IT Home reported on August 10 that according to Taiwan media United Daily News, on August 9, Hon Hai announced that it had signed an OEM agreement with Monarch Tractor, and will build Monarch Tractor's next-generation electric agricultural machinery and battery module in the Ohio factory in the United States.
In May 2022, after Hon Hai completed the Ohio asset purchase agreement, it began to carry out electric vehicle manufacturing business in local factories. The agreement reached with Monarch Tractor is the first manufacturing agreement established by Hon Hai after the acquisition of the Ohio factory.
IT Home learned that the Monarch Tractor MK-V series jointly developed by both parties is an electric traction vehicle, and is expected to launch production plan at the Ohio factory in Hon Hai in the first quarter of 2023. The Monarch Founder series is expected to be produced in at the Monarch Livermore Factory in California in the fourth quarter of 2022.
Financial data shows that Hon Hai's July revenue was NT$475.1 billion (about RMB 107.373 billion), a decrease of 9.71% month-on-month and a year-on-year increase of 13.66%, the highest in the same period.
