Workhorse Group and Motiv Electric Trucks announce merger agreement

“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 Scott Griffith, CEO of Motiv, who will lead the combined company. “We believe this is a coming-of-age moment—not just for Motiv and Workhorse, but for the industry as a whole.”

Under the terms of the agreement, Motiv’s controlling investor will become the majority owner with approximately 62.5% of the combined company, while Workhorse shareholders will maintain a significant equity stake of approximately 26.5%.

The companies anticipate achieving at least $20 million in cost synergies by the end of 2026 through R&D, G&A, and facility cost reductions. Workhorse’s Union City facility has the capacity to eventually produce up to 5,000 trucks per year, a significant manufacturing scale for the merged operation.

“This transaction represents a significant milestone for Workhorse, our customers, our stakeholders and our shareholders,” said Rick Dauch, CEO of Workhorse, who will serve as an advisor to the combined company. “We believe Motiv is the right partner to support the advancement of our combined product roadmap and capture new growth opportunities.”

The transaction includes a $20 million sale-leaseback of Workhorse’s Union City manufacturing facility and a $5 million convertible note financing, both completed with entities affiliated with Motiv’s controlling investor to provide near-term liquidity through closing.

Together, the companies have already served 10 of the largest medium-duty fleets in North America, as they seek to expand existing relationships with likely early adopters of commercial EVs.