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Michigan Ag News Headlines |
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Monarch Tractor, CNH Industrial Capital Agreement to Expand Electric Tractor Market
Michigan Ag Connection - 06/02/2023
California-based Monarch Tractor, the maker of the MK-V, a fully electric, driver-optional, connected tractor, has signed a financial services agreement with CNH Industrial Capital, the captive finance company of CNH Industrial.
Donald Stewart, senior vice president of financing for Monarch Tractor, expects the new arrangement will allow Monarch Tractor's technology to reach new farmers in expansive geographies across the country and leverage CNH Industrial Capital's expertise in the agricultural equipment financing sector within the CNH Industrial dealer network.
CNH Industrial is the manufacturer of Case IH, CASE, New Holland Agriculture and New Holland Construction brands.
"Monarch Tractor is transforming the agricultural industry by being the first to market with a solution that impacts farmers today,” Stewart said. “The work we're doing with CNH Industrial Capital is instrumental in ensuring this solution reaches farmers across the country as soon as possible.”
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CNH had previously entered into an exclusive, multi-year licensing agreement for electrification technologies with Monarch Tractor in November 2021 to launch a scalable, modular electrification platform focusing on low-horsepower tractors for use in orchards and vineyards.
The new financial services agreement between Monarch Tractor and CNH Industrial highlights the appetite for innovation in the ag tech space, according to Doug MacLeod, president of CNH Industrial Capital in North America.
"CNH Industrial Capital will support dealers in floor planning and in delivering the new Monarch Tractors to their 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," MacLeod said.
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.
Source: michiganfarmnews.com
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