Workhorse Group Inc. (NASDAQ: WKHS) completed its merger with Motiv Electric Trucks on December 15, 2025, creating a combined company that will trade under the WKHS ticker. The transaction closed after regulatory and shareholder approvals, and the new entity will combine Workhorse’s proprietary W56 step‑van platform with Motiv’s broader product line, including school buses and shuttles, to offer a full range of Class 4‑to‑6 medium‑duty electric trucks and buses.
The merger delivers a strategic fit that positions the combined company to capture a larger share of the $23 billion medium‑duty EV market. Workhorse’s manufacturing footprint at the Union City, Indiana “Workhorse Ranch” will remain in place, while Motiv’s dealer network and fleet relationships will expand the customer base. The deal also provides access to up to $50 million in new debt financing from Motiv’s controlling investor, comprising a $10 million revolving credit facility and $40 million earmarked for supply‑chain costs. This financing is critical given Workhorse’s prior cash burn and debt burden, which stood at $54 million with a debt‑to‑equity ratio of 1.69 before the merger.
Workhorse’s Q3 2025 results showed a net loss of $7.8 million on revenue of $2.4 million, an improvement from a $25.1 million loss in Q3 2024. The loss reduction was largely driven by gains from a $20 million sale‑leaseback of the Union City facility and the termination of a prior agreement. However, cost of sales rose to $10.1 million from $6.6 million, reflecting higher inventory excess and obsolescence reserves. The company’s operating margin contracted, underscoring the need for the merger to achieve scale and cost efficiencies.
Management highlighted the merger’s synergies, projecting at least $20 million in cost savings by the end of 2026 through reductions in R&D, G&A, and facility costs. CEO Scott Griffith, formerly of Motiv, emphasized that the combined company will leverage its software‑first approach to deliver reliable, cost‑efficient electric trucks that match or exceed internal‑combustion counterparts. Former Workhorse CEO Rick Dauch praised shareholder support and noted that the merger will better serve the company’s blue‑chip customer base.
The transaction also included a 1‑for‑12 reverse stock split effective December 8, 2025, to meet Nasdaq’s minimum share price requirements. The combined company will be headquartered in the Wixom, Michigan area, while maintaining production capacity of approximately 5,200 vehicles per year at the Union City plant.
Overall, the merger is a material event that consolidates two complementary EV manufacturers, strengthens the combined company’s product portfolio, and provides the financial resources needed to scale production and capture a larger share of the growing medium‑duty EV market.
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