Hon Hai Expands U.S. Presence to Produce Next-Generation Electric Farm Equipment and Battery Modules in the U.S.
According to Taiwan's United Daily News, on August 9, Hon Hai announced that it had signed a foundry agreement with Monarch Tractor to build Monarch Tractor's next-generation electric agricultural implements and battery modules at its Ohio plant in the United States.
In May 2022, Hon Hai began electric vehicle manufacturing operations at the local plant after completing an asset purchase agreement in Ohio. The agreement with Monarch Tractor is the first manufacturing agreement established by Hon Hai after the completion of the acquisition of the Ohio plant.
The Monarch Tractor MK-V series, an electric tractor, is expected to begin production at Hon Hai's Ohio plant in the first quarter of 2023, while the Monarch Founder series is expected to be produced at Monarch's Livermore, California facility in the fourth quarter of 2022.
Financial figures show that Hon Hai's revenue for July was NT$475.1 billion (approximately RMB107.373 billion), down 9.71% from the previous month and up 13.66% year-on-year, a new high for the same period.
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