Hon Hai will specialize in auto IC solutions while YAGEO expands its active component footprint with MOSFET Hon Hai Technology Group (TWSE: 2317 TW; “Hon Hai”) and YAGEO Group (TWSE: 2327 TW; “YAGEO”) today jointly announced that XSemi Corporation (“XSemi”), the semiconductor joint venture of the two companies, will transfer its IC (integrated circuit) and SiC (Silicon Carbide) product and module business to Hon Hai’s newly set up IC design subsidiary for an all-cash consideration of NT$204 million. Along with the transaction, the two major shareholders will adjust the shareholding structure of XSemi with YAGEO and Hon Hai holding 55% and 45%, respectively, of XSemi shares. YAGEO’s Chairman Mr. Pierre Chen will be elected as the Chairman of XSemi Corporation. XSemi is a joint venture established in 2021, between the largest EMS in the world Hon Hai and the global leading electronic component solution provider YAGEO. It is an IC design company specializing in analog and power semiconductors, mainly focusing on the design, development, and manufacturing of automotive, communication, and industrial power management and discrete devices and modules. With the resources and support of the two major shareholders, XSemi’s team had successfully completed the setup of the team and the environment for product development. Within 2 years, XSemi start to ship the power management IC and MOSFET products to its computing, consumer, and industrial customers. Moreover, XSemi’s1200V/800A SiC power module was first announced and introduced Hon Hai’s Tech Day in 4Q22. XSemi’s products have successfully entered the design-in phase of the EV supply chain, specifically in powertrain, body control, on board charging, ADAS (advanced driver assistance system), and others. In May 2022, Hon Hai and YAGEO further contributed to XSemi through its new share issuance to participate in domestic MOSFET leader Advanced Power Electronics Co. (TWSE: 8261; APEC)’s private placement, making XSemi APEC’s largest shareholder. Hon Hai Chairman and CEO Young Liu says “After this shift in strategy, Hon Hai and YAGEO will be able to collaborate on small ICs with a clearer direction. Hon Hai will take over XSemi’s R&D efforts in the past two years in the specified areas, incorporating its auto ICs into our EV solutions through its own reference design. It will not only contribute to Hon Hai’s cost effectiveness but more importantly to offer differentiation against its competitors to create values and further satisfy our auto customers.” Hon Hai’s new IC design subsidiary will obtain XSemi’s IC and SiC product team to accommodate Hon Hai’s timeline for delivering its EV products at the end of 2023. After the transfer, this new entity will integrate closely with the related divisions within Hon Hai to co-develop its new EEA (electrical/electronic architecture) solutions. YAGEO Chairman Pierre Chen states “through this new strategic development after the carve-out, we have refined YAGEO and Hon Hai’s strategic focus on semiconductor, which will in turn optimize the resources to push XSemi to a different level. With further focus on MOSFET development, it will also be another important milestone for YAGEO to expand its footprint in active components.” After the transfer of IC and SiC products and modules, YAGEO Chairman Mr. Pierre Chen has now become the Chairman of both XSemi and APEC. This will fortify the strategic partnership between XSemi and APEC, enhancing the product comprehensiveness of both parties in the MOSFET field. With YAGEO’s extensive global sales network, the existing market for the MOSFETs in consumer electronics in Asia Pacific will be able to expand to customers in high-end and premium markets in Europe, US, and Japan.

