more, visit www.honhai.com.

About Monarch Tractor

Monarch Tractor is working to utilize 21st-century technology to empower farmers by enabling profitable implementation of regenerative, sustainable and organic practices. Monarch Tractor, the world’s first fully electric, driver optional, smart tractor, enhances farmer’s existing operations, alleviating labor shortages, and maximizing yields. Monarch is committed to elevating farming practices to enable clean, efficient, and economically viable solutions for today’s farmers and the generations of farmers to come. With cutting-edge technology, global reach, and an experienced team, Monarch is delivering meaningful change for the future of farming. For more information, visit www.monarchtractor.com.