Workhorse Group and Motiv Electric Trucks to Merge
Workhorse Group and Motiv Electric Trucks today announced that they have entered into a definitive merger agreement to combine in a transaction that will create what the companies expect to be a leading North American medium-duty electric truck OEM.
“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.
Building on the companies’ complementary platforms, the combined business will be a leader in the $23 billion medium-duty truck segment with a full range of Class 4-6 trucks.
The companies believe that together, they will benefit from increased scale, an expanded product portfolio, and enhanced operational efficiencies to support lower unit costs while optimizing total cost of ownership (TCO) for customers.
