Workhorse Group Inc. and Motiv Electric Trucks have entered into a definitive merger agreement to combine, creating a leading North American medium-duty electric truck OEM.
The merger will result in Motiv's controlling investor becoming the majority owner of the combined company, with Workhorse shareholders holding a significant equity stake.
The transaction includes a sale leaseback and convertible note financing, valuing the combined company at approximately $105 million.
Strategic Merger Agreement
Joining forces to serve the medium-duty electric vehicle market more effectively.
Financial Impact
Strengthening the financial profile and operational scale of the combined entity.
Market Positioning
Becoming a leader in the $23 billion medium-duty truck segment with a full range of Class 4-6 trucks.
- The merger combines the strengths of two innovators in the medium-duty electric vehicle sector.
- The combined company is poised to benefit from increased scale, an expanded product portfolio, and operational efficiencies to reduce costs for customers.
The merger between Workhorse Group and Motiv Electric Trucks marks a significant step towards creating a powerhouse in the medium-duty electric truck market. The combined entity is well-positioned to capitalize on the growing demand for clean energy vehicles and offer innovative solutions to customers.