May 25, 2023
Monarch Tractor, CNH Industrial Capital America form new partnership
Monarch Tractor and CNH Industrial Capital America have formed a new financial services partnership to expand Monarch’s electric vehicle technology nationwide.
Monarch is the maker of the fully electric MK-V, which began rolling out to commercial growers last December. CNH Industrial is a global leader in agricultural and construction equipment through a portfolio including Case IH, CASE, New Holland Agriculture and New Holland Construction.
The agreement will help Monarch 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,” Donald Stewart, senior vice president of financing for Monarch Tractor, said in a news release.
Monarch Tractor recently announced the start of production of the MK-V from Foxconn’s facility in Ohio to support Monarch’s growing dealer network and demand.
“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,” Doug MacLeod, president of CNH Industrial Capital, North America, said in the release.
Monarch Tractor is currently processing deliveries for the fourth quarter of 2023, according to the release.