Taipei, Taiwan (May 29, 2023) – Ingrasys, a global leader in cloud IT and infrastructure, announced today its return to Computex from May 30 to June 2. This year, Ingrasys will build a whole green world to invite visitors to immerse in its newest green technologies at booth #I0418. Under the exhibit concept of “Think Green, Build Green”, Ingrasys will showcase how it combines innovations with sustainability to build environmentally responsible solutions towards a more livable future.    As a renowned data center infrastructure provider, Ingrasys recognizes the rising energy consumption of data centers has long been a great concern to the environment. Committed to driving change and promoting sustainability, Ingrasys has been developing eco-conscious solutions to minimize environmental impact without compromising high performance required for today’s evolving needs. One highlight of its exhibition innovations is Modular Building Block. Ingrasys takes a groundbreaking approach to break down the traditional legacy motherboard into modular subassemblies and quickly compose multiple new systems powered by the 4th Gen EPYC™ processors and 4th Generation Intel® Xeon® Scalable processors. Embracing the power of reuse, the modular systems can span across generations only by replacing a subassembly, which greatly reduces material waste and lowers embodied carbon footprint. The recent explosion of artificial intelligence has driven surging demand for high computing power, which comes at the cost of generating substantial heat. At the forefront of the industry, Ingrasys offers an extensive portfolio of Liquid Cooling Solution, including rack-level liquid cooling and immersion cooling, to accommodate different data center cooling requirements. Data centers can enjoy unprecedented levels of energy efficiency, which reduces both operational costs and energy consumption. Moreover, the company sets itself apart by offering one-stop service for businesses that seek a total cooling solution from initial design, verification to production. One of the key advantages of Ingrasys solution is its modular nature. All components within the cooling rack are modular design, which can swiftly build rack or immersion systems to meet customer’s needs. Other booth highlights include an AI Journey where Ingrasys high-performance storage and liquid cooled AI server, equipped with eight of the newest NVIDIA H100 Tensor Core GPUs, unleash the power of AI, and an ESG focus area that exhibits company eco-friendly initiatives towards a net zero world. Through its participation at Computex, the company aims to demonstrate how it enables businesses to move towards their sustainability goals and inspire industry partners and stakeholders to build green together for a world where sustainability thrives on innovative technology. ( Ingrasys showcases eco-friendly products and solutions with the theme "Think Green, Build Green" at the COMPUTEX Taipei. )   (Ingrasys offers comprehensive system services from design to production, accelerating sustainable goals.)  

15th May 2023, automotive system software provider AutoCore.ai announces the completion of A+ round fundraising led by Bosch Ventures and BoYuan Capital, joined by existing shareholder GL Ventures. We are witnessing an era represented by automotive chips powered with complex and advanced computing capabilities, as well as the multifold growth of intelligent sensors. The massive amount of data has brought about exponential growth and challenges in data transmission, scheduling and management. Automotive middleware will become the fundamental must-have software for intelligent vehicle development, with its market potential reaching tens of billions of dollars in the medium and long term. Along with the explosive growth of the market, AutoCore.ai, established in 2018, has rapidly developed into a global automotive software platform-oriented enterprise, based on the self-developed AutoCore.OS platform, providing middleware, system software products, algorithm and application software licensing services with SOA oriented architecture across entire vehicle. AutoCore.ai has created a complete and unified in-vehicle data platform for OEMs to achieve system-level functional performance, safety and security with guarantees for real-time, deterministic and secure communication, transmission, scheduling and planning of data across all vehicle domains, supporting different EE architecture. As a global leader in providing advanced automotive infrastructure software products and services, AutoCore.ai has witnessed its significant growth each year in terms of team, product maturity, engineering capabilities, tools, and customer base. AutoCore.ai is the first middleware supplier in the world to have its full-stack software products certified to ISO 26262 ASIL-D, the highest functional safety level, currently adopted by many leading OEMs and Tier1s in their mass production programs around the world. AutoCore.ai is also a chosen strategic partner by several mainstream chip manufacturers.   