Workhorse Group Inc. and Motiv Electric Trucks have successfully completed their merger, forming Workhorse, a prominent North American manufacturer of medium-duty electric trucks and buses.
The combined company, now known as Workhorse, will trade on Nasdaq under the ticker symbol 'WKHS'.
The merger strengthens Workhorse's financial profile with access to up to $50 million in new debt financing.
Value Creation
Enhanced value proposition with a broader portfolio of cost-efficient commercial EVs targeting the medium-duty market.
Financial Strength
Access to up to $50 million in new debt financing, providing liquidity for growth and supply-chain support.
Strategic Vision
Focus on building advanced, reliable, and sustainable electric trucks to drive profitable growth.
Operational Advantages
Utilizing world-class manufacturing capacity and leveraging commercial fleet relationships for market penetration.
- Workhorse positioned to capture market share in the medium-duty truck and bus segment with advanced safety and cost advantages.
- Strong sales pipeline and backlog of orders indicate significant traction in serving major North American medium-duty fleets.
- Existing manufacturing capacity and operational efficiencies enable Workhorse to reach profitability without major capital expenditures.
The merger between Workhorse Group and Motiv Electric Trucks sets the stage for Workhorse to drive innovation and growth in the electric truck industry. With a focus on sustainability, operational excellence, and customer value, Workhorse is well-positioned for success in the evolving commercial vehicle market.