U.S. electric commercial vehicle maker Workhorse Group Inc. said it has completed its merger with Motiv Electric Trucks, forming a unified original equipment manufacturer aimed at the North American medium-duty electric vehicle market and backed by up to $50 million in new financing.
The combined company will continue to operate under the Workhorse name and trade on the Nasdaq under the ticker WKHS, the company said. Management estimates the addressable medium-duty commercial vehicle market in North America at around $23 billion.
As part of the transaction, the company secured new debt financing capacity from Motiv’s legacy controlling investor, providing up to $50 million in liquidity. This includes about $10 million available through a revolving credit facility, with a further $40 million earmarked to fund supply-chain costs linked to new vehicle orders. Workhorse said the financing is expected to shorten order-to-delivery timelines and support near-term growth.
Manufacturing operations will be consolidated at Workhorse’s main facility in Union City, Indiana, known as the “Workhorse Ranch.” The 436,000-square-foot site has a nameplate annual capacity of about 5,200 vehicles and includes integrated production and logistics functions, a customer training centre and vehicle testing infrastructure. The company said the existing footprint allows it to scale output without significant additional capital expenditure.
Leadership of the combined group will be led by Scott Griffith, who has been appointed chief executive officer. Other senior appointments include 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 will have seven members, five designated by Motiv, with Matthew O’Leary serving as chairman.
Workhorse said it has established commercial relationships with 10 of North America’s largest fleet operators, supported by operational data from its “Stables” project, which runs a mixed fleet of electric and internal combustion step vans in Ohio. The company said the data is used to inform vehicle durability, range planning and route optimisation.
The company will maintain its headquarters in Wixom, Michigan, with additional operations in Union City, Indiana, Cincinnati, Ohio, and California’s Bay Area. Workhorse said it plans to expand its presence in the Detroit metropolitan area over time.