Monarch Tractor, the maker of the MK-V, a fully electric, driver-optional, connected tractor, entered into a new financial services agreement with CNH Industrial Capital America, the captive finance company of CNH Industrial America.
As a result of this new arrangement between Monarch Tractor and CNH Industrial, Monarch Tractor will 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.
“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 in North America, said.
To expand with the 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 announcement followed the consummation of a contract manufacturing agreement the two entities signed in June 2022 to build Monarch Tractor’s next-generation agricultural equipment and battery packs.
