Workhorse and Motiv complete merger

U.S.-based companies Workhorse Group and Motiv Electric Trucks, both specialising in electric commercial vehicles, have completed their merger. The merged company operates under the name Workhorse and is listed on the Nasdaq under the ticker symbol WKHS.

Workhorse w electric step van transporters usa — Image: Workhorse

In its announcement, Workhorse describes itself as a ‘leading North American manufacturer of medium-duty battery-electric trucks and buses’. Until now, Motiv Electric Trucks had specialised in such vehicles, while the ‘old’ Workhorse focused on electric commercial vehicles across various weight classes, including light-duty models. However, the newly merged company will concentrate solely on ‘medium-duty’ vehicles.

When the merger was announced in August, the primary advantages highlighted for the combined entity were cost reductions and an expanded product portfolio. The latest statement reads: “With the completion of the transaction, Workhorse now has scalable manufacturing capacities, advanced and field-tested products, and a robust market entry strategy that includes successfully establishing business relationships with ten of North America’s largest commercial vehicle fleets.”

The merger has also injected fresh capital into the company: Motiv’s former majority investor has provided Workhorse with up to $50 million in new debt financing. Of this, approximately $10 million is available as a revolving credit facility, with up to an additional $40 million earmarked for financing supply chain costs related to new orders.

“At Workhorse, we don’t just build electric trucks—we build better trucks. Our software-driven battery-electric vehicles are powerful, cost-efficient, reliable, safe, and comfortable—all while being zero-emission,” says Scott Griffith, who has been appointed CEO of Workhorse following the completion of the transaction. “Workhorse trucks offer the same or even better performance than comparable internal combustion engine vehicles, and they are significantly more cost-effective over the vehicle’s entire lifecycle.”

In addition to former Motiv manager Griffith, the merged company’s senior leadership includes Bob Ginnan (Chief Financial Officer), James Griffin (Chief Revenue Officer), Scott Zion (Chief Product Officer), and Josh Anderson (Executive Vice President of Operations). Griffith also sits on the Board of Directors, which is chaired by Matthew O’Leary, CEO of Motiv Power Systems. This means Motiv’s managers now hold significant influence in both leadership bodies. Rick Dauch, the former CEO of Workhorse, is not mentioned in the announcement.

globenewswire.com