News Summary

• Monarch raised more than $200 million over the last eight years.
• The goal was to build “driver optional” electric tractors that were also capable of autonomously navigating wineries, fruit farms, and dairy farms.
• Monarch initially set out to build the small tractors at its own facility in Livermore, California.
• It eventually became one of four companies that partnered up with Taiwanese electronics giant Foxconn to occupy a former General Motors factory in Lordstown, Ohio.
• Foxconn planned to build vehicles for EV startups Fisker, Lordstown Motors, and IndiEV, as well as the tractors for Monarch.