It is reported that the lead investors of this round, Bosch Ventures and BoYuan Capital, are both investment funds of the Bosch Group,  a global leader of automotive electrical and electronic architecture. Bosch Group is the main initiator and supporter of Autosar standard, the world's largest automotive Tier1 system integrator, and has irreplaceable influence across the automotive industry supply chain. AutoCore.ai will work with Bosch Group to explore new technologies and products, work together to respond to the rapidly changing needs of the global automotive industry on a larger scale and at a faster pace. This strategic investment marks the next step growth of its core alliance AutoCore.ai has been able to build globally. The alliance with Bosch represents the new generation EEA solution moves into a mature and mass production stage, enabling global OEMs. Bosch ETAS group believes that AutoCore.ai will also strategically benefit from Bosch’s strong network and communities for the Software-defined vehicle by leveraging collaboration opportunities with its entities and partners. “We believe that AutoCore.ai will represent China's outstanding innovative enterprises and become a sought-after specialist in the international automotive supply chain”, says Dr. Ingo Ramesohl, Managing Director of Bosch Ventures. GL Ventures partner Qiang Li says, “GL Ventures has been supporting AutoCore.ai since Pre-A, this is our third consecutive investment into AutoCore”. AutoCore.ai team has demonstrated outstanding capabilities in product development, market penetration as well as accumulation of abundant industry know-how in very short period of time. It has already produced many robust products, first of their kinds in the industry. Safe, high performance and high reliable middleware is one of the key areas of volume intelligent mobility. We are delighted to witness the exciting adoption from OEMs, Tier1s and other partners of AutoCore.ai’s product and technology. We trust that under Dr. Yang Zhang’s leadership, AutoCore.ai will continue to deliver critical value to its customer base, playing an important role in this wave of intelligent automotive evolution. Dr. Yang Zhang, Founder and Chairman of AutoCore.ai, says “we are thrilled that our hard work and unwavering dedication being recognised by our wide customer base, glad that Bosch choose to be part of the journey. We expect close collaboration between us in global arena. We would also like to take this opportunity to thank all of AutoCore.ai’s shareholders. We wouldn’t be here without their commitment and support.”

1Q 2023 profit margins up on gross and operating basis First quarter revenue at record high for period; EPS NT$0.93, down on-year Current quarter performance expected to decline on-quarter and on-year Low visibility to keep full year outlook conservative   11 May 2023, Taipei, Taiwan – Hon Hai Technology Group (“Foxconn”) (TWSE:2317) today announced its first quarter 2023 financial results. In the January-March quarter, revenue reached a new record for the period, while profit margins on a gross and operating basis both rose. However, EPS in the first quarter was NT$0.93, down from a year earlier due to asset impairment recorded by an investment company. Looking ahead to the second quarter, with pandemic-driven demand ending to give way to a period of inventory adjustment in the industry, on top of off-peak seasonality, performance in the current quarter will decline on a sequential and annual basis. The outlook for the full year remains flat. In the first quarter of 2023, revenue totaled NT$1.4624 trillion, up 4% on year; gross profit at NT$88.3 billion rose 4% at the same time; and operating net profit was NT$40.5 billion, rising 11%. Gross profit margin, operating profit margin and net profit margin were 6.04%, 2.77%, and 0.88%, respectively, with the first two growing significantly compared with 6.02% and 2.61% in the same period last year, while the latter was down from 2.09% a year ago. EPS was NT$0.93, down by NT$1.19 compared with a year earlier. With inventory adjustments following the growth bump from pandemic-driven demand for ICT goods and amid a traditionally off-peak season, the current quarter is expected to see declines both on an on-quarter and on-year basis, said Hon Hai Chairman and CEO Young Liu. Among the Group’s primary product segments – apart from the sequential quarterly decline expected for smart consumer electronics – cloud and networking products and computing products are likely to be flat quarter-on-quarter, while components and other products are likely to show quarterly growth. Chairman Liu said the outlook for full year 2023 overall remains flattish, with low visibility, particularly as monetary tightening around the world, coupled with geopolitical tensions, inflation and other uncertain factors impact the economic outlook. The outlook remains