Monarch Tractor and CNH Industrial Capital, the captive finance company of CNH Industrial, move into a financial services arrangement. This new arrangement expands Monarch Tractor’s ability to deliver its fully electric, driver-optional, connected tractors to customers and dealers alike.
Monarch Tractor, the maker of the MK-V, the fully electric, driver-optional connected tractor, moves into a new financial services agreement with CNH Industrial Capital America, LLC (CNH Industrial Capital), the captive finance company of CNH Industrial America LLC (CNH Industrial).
As a result of this new arrangement, Monarch Tractor’s technology will reach new farmers in expansive geographies across the US, and leverage CNH Industrial Capital’s expertise in the agricultural equipment financing sector within the CNH Industrial dealer network.
“Monarch Tractor is largely contributing to transforming the agricultural industry by being the first to market a solution that impacts farmers today. The work we’re doing with CNH Industrial Capital is instrumental in ensuring this solution reaches farmers across the USA as soon as possible,” said Donald Stewart, Senior Vice President of Financing for Monarch Tractor.
“CNH Industrial Capital will support dealers in floor-planning and in delivering new Monarch Tractors to customers, while acquiring knowledge in the electric equipment market, which is expected to grow in importance in the future, including with the introduction of electric equipment by CNH Industrial brands,” said Doug MacLeod, President CNH Industrial Capital, North America.
The relationship between Monarch Tractor and CNH Industrial highlights the appetite for innovation in the ag tech space. Further to this, and in an effort to rapidly expand with the growing demand for the MK-V, Monarch Tractor recently announced the start of production of the Monarch MK-V from Foxconn’s facility in Ohio. This comes following a contract manufacturing agreement, the two entities signed in June 2022 to build Monarch Tractor’s next-generation agricultural equipment and battery packs. This production will fuel support to Monarch Tractor’s growing dealer network and demand to fill current backlogs.
Monarch Tractor is currently processing deliveries for Q4 2023. The company is actively fulfilling a backlog of orders. As production continues to run, orders received now can be anticipated in Q4 2023.