Workhorse(US:WKHS) Globenewswire·2025-12-15 21:35Core Viewpoint - Workhorse Group Inc. has completed its merger with Motiv Electric Trucks, positioning itself as a leading manufacturer of medium-duty electric trucks and buses in North America, targeting a market valued at approximately $23 billion [1][2]. Financial Strength - The merger has strengthened Workhorse's financial profile, providing access to up to $50 million in new debt financing, which includes a $10 million revolving credit facility and up to $40 million for supply-chain costs [3][12]. - This financing is expected to enhance liquidity and support growth by reducing the time from order to delivery [3]. Product and Market Positioning - Workhorse aims to produce high-performing electric trucks that are cost-efficient, reliable, and environmentally friendly, with zero tailpipe emissions [4][9]. - The company has established commercial relationships with 10 of the largest truck fleets in North America, indicating strong market traction [2][4]. - Workhorse has a strong sales pipeline and backlog of orders for various vehicle types, including trucks, step vans, school buses, and shuttles [4]. Manufacturing Capabilities - The company has scalable manufacturing capabilities with a nameplate capacity of over 5,000 vehicles per year, allowing it to meet profitability targets without significant new capital expenditures [4][6]. - Workhorse operates a commercial-scale manufacturing facility in Union City, Indiana, which has an annual capacity of 5,200 vehicles and includes logistics and training centers [6]. Leadership and Governance - The combined company features a refreshed management team with experienced executives, including Scott Griffith as CEO and Bob Ginnan as CFO [5][12]. - The board of directors consists of seven members, with five designated by Motiv, ensuring a strong governance structure [5]. Strategic Vision - The CEO has outlined a strategic vision focused on leveraging the company's legacy in electrification and enhancing customer value through innovative product offerings [4][7]. - Workhorse is committed to building better trucks and aims to drive profitable growth while fulfilling sustainability goals for its customers [4][10].