conservative. In response to hot demand for AI servers in the near term, Chairman Liu was optimistic about the growth of CSP or AI servers, pointing out that Hon Hai’s server revenue reached NT$1.1 trillion last year alone. As a leader in server manufacturing, the Group will benefit from the demand for related infrastructure. Regarding the progress of the Group's new business, in Ohio, production has begun smoothly for the first Monarch tractors, an autonomous agricultural electric tractor. According to current delivery schedules, the capacity utilization rate at Ohio facilities is on the rise, and preparations are underway to ready for production of other models next year. At present, the Ohio facilities continue to promote production of other vehicle models, without impacting current production schedules. In terms of partnering with traditional auto OEMs, Chairman Liu said auto brand manufacturers must face the challenges of time-to-market and time-to-cost. This means a large part of the EV industry will actively move towards professional OEMs in the future, driving opportunities for Hon Hai. The auto manufacturing facilities in Ohio, acquired last year, is not just about production capacity, but more importantly, the human talent that comes with it; the Ohio facilities has hundreds of manufacturing colleagues with an abundance of experience from working at traditional carmakers. This is a very important asset, Chairman Liu said. As for business opportunities brought about by the Inflation Reduction Act, major car manufacturers are also actively looking for production capacity, and Hon Hai's EV production capacity in the United States has become extremely precious, he said. While Hon Hai continues to proactively seek customers, now the interest is two-way – traditional automakers are also actively contacting Hon Hai. Hon Hai is a game changer and, presently, the Group is prudently evaluating how to optimize capacity with the best customers. The goal is to find the next potential leading automaker, use more innovative and efficient processes to build vehicles, and provide customers with the most competitive production model to accelerate the trend toward electromobility. In discussing smart city planning, Chairman Liu pointed out that Kaohsiung is suitable for the development of software, so a comprehensive smart city solution in cooperation with Kaohsiung will focus on platform and software development, and use EVs as vehicles for the mobile Internet of Things. A solid foundation can be set to build urban digital and intelligent services with software and hardware integration. At the same time, Hon Hai will also build an e-bus factory and a battery factory in the Qiaotou Science Park; the Hofa Industrial Park will focus on the development of LFP batteries, and a battery cell factory is also under construction. The EV platform MODEL C will enter into mass production and be gradually delivered to customers in the fourth quarter of this year. In addition, more reference prototypes will be launched this year to meet customer needs. In the area of automotive software and semiconductors, Hon Hai’s proprietary "HHEV.OS" automotive software system will be applied to actual projects this year. Meanwhile, EEA and software platform-related projects have begun to generate revenue since last year. More than a handful of customers have begun test production of silicon carbide (SiC); the self-developed 1200V/750A SiC power module has been developed and negotiations are taking place with auto manufacturers on the design introduction of vehicle electric drive inverters. Hon Hai also recently signed a strategic cooperation MOU with Infineon, a global leader in automotive semiconductors, to jointly establish a system application center to develop the required automotive subsystems for Hon Hai's EV platform and EEA architecture. Initially, it will start with the models that Hon Hai has launched. At the same time, the two parties will also further cooperate in product design/process development/capacity supply of SiC and related automotive semiconductors. In the field of low Earth orbit (LEO) satellites and the metaverse, Hon Hai’s first LEO communication experimental satellite is about to complete final testing and is expected to be launched in the second half of the year. The Group is also gradually completing the layout in the metaverse, and has introduced metaverse and AR technology in its factories. In the follow-up development of smart cities, the Group will continue to explore the application of AR glasses in the tourism industry. In regards to China, Hon Hai established a new business R&D and NPI center in Zhengzhou at the end of April. With its similar counterpart in Shenzhen, the two will form an ICT and 3+3 dual center in the future. The Group will also integrate its existing operational advantages, talent pool, and preferential policies to grasp opportunities for the development of the two major industries, ICT and EV.

