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Monarch Tractor’s assets have been acquired by construction giant Caterpillar, after struggling to pivot to a software services business, according to filings with the United States Patent and Trademark Office. The acquisition, first reported by Bloomberg, caps a few tough years for Monarch as it went through multiple rounds of layoffs, was sued by three…
Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. To get this in your inbox, sign up here for free — just click TechCrunch Mobility! Before we jump in, a quick housekeeping item. The transportation newsletter won’t run next Friday due to the Thanksgiving holiday. For…
Autonomous electric tractor startup Monarch Tractor warned staff Thursday it may need to lay off more than 100 employees, or possibly even ‘shut down,’ according to a company-wide memo obtained by TechCrunch. The memo comes after Monarch Tractor was already cutting some positions over the last few weeks at its California corporate facilities and remote…
Foxconn will no longer build electric tractors for California startup Monarch Tractor after the Taiwanese tech giant recently sold its Ohio factory to SoftBank. Monarch CEO Praveen Penmetsa confirmed the news in a LinkedIn comment Tuesday. He also said his company worked with Foxconn to “build up inventory” before the sale of the factory, noting…