Workhorse Group Inc. and Motiv Electric Trucks have finalized their strategic merger to form a unified North American original equipment manufacturer (OEM). The combined entity retains the Workhorse brand identity and will continue trading on the Nasdaq exchange under the ticker symbol “WKHS.” This consolidation positions the company to address the estimated $23 billion medium-duty commercial vehicle market.
Highlights
- Secured up to $50 million in new debt financing to support growth and supply chain operations.
- Combined manufacturing capacity targets over 5,000 vehicles annually.
- Scott Griffith appointed as Chief Executive Officer of the combined entity.
- Established commercial relationships with 10 of North America’s largest fleet operators.
Financial Structure and Capitalization
Concurrent with the merger’s closing, the company has strengthened its financial position through new debt financing capacity provided by Motiv’s legacy controlling investor. The agreement unlocks up to $50 million in total capital availability. This includes approximately $10 million accessible via a revolving credit facility.
An additional $40 million is allocated specifically to fund supply-chain costs associated with new purchase orders. Management anticipates this liquidity will materially reduce order-to-delivery timelines and support immediate growth initiatives. The company enters 2026 with a clean balance sheet and access to public capital markets.
Manufacturing and Operational Capabilities
The combined company leverages significant existing infrastructure to scale production without requiring immediate major capital expenditures. Manufacturing operations will continue at the “Workhorse Ranch” in Union City, Indiana. This 436,000-square-foot facility sits on 92.6 acres and features:
- A nameplate annual production capacity of 5,200 vehicles.
- Integrated production and logistics centers.
- A dedicated customer training center.
- A Noise, Vibration, and Handling (NVH) test track.
- 200,000 square feet of additional vehicle storage space.
Workhorse also benefits from data gathered through the “Stables project,” a FedEx Ground Independent Service Provider (ISP) fleet operating in Ohio. This initiative utilizes a mix of internal combustion and electric step vans to generate real-time performance data. These insights directly inform range planning, durability testing, and route optimization.
Leadership and Corporate Governance
The merger introduces a refreshed executive team with experience in automotive scaling and commercial fleet sales. Scott Griffith assumes the role of Chief Executive Officer. Joining him in the C-suite are Bob Ginnan as Chief Financial Officer, James Griffin as Chief Revenue Officer, Scott Zion as Chief Product Officer, and Josh Anderson as Executive Vice President of Operations.
The new Board of Directors consists of seven members, five of whom were designated by Motiv. Matthew O’Leary will serve as Chairman. The company will initially maintain its headquarters in Wixom, Michigan, with future plans to expand its presence within the Detroit metropolitan area. It also retains operational footprints in Cincinnati, Ohio, and the Bay Area of California.
Shareholder Communication
CEO Scott Griffith has released a letter to shareholders detailing the strategic vision and immediate priorities for the post-merger organization. The full text of the letter is available at ir.workhorse.com.
Advisors
Legal counsel for Workhorse was provided by Taft Stettinius & Hollister LLP, with Joele Frank, Wilkinson Brimmer Katcher serving as the strategic communications advisor. For Motiv, TD Cowen acted as financial advisor, DLA Piper LLP (US) served as legal counsel, and Scoville Public Relations provided strategic communications support.
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