Business
Workhorse Group and Motiv Electric Trucks Complete Merger, Creating a Leading North American Medium-Duty Electric Truck OEM
Positioned to create value by offering broader portfolio of high performing commercial EVs at lower unit costs, targeting ~$23B medium-duty market1
About this update from Workhorse Group, Inc.
[{"type":"text","content":"Positioned to create value by offering broader portfolio of high performing commercial EVs at lower unit costs, targeting ~$23B medium-duty market1 Strengthened financial profile with access up to $50 million in new debt financing Combined company to be called Workhorse and trade on Nasdaq under “WKHS” Scott Griffith, Workhorse CEO, issues letter to shareholders highlighting strategic vision and go-forward priorities WIXOM, Mich., Dec. 15, 2025 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or the “Company”), an American manufacturer of zero-emission commercial vehicles, and Motiv Electric Trucks (“Motiv”), a leading manufacturer of medium-duty electric trucks and buses, today announced that they have completed their merger and are moving forward as Workhorse, a leading North American manufacturer of medium-duty electric trucks and buses. With the completion of the transaction, Workhorse has scalable manufacturing capabilities, advanced and road-tested products, and a robust go-to-market approach which includes successfully developing commercial relationships with 10 of the largest commercial truck fleets in North America. In connection with the completion of the transaction, Motiv’s legacy controlling investor has provided Workhorse with up to $50 million in new debt financing capacity, of which approximately $10 million is available in a revolving credit facility and up to an additional $40 million is available to fund supply-chain related costs associated with new purchase orders. In addition to materially reducing time from order-to-delivery, these financings are expected to provide significant liquidity to fund growth. “At Workhorse, we’re not just building electric trucks, we’re building better trucks. Our software-first electric trucks are powerful, cost-efficient, reliable, safe, and comfortable—all with zero tailpipe emissions and pollution,” said Scott Griffith, who became CEO of Workhorse upon the close of the transaction. “Workhorse trucks perform the same or better as their internal combustion engine (ICE) counterparts, while costing far less over the lifetime of the vehicle.” “Looking ahead,” Griffith continued, “we are going to build on our 20-plus year combined legacy in electrification and the thousand-plus electric trucks and buses we have delivered to meet the needs of our growing custome...