Monarch Tractor will no longer manufacture the electric, driver-optional tractors the company became known for.
In a statement posted on its LinkedIn page, the company indicated a shift in focus.
“We had to make difficult decisions, including a shift away from manufacturing to a technology licensing model which validated that the core EV & AV technology could operate across tractors, augers, utility vehicles, and construction equipment,” the statement says.
The statement goes on to say the company’s software-designed vehicle platform and other components has been purchased by “a large global equipment manufacturer,” meaning Monarch’s technology will support future innovations.
Later in the month the industry learned Caterpillar acquired Monarch Tractor.