Workhorse Group Inc. has now finalised its merger with Motiv Electric Trucks, with the two companies being brought together as one with the Workhorse brand. This is a major North American medium-duty electric truck and bus maker. Workhorse Group combines scalable manufacturing, electric vehicle solutions with durability testing on the road, and a developed go-to-market strategy with commercial ties with 10 of the top truck fleets in North America. Additionally, the merger has resulted in Workhorse Group’s enhanced finances with its acquiring company, Motiv’s former control investor, providing up to $50 million new debt financing facilities, including the company’s revolving banking loan and more funding from supply-chain requirements based on new orders in order to reduce order-delivery times.
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“At Workhorse, we’re not just building electric trucks, we’re building better trucks. Our software-first electric trucks are powerful, cost-efficient, reliable, safe, and comfortable-all with zero tailpipe emissions and pollution,” said Scott Griffith, who became CEO of Workhorse upon the close of the transaction. “Workhorse trucks perform the same or better as their internal combustion engine (ICE) counterparts, while costing far less over the lifetime of the vehicle. We are going to build on our 20-plus year combined legacy in electrification and the thousand-plus electric trucks and buses we have delivered to meet the needs of our growing customer base.”