Workhorse Group Inc. and Motiv Electric Trucks have signed a definitive merger agreement to combine their strengths in the medium-duty electric truck market.
The merger aims to create a leading North American medium-duty electric truck OEM by leveraging Workhorse's manufacturing capabilities with Motiv's diverse product portfolio.
The combined company is set to offer a broader range of high-performing commercial EVs at lower costs, enhancing its position in the medium-duty truck segment.
Merger Agreement
Workhorse and Motiv to merge, creating a major player in the medium-duty electric truck market.
Financial Impact
The transactions value the combined company at approximately $105 million, aiming for a strengthened financial profile.
Leadership Transition
Scott Griffith expected to become CEO of the combined entity, with Rick Dauch serving as advisor post-merger.
- The merger is poised to enhance value for shareholders and optimize total cost of ownership by leveraging operational synergies.
- The combined business aims to capitalize on the clean energy transition, offering compelling long-term value to customers.
The merger between Workhorse and Motiv Electric Trucks is set to reshape the medium-duty electric truck market in North America, creating a stronger player with a focus on cost efficiency and clean energy solutions.