Workhorse, Motiv to merge into larger electric-step van company

Workhorse Group Inc. and Motiv Electric Trucks are merging, after which Motiv’s controlling investor will be the majority owner of the combined company. Along with this transaction, Workhorse has also finished a sale leaseback (SLB) for Workhorse’s Union City, Indiana, manufacturing facility for $20 million and received convertible note financing for $5 million. Once combined, Workhorse and Motiv estimate the new company will be valued at about $105 million.

“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 Scott Griffith, CEO of Motiv. “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.”

Griffith, Motiv’s current CEO will be the combined’ company’s CEO, while Workhorse CEO Rick Dauch will be an advisor to the company.

This merger comes as electric vehicle production has grown more fraught and uncertain. Not only did President Donald Trump’s Big Beautiful Bill (H.R. 1) end tax credits for purchasing electric vehicles, but Congress recently repealed the Environmental Protection Agency waivers (from the Clean Air Act) that would have allowed the California Air Resources Board to progress with their Advanced Clean Trucks and low-NOx Omnibus regulations.

Workhorse produces the W56 electric step van and serves FedEx among its other customers. Prior to the merger, the company added new dealer locations in Washington and Wisconsin, the W56 drove 2,400 miles to ACT Expo, and the company added Geotab to the W56, all throughout 2025. Motiv, appointed some new leadership in 2025, including a new chief product and engineering officer and a new head of corporate strategy and development. The company also launched its premier partner network in 2025.

The new merger agreement is expected to close in Q4 2025, as long as Workhorse shareholders approve it and that entities related to Motiv’s controlling investor provide $20 million in debt financing. Of that sum, $10 million should be available in a revolving credit facility and the other $10 million will fund manufacturing costs for confirmed orders from both companies in an ABL facility.

The two companies will hold a joint conference call on Tuesday, August 19, at 10 EST to discus the potential merger along with Workhorse’s Q2 financial results.

Stifel/Miller Buckfire are serving as financial advisors to Workhorse, and Taft Stettinius & Hollister LLP is serving as legal counsel. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Workhorse. TD Cowen is serving as financial advisor to Motiv, and DLA Piper LLP (US) is serving as legal counsel.