Workhorse Completes Merger With Motiv Electric Trucks, Expands Medium-Duty EV Portfolio, Secures Up To $50M In New Financing

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.