Caterpillar Acquires Self-Driving Electric Tractor Startup

Caterpillar Inc. has acquired self-driving electric tractor startup Monarch Tractor, according to people familiar with the matter.

Monarch, which at its peak drew comparisons to Tesla within the agriculture industry, ran into problems while growing the business and laid off staff in recent months. The startup said in a LinkedIn post late last week that its technology had been bought by “a large global equipment manufacturer” but did not disclose the manufacturer’s name. The two people asked not to be identified because they weren’t authorized to speak publicly.