Hon Hai Technology Group announced the signing of a contract manufacturing agreement (CMA) with Zimeno Inc. DBA Monarch Tractor (“Monarch Tractor”) to build next-generation agricultural equipment and battery packs at the Foxconn Ohio facility. Full-rate production of Monarch Tractor's MK-V Series is scheduled to begin First Quarter 2023 at the Foxconn Ohio facility, an approximately 6.2 million square foot campus of scalable production space. This will follow production of Monarch's Founder Series in Fourth Quarter of 2022 at Monarch Tractor's Livermore, California, manufacturing facility.

In May 2022, Foxconn assumed manufacturing operations at its Ohio facility after completing an Asset Purchase Agreement (“APA”) with Lordstown Motors Corp. The agreement with Monarch Tractor is the first contract manufacturing engagement by Foxconn following the closing of the APA. It embodies the Foxconn vision to expand its contract manufacturing in the EV market.

The agreement also continues the transformation of Foxconn capabilities in the Mahoning Valley.