Setback
TechCrunch reported, citing US patent office filings, that Caterpillar acquired Monarch's assets after Monarch handed its affairs over for the benefit of its creditors (a way of winding up a company outside bankruptcy court).
A delay, pause or setback
What the source says
“Monarch Tractor’s assets have been acquired by construction giant Caterpillar.”
What it means
Monarch MK-V, from Monarch Tractor (Zimeno Inc.), is at stage 4 of 5 on our ladder: paying customers. A setback stays on the record next to the milestones; the stage moves down only when the rules say so.
Human help: The maker hasn't said whether people help it remotely.
More on Monarch MK-V
- Three federal lawsuits by dealers questioned whether the tractors worked as sold. One dealer complaint said the tractors could not run on their own indoors.
- Monarch auctioned off its equipment in February 2026 and left its research site in Livermore, California, which is now up for lease.
- Monarch said it had shipped about 500 tractors in total.
- Monarch warned staff it might lay off more than 100 employees and could shut down, as it tried to switch to selling software instead of tractors.
- Monarch lost its contract manufacturer, Foxconn, in 2025.
- Monarch raised at least $220 million in total, including $133 million in 2024.