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MONARCH TRACTOR AND CNH INDUSTRIAL CAPITAL ANNOUNCE FINANCIAL SERVICES ARRANGEMENT
May 30, 2023
Source: Monarch Tractor news release
LIVERMORE, Calif. - Monarch Tractor, the maker of the MK-V, the fully electric, driver-optional, connected tractor, today announces 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) a global leader in agricultural and construction equipment and services through their family of brands: Case IH, CASE, New Holland Agriculture and New Holland Construction.
As a result of this new arrangement between Monarch Tractor and CNH Industrial, Monarch Tractor's technology will 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.
"Monarch Tractor is 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 country 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 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," 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.
As Monarch Tractor is currently processing deliveries for Q4 2023, Monarch Tractor welcomes dealers to contact their team as they prepare for their 2024 national rollout. Monarch Tractor is actively fulfilling a backlog of orders. As production continues to run, orders received now can be anticipated in Q4 2023. To become a Monarch Tractor dealer, visit https://www.monarchtractor.com/become-a-dealer.
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