Foxconn begins rolling first Monarch electric tractors off assembly lines in Lordstown
Chinese contract manufacturer Foxconn has commenced production of the first MK-V all-electric tractors for Monarch under a previously announced manufacturing agreement. The first tractors recently rolled off assembly lines at the well-known Lordstown production facility in Ohio.
Hon Hai Technology Group, better known as Foxconn, is the world’s largest electronics manufacturer with half a century’s worth of experience building everything from iPhones to gaming consoles and, most recently, EVs, semiconductors, and AI tech.
In late 2021, struggling EV start-up Lordstown Motors agreed to sell its manufacturing facility in Ohio to Foxconn under an agreement that the Taiwanese experts could help get the automaker’s Endurance pickup into scaled production.
That asset purchase agreement (APA) was completed last May in exchange for $230M in cash. Hours later, Foxconn shared that its newly acquired facility would also be home to the assembly of Fisker’s second planned EV model, the PEAR.
As a fresh hub for EV production in the Midwest, Foxconn expanded its client list beyond passenger vehicles and into electric tractors, sharing news of a contract manufacturing agreement with Monarch Tractors to take over assembly of its all-electric MK-V, along with the battery packs to power them.
Eight months later, Foxconn has produced the first Monarch electric tractors in Lordstown.
Foxconn completes build of first five electric tractors
Monarch Tractors shared news of the start of contracted production of its MK-V electric tractors at Foxconn’s Lordstown facility, assembling the initial five models ready for customer deliveries. Both partners confirmed that MK-V production is on schedule, and these first five builds represent an important milestone in the partnership. Per Monarch CEO and cofounder Praveen Penmesta:
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. 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.
The MK-V can be operated with or without a driver inside and comes equipped with advanced safety technologies, including collision prevention, human detection, and power take-off (PTO) protection, enabling it to stop moving if it detects a person within six feet and shut down if it detects someone within one foot. That’s all within a tractor that is eerily quiet and produces zero emissions – perfect for a crucial agricultural segment.
After the initial five electric tractors are delivered, Foxconn plans to continue fine-tuning its assembly lines and material sourcing as it prepares for full-scale production in Lordstown. Per Foxconn:
We’re very pleased with the product quality ahead of full-rate production. 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.
Here’s some footage of the Monarch MK-V electric tractors being built:
FTC: We use income earning auto affiliate links. More.
Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!
We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.
Source Links
Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
Jaque Silva | Nurphoto | Getty Images
OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.
“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”
Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.
“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.
Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain
U.S. users cannot access these tokens due to regulatory restrictions.
Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.
BYD introduces new discounts on smart driving tech
After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”
Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.
BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).
It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.
The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).
Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).
Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.
The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.
BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.
The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike