Motiv Electric Trucks and Workhorse Group have agreed to combine operations, creating a single, larger electric medium-duty truck manufacturer.
Motiv will tap into Workhorse’s U.S. dealer network while the two companies provide a broader portfolio of Classes 4-6 commercial vehicles. They anticipate being able to reduce vehicle costs through the merger.
Scott Griffith, Motiv CEO, will lead the combined company while Workhorse CEO Rick Dauch will serve as advisor.
“Bringing together two leading OEMs in the medium-duty space strengthens our ability to reduce the cost of electric trucks and make the total cost of ownership even more compelling,” said Griffith.
“We believe this is a coming-of-age moment—not just for Motiv and Workhorse, but for the industry as a whole, and that widespread adoption of medium-duty electric trucks will come from achieving cost parity vs. ICE and diesel trucks and offering compelling long-term value. That’s exactly what we’re focused on delivering with this merger, and with a combined more than 17 million miles under our belt, we believe the transaction will put us in a strong starting position to deliver on this vision.”
“This transaction represents a significant milestone for Workhorse, our customers, our stakeholders and our shareholders,” added Dauch. “By combining with Motiv and completing the related transactions, we are creating a broader product offering, strengthening our near- and long-term financial position and providing Workhorse shareholders with the opportunity to participate in the upside of a leader in the medium-duty EV commercial vehicle market. We believe Motiv is the right partner to support the advancement of our combined product roadmap and capture new growth opportunities. Together, we are confident we will be even better positioned to win the commercial EV transition and create value for shareholders.”