Munich, Germany, and Taipei, Taiwan – 9 May 2023 – Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY), the global leader in automotive semiconductors, and Hon Hai Technology Group (“Foxconn”) (TWSE:2317), the world’s largest electronics manufacturing services provider, aim to establish a long-term partnership in the field of electric vehicles (EV) to jointly develop advanced electromobility with efficient and intelligent features. The Memorandum of Understanding (MoU) focuses on silicon carbide (SiC) development, leveraging Infineon’s automotive SiC innovations and Foxconn’s know-how in automotive systems. “The automotive industry is evolving. With the rapid growth of the EV market and the associated need for more range and performance, the development of electromobility must continue to advance and innovate,” said Peter Schiefer, President of the Infineon Automotive Division. “Infineon’s commitment and passion for innovation and zero-defect quality has made us the best partner for our customers. We look forward to writing a new chapter in electromobility together with Foxconn.” “We are pleased to be working with Infineon and are confident that this collaboration will result in optimized architecture, product performance, cost competitiveness and high system integration to provide customers with the most competitive automotive solutions,” said Jun Seki, Foxconn’s Chief Strategy Officer for EVs. According to the MoU, the two companies will collaborate on the implementation of SiC technology in automotive high-power applications like traction inverters, onboard chargers, and DC-DC converters. Both parties intend to jointly develop EV solutions with outstanding performance and efficiency based on Infineon’s automotive system understanding, technical support and SiC product offerings combined with Foxconn’s electronics design and manufacturing expertise and the capability of system-level integration. In addition, the two companies plan to establish a system application center in Taiwan to further expand the scope of their cooperation. This center will focus on optimizing vehicle applications, including smart cabin applications, advanced driver assistance systems and autonomous driving applications. It will also address electromobility applications such as battery management systems and traction inverters. The collaboration covers a wide range of Infineon’s automotive products, including sensors, microcontrollers, power semiconductors, high-performance memories for specific applications, human machine interface and security solutions. The system application center is expected to be established within 2023. About Infineon Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The company has around 56,200 employees worldwide and generated revenue of about €14.2 billion in the 2022 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY). Infineon is at the core of the transformation of the automotive industry towards sustainable mobility. Further information on Infineon’s mobility solutions is available at www.infineon.com/mobility Further information is available at www.infineon.com This press release is available online at www.infineon.com/press Follow us: Twitter - Facebook - LinkedIn   About Hon Hai Established in 1974 in Taiwan, Hon Hai Technology Group (“Foxconn”) (TWSE:2317) is the world’s largest electronics manufacturer and leading technological solutions provider, ranking in the top 20 among the Fortune Global 500. In 2022, revenue totaled TWD6.62 trillion (approx. USD220 billion or EUR200 billion). The Group’s market share in electronics manufacturing services (EMS) exceeds 40% and covers four major product segments: smart consumer electronics; cloud and networking; computing; and components and others. The Group operates 173 campuses across 24 countries and is one of the world’s largest employers with over a million employees during peak manufacturing season. The Group has expanded its capabilities into the development of electric vehicles, digital health, and robotics, and three key technologies – new-generation communications technology, AI, and semiconductors – which are key to driving its long-term growth strategy. It is dedicated to championing environmental sustainability in the manufacturing process and serving as a best-practices model for global enterprises. To learn more, visit www.honhai.com

