Foxconn will no longer manufacture electric tractors for California-based Monarch Tractor following the sale of its Ohio factory to SoftBank, Monarch CEO Praveen Penmetsa confirmed.
Penmetsa said the company had worked with Foxconn to “build up inventory” ahead of the sale, adding that Monarch currently has “enough to meet customer demand for the next 12 months, along with ample spare parts.” He indicated that the startup is exploring alternative manufacturing partnerships, writing, “In the coming weeks, we will be sharing more about our plans to introduce more Monarch-enabled products in the market through new manufacturing partnerships.”
The Ohio plant, previously purchased by Foxconn from EV startup Lordstown Motors in 2022, will now be used in conjunction with SoftBank to produce equipment for the Stargate AI project led by OpenAI and Oracle. Foxconn’s chairman, Young Liu, had earlier described the facility as set to become the “most important electric vehicle manufacturing and R&D hub in North America.”
Monarch was one of four companies Foxconn had promoted as clients for its electric vehicle contract manufacturing operation at the former General Motors facility. The company built a few hundred tractors for Monarch, which has faced operational challenges in recent years, including layoffs and market disruptions in California’s wine industry. The other three prospective customers—Lordstown Motors, Fisker Inc., and IndiEV—have either gone bankrupt or ceased operations.