Workhorse Group Inc.—a technology company focused on pioneering the transition to zero-emission commercial vehicles—and Motiv Electric Trucks—a leading manufacturer of medium-duty electric trucks and buses—have announced a merger to create a leading North American medium-duty electric truck OEM (original equipment manufacturer).
The combination brings together two innovators in the medium-duty electric vehicle space to better serve a blue-chip customer base and enhance value for shareholders.
Building on the companies’ complementary platforms, the combined business will be a leader in the $23 billion medium-duty truck segment with a full range of Class 4-6 trucks.
The companies believe that together, they will benefit from increased scale, an expanded product portfolio, and enhanced operational efficiencies to support lower unit costs while optimizing total cost of ownership (TCO) for customers.
The combined company is expected to have a strengthened financial profile with a simplified capital structure and the financial resources to capture anticipated demand from the ongoing transition to clean energy and better help customers decarbonize their fleets.
Following the closing of the transaction, Scott Griffith, the Chief Executive Officer of Motiv, is expected to serve as CEO of the combined company, and Rick Dauch, the Chief Executive Officer for Workhorse, is expected to serve as an advisor to the combined company.
“Bringing together two leading OEMs in the medium-duty space strengthens our ability to reduce the cost of electric trucks and make the total cost of ownership even more compelling,” said Griffith. “We believe this is a coming-of-age moment—not just for Motiv and Workhorse, but for the industry as a whole, and that widespread adoption of medium-duty electric trucks will come from achieving cost parity vs. ICE and diesel trucks and offering compelling long-term value.
“That’s exactly what we’re focused on delivering with this merger, and with a combined more than 17 million miles under our belt, we believe the transaction will put us in a strong starting position to deliver on this vision,” continued Griffith. “I’m excited by the opportunity to lead the combined company, work closely with the Motiv and Workhorse teams to capture the opportunities ahead, and deliver for our customers, our shareholders, and the communities in which our trucks operate.”
Added Dauch: “This transaction represents a significant milestone for Workhorse, our customers, our stakeholders, and our shareholders.
“By combining with Motiv and completing the related transactions, we are creating a broader product offering, strengthening our near- and long-term financial position, and providing Workhorse shareholders with the opportunity to participate in the upside of a leader in the medium-duty EV commercial vehicle market. We believe Motiv is the right partner to support the advancement of our combined product roadmap and capture new growth opportunities. Together, we are confident we will be even better positioned to win the commercial EV transition and create value for shareholders,” Dauch noted.
Workhorse and Motiv believe that the investments made into their respective businesses position the combined company to have the sector’s most scalable manufacturing, most advanced and road-tested products, and most wide-reaching go-to-market networks. As a result, the companies believe the transaction will provide significant benefits to customers and shareholders by:
- Joining Motiv’s diverse product portfolio and top fleet relationships with Workhorse’s proven vehicles, manufacturing capabilities, and national dealer network is expected to create a platform for long-term growth. Workhorse’s Union City, Indiana, facility can eventually produce up to 5,000 trucks per year.
- Workhorse and Motiv believe that the combined company will compete more effectively with the industry’s pure-play electric and legacy OEMs. Workhorse and Motiv believe the combined company will capitalize on new opportunities to serve more customers with a more competitively advantaged electric offering than gas/diesel trucks and buses on a TCO basis.
- The companies believe the next phase of large-scale adoption of medium-duty electric trucks in North America will be driven by national-scale commercial fleets with tested and piloted multi-depot EV truck operations. Together, Motiv and Workhorse have served 10 of the largest medium-duty fleets in North America, positioning the combined company to expand adoption through these existing relationships with likely early scalers.
- As well, Workhorse and Motiv said the transaction strengthens the combined company’s financial position and creates opportunities for margin expansion, enabling greater flexibility to pursue future growth initiatives. With a simplified capital structure, the combined company also expects to be better positioned to raise additional capital post-close.
- The companies believe there is the potential to achieve at least $20 million of cost synergies, including through R&D, G&A, and facility cost-reductions by the end of 2026. The combined companies also intend to utilize a product and engineering approach to maximize the use of common software, hardware, and IP across its Class 4-6 platforms to pursue additional cost savings, an enhanced technology baseline, and a best-in-class customer experience with limited downtime and optimized TCO.
The transaction is expected to close in the fourth quarter of 2025, subject to Workhorse shareholder approval and other customary closing conditions, including the debt financing commitment noted above.
Workhorse Group Inc. designs and builds its vehicles at the Workhorse Ranch in Union City, Indiana. The company’s vehicles are designed for last-mile delivery, medium-duty operations, and a growing range of specialized applications. For more information, visit www.workhorse.com.
Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv is a leading manufacturer of medium-duty, zero-emission electric trucks and buses. Motiv produces a range of vehicles, including step vans, shuttle buses, box trucks, and work trucks, all of which eliminate tailpipe CO2 emissions and particulate matter, while offering drivers and passengers a more comfortable, healthier, and safer ride. Company information is available at www.motivtrucks.com.