Business

Electric tractor to be built at Foxconn’s plant in Lordstown

By Mahoning Matters staff
Production of Monarch Tractor’s MK-V Series is scheduled to begin at Foxconn’s plant in Lordstown in early 2023.
Production of Monarch Tractor’s MK-V Series is scheduled to begin at Foxconn’s plant in Lordstown in early 2023. (Photo provided)

Foxconn is partnering with Zimeno Inc. to produce “the world’s first fully electric, driver optional, smart tractor” at its Lordstown plant.

Foxconn, formally known as Hon Hai Technology Group, announced Tuesday that it signed a contract manufacturing agreement with Zimeno, which does business as Monarch Tractor, to build “next-generation agricultural equipment and battery packs.”

“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,” Young Liu, chairman of Hon Hai Technology Group, said in a news release.

The agreement with Monarch Tractor is the first contract manufacturing engagement by Foxconn since the closing of the $230 million asset purchase agreement with Lordstown Motors Corp. in May. The companies entered into a contract manufacturing agreement for Foxconn to manufacture Lordstown Motors’ all-electric pickup truck, the Endurance.

Production of Monarch Tractor’s MK-V Series is scheduled to begin in early 2023, according to the release.

“This announcement is further evidence that our new corporate neighbors at Foxconn Ohio will accelerate the Valley’s economic development momentum,” Guy Coviello, president and CEO of the Youngstown/Warren Regional Chamber, said in a news release.