Optimizing Micro LED Chip Structures, Using New Thin Film Protection Technology, Achieving a Blue Light Brightness of 200,000 nits. 【2023.04.19 Taipei】 Hon Hai Precision Industry Co., Ltd. (TWSE: 2317), in collaboration with ENNOSTAR and Unikorn Semiconductor Corporation, announced at "Touch Taiwan 2023" the development of a new 0.12-inch micro-display with a pixel density exceeding 6,500 PPI and a blue light brightness of 200,000 nits, using Micro LED technology. The purpose of this collaboration is to improve Micro LED efficiency by optimizing the structure of Micro LED chips and adopting a new thin film protection technology, successfully reducing surface defects, improving external quantum efficiency, and increasing product reliability. Considering the high brightness requirements of AR applications, Unikorn Semiconductor Corporation, which has rich experience in III-V semiconductor manufacturing and advanced process technology, was responsible for optimizing the Micro LED chip efficiency in this joint development to ensure a balance between brightness and chip power consumption during subsequent full-color conversion.  Hon Hai, on the other hand, used its own developed color conversion technology to further achieve full-color display effect at 3,600 PPI. For general high-PPI full-color displays, the small pixel pitch cannot provide enough quantum dot optical density, causing leakage of blue light in high-brightness scenes, resulting in blue halo and color shift among pixels. Hon Hai's Micro LED manufacturing technology, built on a semiconductor process, uses high-efficiency quantum dot color conversion and a self-developed reflective inter-pixel light shield technology to provide sufficient optical density of quantum dots and prevent color shift among pixels, producing high-purity red and green light for full-color display effect. Hon Hai collaborated with ENNOSTAR and Unikorn Semiconductor Corporation for blue Micro LED process development and foundry services, and to enhance the development of high-efficiency blue light pixel process with 4um pitch. The long-term goal is to invest resources in applications with growth potential to achieve differentiation and technological innovation. This product can be widely used in smart glasses, AR/VR devices, and Hon Hai will strive for collaboration and technological innovation to expand business opportunities in the fields of virtual reality, augmented reality, and other metaverse applications.   About Hon Hai  Established in 1974 in Taiwan, Hon Hai Technology Group (“Foxconn”) (2317:Taiwan) is the world’s largest electronics manufacturer, having more than 40% market share in EMS. Hon Hai is also the leading technological solution provider and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies. Hon Hai has expanded its capabilities into the development of electric vehicles, digital health and robotics, and three key technologies – new-generation communications technology, AI, and semiconductors – which are key to driving its long-term growth strategy. In addition to maximizing value-creation for customers who include many of the world’s leading technology companies, Hon Hai is also dedicated to championing environmental sustainability in the manufacturing process and serving as a best-practices model for global enterprises. Operating in 24 countries and employees 1 million workers, Hon Hai's revenue in 2022 reached a new record high of NT$6.6 trillion (about US$219.5 billion). Hon Hai ranks Top 20 among Fortune Global 500.

Ambition in line with 1.5°C trajectory, a climate action imperative 11 April 2023, Taipei, Taiwan – Hon Hai Technology Group (“Foxconn”) (TWSE:2317) today announced it received internationally-recognized, science-based validation for its near-term targets to reduce greenhouse gas (GHG) emissions by the end of this decade, affirming the climate mitigation strategy by the world’s largest electronics manufacturer is on the right track. The validation by the Science Based Target initiative (SBTi) means Foxconn’s committed targets are in line with a 1.5°C trajectory, a crucial threshold from pre-industrial levels on global warming for ensuring a safer, sustainable world. As part of the journey stages under SBTi, Foxconn first committed to ambitious carbon reductions in 2021, and followed up with a detailed submission under Foxconn’s formal name. The SBTi approved Hon Hai Precision Industry Co Ltd.’s near-term science-based emissions reduction target. Detailed in April 2022, the company commits to reduce absolute GHG emissions 42% by 2030, from a 2020 base year.  "After Foxconn issued our eight, long-term environmental goals last year, we worked to ensure each goal could meet international standards and stand up to science-based review. Going forward, we will continue to collaborate with third-party organizations to conduct systematic data analysis and regularly review the Group’s green performance,” says Foxconn Chief Environment Officer Ron Horng. The SBTi validation is part of the global initiative by CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.     