CNH INDUSTRIAL ENTERS INTO EXCLUSIVE MULTI-YEAR TECHNOLOGY LICENSING AGREEMENT WITH MONARCH TRACTOR
London, November 3, 2021
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces that it has entered into an exclusive, multi-year licensing agreement for electrification technologies with Monarch Tractor, a USbased AgTech company specializing in fully electric autonomous tractors. The license agreement foresees the launch of a scalable, modular electrification platform focusing on low horsepower tractors.
These will be developed across multiple product families in the coming years, using an agile process that continuously gathers farmers’ input to ensure we create industry-leading, differentiated solutions aligned to customer needs. This agreement also furthers CNH Industrial’s ongoing commitment to decarbonizing agriculture through alternative propulsion systems.
Electrification and machine automation are key tenets of CNH Industrial’s strategy to become an even stronger technology leader in agriculture and drive customer value. This mutually beneficial partnership enables CNH Industrial to enhance its internal electrification capabilities and develop and implement new electrified platforms faster. In turn, Monarch Tractor will be able to harness benefits of CNH Industrial’s deep sector expertise in product, brand, distribution, and supply chain strength.
“We are confident that the new pathways provided by Monarch will rapidly strengthen our competitive position in sustainable precision farming. Their talented team, exceptional engineering acumen and Silicon Valley R&D ecosystem will greatly enhance our digital capabilities. We look forward to working with Monarch to accelerate innovation in EV technology and expeditiously bring customer-valued, autonomous, fully electric solutions to the world’s farmers,” said Scott Wine, Chief Executive Officer, CNH Industrial.