This agreement centers on tractor
electrification. It is the latest development between the two
parties, building upon the minority investment stake made by CNH
Industrial in March 2021.
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 US-based 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.
CNH Industrial
N.V. (NYSE: CNHI / MI: CNHI) is a global leader in
the capital goods sector with established industrial experience, a
wide range of products and a worldwide presence. Each of the
individual brands belonging to the Company is a major international
force in its specific industrial sector: Case IH, New Holland
Agriculture and Steyr for tractors and agricultural machinery; Case
and New Holland Construction for earth moving equipment; Iveco for
commercial vehicles; Iveco Bus and Heuliez Bus for buses and
coaches; Iveco Astra for quarry and construction vehicles; Magirus
for firefighting vehicles; Iveco Defence Vehicles for defence and
civil protection; and FPT Industrial for engines and transmissions.
More information can be found on the corporate website:
www.cnhindustrial.com
Forward-looking statementsAll
statements other than statements of historical fact contained in
this press release including statements regarding our future
responses to and effects of the COVID-19 pandemic; competitive
strengths; business strategy; future financial position or
operating results; budgets; projections with respect to revenue,
income, earnings (or loss) per share, capital expenditures,
dividends, liquidity, capital structure or other financial items;
costs; and plans and objectives of management regarding operations
and products, are forward-looking statements. These statements may
include terminology such as “may”, “will”, “expect”, “could”,
“should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”,
“continue”, “remain”, “on track”, “design”, “target”, “objective”,
“goal”, “forecast”, “projection”, “prospects”, “plan”, or similar
terminology. Forward-looking statements, including those related to
the COVID- 19 pandemic, are not guarantees of future performance.
Rather, they are based on current views and assumptions and involve
known and unknown risks, uncertainties and other factors, many of
which are outside our control and are difficult to predict. If any
of these risks and uncertainties materialize (or they occur with a
degree of severity that the Company is unable to predict) or other
assumptions underlying any of the forward-looking statements prove
to be incorrect, including any assumptions regarding strategic
plans, the actual results or developments may differ materially
from any future results or developments expressed or implied by the
forward-looking statements. Factors, risks and uncertainties that
could cause actual results to differ materially from those
contemplated by the forward-looking statements include, among
others: the unknown duration and economic, operational and
financial impacts of the global COVID-19 pandemic and the actions
taken or contemplated by governmental authorities or others in
connection with the pandemic on our business, our employees,
customers and suppliers, including supply chain disruptions caused
by mandated shutdowns and the adverse impact on customers,
borrowers and other third parties to fulfill their obligations to
us; disruption caused by business responses to COVID-19, including
remote working arrangements, which may create increased
vulnerability to cybersecurity or data privacy incidents; our
ability to execute business continuity plans as a result of
COVID-19; the many interrelated factors that affect consumer
confidence and worldwide demand for capital goods and capital
goods-related products, including demand uncertainty caused by
COVID-19; general economic conditions in each of our markets,
including the significant economic uncertainty and volatility
caused by COVID-19; travel bans, border closures, other free
movement restrictions, and the introduction of social distancing
measures in our facilities may affect in the future our ability to
operate as well as the ability of our suppliers and distributors to
operate; changes in government policies regarding banking, monetary
and fiscal policy; legislation, particularly pertaining to capital
goods-related issues such as agriculture, the environment, debt
relief and subsidy program policies, trade and commerce and
infrastructure development; government policies on international
trade and investment, including sanctions, import quotas, capital
controls and tariffs; volatility in international trade caused by
the imposition of tariffs, sanctions, embargoes, and trade wars;
actions of competitors in the various industries in which we
compete; development and use of new technologies and technological
difficulties; the interpretation of, or adoption of new, compliance
requirements with respect to engine emissions, safety or other
aspects of our products; production difficulties, including
capacity and supply constraints and excess inventory levels; labor
relations; interest rates and currency exchange rates; inflation
and deflation; energy prices; prices for agricultural commodities;
housing starts and other construction activity; our ability to
obtain financing or to refinance existing debt; price pressure on
new and used vehicles; the resolution of pending litigation and
investigations on a wide range of topics, including dealer and
supplier litigation, follow-on private litigation in various
jurisdictions after the settlement of the EU antitrust
investigation announced on July 19, 2016, intellectual property
rights disputes, product warranty and defective product claims, and
emissions and/or fuel economy regulatory and contractual issues;
our pension plans and other post-employment obligations; further
developments of the COVID-19 pandemic on our operations, supply
chains, distribution network, and level of demand for our products,
as well as negative evolutions of the economic and financial
conditions at global and regional levels; political and civil
unrest; volatility and deterioration of capital and financial
markets, including possible effects of “Brexit”, other pandemics,
terrorist attacks in Europe and elsewhere; our ability to realize
the anticipated benefits from our business initiatives as part of
our strategic plan; the impact of significant or unanticipated
material extraordinary transactions or any business combinations
and other similar transaction on our businesses; our failure to
realize, or a delay in realizing, all of the anticipated benefits
of our acquisitions, joint ventures, strategic alliances or
divestitures; expected benefits and costs of the proposed spin-off
of the Company’s On-Highway business; the expected timing of
completion of the spin-off transaction; the ability of the Company
to complete the spin-off transaction considering the various
conditions to the completion of the spin-off transaction (some of
which are outside the Company’s control); business disruption
during the pendency of or following the spin-off transaction,
diversion of management time on the spin-off transaction-related
issues, and other similar risks and uncertainties, and our success
in managing the risks involved in the foregoing. Further
information concerning factors, risks, and uncertainties that could
materially affect the Company’s financial results is included in
our annual report on Form 20-F for the year ended December 31,
2020, prepared in accordance with U.S. GAAP and in the Company’s EU
Annual Report at December 31, 2020, prepared in accordance with
EU-IFRS. Investors are expressly invited to refer to and consider
the information on risks, factors, and uncertainties incorporated
in the above-mentioned documents, in addition to the information
presented here. Forward-looking statements speak only
as of the date on which such statements are made, and we undertake
no obligation to update or revise publicly our forward-looking
statements, whether as a result of new developments or
otherwise.
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Corporate Communications
Email: mediarelations@cnhind.com
Investor Relations
Email: investor.relations@cnhind.com
- 20211103_PR_CNH_Industrial_Monarch_Tractor_Licensing
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