More background In recent months, Foxconn participated in relevant studies to support thinking on climate-oriented solutions, including “Down To Earth”, corporate case studies published by the Asian Corporate Governance Association on climate governance efforts; and “Women in Business, Climate Action Taiwan”, a survey by the British Chamber of Commerce in Taipei on the role of women and Taiwan’s progress on tackling the climate emergency. Foxconn operates 173 campuses in 24 countries, and adheres to the concept of "sustainable operation = EPS+ESG". Foxconn formulates annual energy conservation targets at the beginning of each year and adopts incentive policies to promote energy-saving technology upgrades among various sub-groups and business groups. The Group also actively explores energy-saving technologies and facilitates energy-saving projects. To promote the transformation of Foxconn’s energy structure, the Group continuously increases the installed capacity of rooftop and ground photovoltaic power stations through self-construction and acquisition, while also directly purchasing clean energy and storing electricity during off-peak periods. In carbon inventory work, Foxconn synchronously plans carbon verification at the overall organizational level, adopting the Greenhouse Gas Protocol, an internationally-recognized carbon verification standard, to carry out comprehensive carbon inventory work in scopes 1, 2 and 3. In terms of scope 1 and scope 2 within the Group's operating boundaries, Foxconn employs four major measures to cut GHG emissions: operational energy conservation, direct purchase of green energy, construction of green energy facilities, and investment in purchasing green energy certificates. Foxconn actively works with its supply chain partners to diversify carbon reduction guidance demonstration projects. In initial stages, active communication on carbon reduction planning is conducted with suppliers, with on-site visits and production process investigations done to assess carbon emissions and reduction means. During later stages, a guidance SOP is established with regular verification and exchanges to promote the sharing of carbon reduction achievements.

Trumbull County, OH (April 4, 2023) – Hon Hai Technology Group (“Foxconn”) (TWSE:2317) today announced the start of production in Ohio of the Monarch MK-V, the first fully electric, driver-optional, smart tractors, in Ohio with the initial five tractors rolling off the production line for delivery to customers. In August 2022, Foxconn signed a contract manufacturing agreement (CMA) with Zimeno Inc. D/B/A Monarch Tractor (“Monarch Tractor”) to build Monarch Tractor’s next-generation agricultural equipment and battery packs at the Foxconn Ohio facility.  “We’re very pleased with the product quality ahead of full-rate production,” said Jerry Hsiao Chief Product Officer of Foxconn Technology Group. “This milestone is achieved thanks to our employees and the strength of our ongoing partnership with Monarch Tractor. Foxconn prides itself on our partnerships, and we believe the shared goal of promoting sustainability and safety in agriculture is one of the many reasons we have found the right partner in Monarch Tractor.” Launched to the public in 2020, Monarch Tractor has transformed the agriculture industry with next generation EV technology and unparalleled automation capabilities to meet farmers’ most pressing needs. The MK-V brings to life Monarch Tractor’s mission to elevate farming practices to enable clean, efficient, and economically viable solutions for today's farmers and the generations of farmers to come. The MK-V, a fully electric, driver-optional, smart tractor combines electrification, automation, and data analysis to help farmers reduce their carbon footprint, improve field safety, streamline farming operations, and increase their bottom lines. “As a leader in manufacturing some of the world’s most influential electric and autonomous technologies, Foxconn is the ideal partner for us as we look to rapidly expand production of the MK-V,” said Praveen Penmetsa, Co-Founder & CEO, Monarch Tractor. “Today’s farmers need solutions like the MK-V now that will increase farm profitability and sustainability and we’re the first company that is able to fulfill the global demand for these solutions. This is also a massive opportunity to produce large volumes of smart tractors in this class. We are excited to partner with Foxconn as we forever change the future of electrified farming.” Setting a new standard for farm safety – a top priority for Foxconn and Monarch Tractor – the MK-V also includes technology that will help prevent farm-related injuries whether the tractor is being driven or performing driverless tasks. Each MK-V is produced with collision prevention, human detection, and power take-off (PTO) protection. The tractor will stop moving if it detects a human within six feet of the tractor, and the PTO will automatically shut off if the system detects a person within one foot of the PTO. Foxconn start the commercial production of Monarch Tractor’s MK-V Series in the first quarter of this year as scheduled. After the official delivery, the next steps of the partnership include continued tuning of production line(s) and material sourcing in preparation for full-rate production.