Battery-electric medium-duty truck manufacturers Workhorse Group and Motiv Electric Trucks 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, road-tested products, and a robust go-to-market approach, including the successful development of commercial relationships with 10 of the largest commercial truck fleets in North America.

$50 Million in New Financing

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 customer base. In doing so, we believe we are positioned to drive profitable growth, create value for our shareholders and customers, and deliver on our Better Trucks, Better World ambition.”

Creating Value for Workhorse Customers

Workhorse said it is poised to create value for shareholders and customers by:

• Producing the best truck, period. Advanced safety, telematics, and ergonomics combined with superior cost and maintenance advantages position Workhorse to capture market share in the medium-duty truck and bus space.

• Building on significant commercial fleet traction. Workhorse has served 10 of the largest medium-duty fleets owned by some of the biggest and most respected brands in North America and enters 2026 with a strong sales pipeline and backlog of orders for trucks, step vans, school buses, and shuttles.

• Leveraging existing world-class in-house manufacturing. With a nameplate capacity of 5,000+ vehicles per year in place, Workhorse has the ability to produce the annual number of vehicles it believes is required to reach profitability without the need for significant new capital expenditures at its manufacturing plant in Indiana.

• Applying learnings from the Stables project. Workhorse also owns and operates a mix of gas and electric step vans in a FedEx Ground Independent Service Provider (ISP) fleet through its Stables project. This real-world test bed, operating in Ohio, brings real-time data on trucks in service and an operator mindset to the Workhorse design process, resulting in purpose-built features, direct feedback from depot managers and drivers, deeper insights into range and route planning, and extended durability testing.

• Benefiting from an experienced management team. The combined management team has a proven track record of designing great products, selling to commercial fleets, and scaling manufacturing in the automotive space.

• Putting growth capital to work. With a clean balance sheet, up to $50 million of added debt capacity, and access to the public capital markets, Workhorse has immediate capability to both drive new and fulfil existing orders for trucks and buses.

Experienced & Proven Executive Leadership

As of the close of the merger, Workhorse will have a refreshed, highly qualified board and management team comprising: 

• Scott Griffith, chief executive officer

• Bob Ginnan, chief financial officer

• James Griffin, chief revenue officer

• Scott Zion, chief product officer

• Josh Anderson, executive vice president of operations 

The combined company’s board is comprised of seven directors, five designated by Motiv, including Griffith and Matthew O’Leary, who will be chairman. 

Workhorse Headquarters & Production Locations

Going forward, Workhorse will initially be headquartered in the Wixom, Michigan area, with plans to expand to a larger presence in the Detroit metro area. The company will also retain a presence in Cincinnati, Ohio, and the Bay Area of California. 

It will continue to produce vehicles out of the Workhorse Ranch, its commercial-scale manufacturing facility, in Union City, Indiana. The 436,000-sq.-ft., 92.6-acre facility has an annual capacity of 5,200 vehicles and includes production, logistics, and a customer training center. 

The site also includes another 200,000 square feet of vehicle storage space and a Noise, Vibration, Handling test track (NVH).