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Investing.com – Electronics contractor Foxconn announced Tuesday that the company will build driverless electric tractors for California-based Monarch Tractor at its Lordstown, Ohio, facility. The agreement with Monarch Tractor is the first manufacturing contract Foxconn has entered since purchasing the facility.
Foxconn will also use the facility to build electric vehicles for Fisker (FSR) and Lordstown (RIDE).
Monarch debuted its first autonomous electric tractor to a select group of farmers last year. The company has since entered into a multi-year licensing agreement with, minority stake holder, CNH Industrial (NYSE:CNHI).
The company did not disclose the cost of the tractor but said the autonomous software will be sold separately and that farmers will have to pay a monthly fee to access the services.
Production for Monarch’s battery powered MK-V series tractor is scheduled to begin in the first quarter of 2023.
