Workhorse Group Stock Price, News & Analysis

Workhorse Group Inc. (Nasdaq: WKHS) is an American technology and manufacturing company focused on zero-emission commercial vehicles. According to company disclosures and recent filings, Workhorse designs and builds electric trucks and related platforms for commercial use, with an emphasis on medium-duty applications and last-mile delivery. The company’s vehicles are built in the United States and are aimed at helping fleet operators reduce emissions while meeting operational and regulatory requirements.

Workhorse operates in the manufacturing sector and is associated with the motor vehicle and engine parts industry. Its business centers on all-electric commercial vehicles and supporting technologies. Company statements describe Workhorse as a technology company that is “focused on pioneering the transition to zero-emission commercial vehicles,” highlighting an emphasis on electrification and the commercial transportation sector.

Medium-duty and last-mile commercial EV focus

Workhorse states that its vehicles are designed for last-mile delivery, medium-duty operations, and a growing range of specialized applications. The company has described itself as building “software-first, electric trucks” that are intended to be powerful, cost-efficient, reliable, safe, and comfortable, with zero tailpipe emissions. Its product portfolio includes platforms that are used in step vans and other commercial configurations that serve parcel delivery and other fleet needs.

The company’s manufacturing activities are centered at the Workhorse Ranch, a commercial-scale facility in Union City, Indiana, where it designs and builds its vehicles in the United States. Workhorse has also disclosed that it owns and operates a mix of gas and electric step vans in a FedEx Ground Independent Service Provider fleet through what it calls the Stables project, using that fleet as a real-world test bed for its vehicles and design process.

Merger with Motiv Electric Trucks and combined platform

On December 15, 2025, Workhorse completed a merger with Motiv Power Systems, Inc. (referred to in company communications as Motiv Electric Trucks), pursuant to an Agreement and Plan of Merger dated August 15, 2025. An 8-K filed on December 15, 2025, reports that a Workhorse merger subsidiary merged with Motiv, with Motiv becoming an indirect, wholly owned subsidiary of Workhorse. The same filing notes that entities affiliated with Motiv’s legacy controlling investor provided Workhorse with access to up to $50 million in debt financing capacity in connection with the closing.

In a December 15, 2025 news release, Workhorse and Motiv stated that they are moving forward as Workhorse, describing the combined business as a North American manufacturer of medium-duty electric trucks and buses. The combined company highlights scalable manufacturing capabilities, advanced and road-tested products, and a go-to-market approach that includes commercial relationships with 10 of the largest commercial truck fleets in North America. The company has indicated that it is targeting the medium-duty commercial vehicle market and that it has a sales pipeline and backlog of orders for trucks, step vans, school buses, and shuttles.

Manufacturing footprint and headquarters

Workhorse reports that it designs and builds its vehicles in the United States at the Workhorse Ranch in Union City, Indiana, a commercial-scale manufacturing facility. Company communications describe this facility as including production, logistics, vehicle storage space, and a test track for noise, vibration, and handling. Workhorse has also stated that, following the merger with Motiv, it will be headquartered in the Wixom, Michigan area, with plans for a larger presence in the Detroit metropolitan area, while retaining a presence in Cincinnati, Ohio and the Bay Area of California.

Vehicle platforms and applications

Workhorse describes its vehicles as designed for last-mile delivery and medium-duty operations, with configurations that can support parcel delivery, service, and specialty applications. In multiple company news releases, Workhorse refers to its “best-in-class vehicles” and notes that its platforms are intended for a growing range of specialized uses. The company has also discussed expanding application options on its W56 platform by integrating an industry-standard aluminum walk-in body, indicating a focus on compatibility with familiar commercial vehicle body designs.

Workhorse communications emphasize features such as electric powertrains with zero tailpipe emissions, as well as design considerations related to safety, ergonomics, and uptime in daily fleet operations. The company positions its vehicles as suitable for medium-duty fleets that are transitioning to electric operations while seeking to maintain established vehicle form factors and interior configurations.

Capital structure and financing arrangements

Workhorse’s SEC filings detail several financing and capital structure developments connected to its business strategy. In an 8-K dated August 15, 2025, the company disclosed a Subordinated Secured Convertible Note with an affiliate of Motiv’s investor, and a sale and leaseback of its Union City, Indiana manufacturing facility. The sale-leaseback transaction involved selling the property to an affiliate of Motiv’s investor and entering into a long-term lease, with the facility continuing to be used for vehicle production.

The December 15, 2025 8-K further explains that, at the merger closing, Workhorse entered into two credit agreements with the Motiv investor’s affiliate, providing up to $40 million to fund vehicle manufacturing associated with qualified purchase orders and up to $10 million for working capital and general corporate purposes. These credit agreements are secured by substantially all of the assets of Workhorse and its subsidiaries and are scheduled to mature in December 2028.

Corporate governance and stockholder approvals

Workhorse’s 8-K filings report that its stockholders approved key proposals related to the merger and capital structure. An 8-K dated November 25, 2025 states that stockholders approved the issuance of shares required for the Motiv merger and related transactions, as well as a reverse stock split authorization and amendments to the company’s long-term incentive plan. The same filing notes that Workhorse’s common stock will continue to be listed on Nasdaq under the ticker symbol WKHS.

Following the merger, Workhorse reports that its board of directors was reconstituted, with a majority of directors designated by Motiv. Company communications also describe a refreshed management team with experience in designing products, selling to commercial fleets, and scaling manufacturing in the automotive space.

Use of real-world fleet data and operational insights

In its December 15, 2025 news release, Workhorse highlights the Stables project, which operates a mix of gas and electric step vans in a FedEx Ground Independent Service Provider fleet in Ohio. The company states that this project provides real-time data on trucks in service and an operator perspective that informs its design process. According to Workhorse, this setup supports purpose-built features, feedback from depot managers and drivers, insights into range and route planning, and extended durability testing.

By using this operational test bed, Workhorse aims to refine its vehicle platforms for the daily demands of commercial fleets, particularly in last-mile delivery and medium-duty routes. The company presents this as a way to align product development with the needs of fleet operators and to optimize vehicle performance in real-world conditions.

Position within the commercial EV landscape

Across its news releases and filings, Workhorse consistently describes itself as focused on zero-emission commercial vehicles and the transition of medium-duty fleets to electric powertrains. The merger with Motiv Power Systems, Inc. brings together two organizations that have been active in medium-duty electric trucks and buses, with Workhorse indicating that the combined company has delivered a substantial number of electric trucks and buses and has relationships with large commercial fleets.

Workhorse’s disclosures emphasize electrification, medium-duty applications, and commercial fleets as central to its business. Investors and analysts reviewing WKHS can use the company’s SEC filings, merger documentation, and operational updates to understand how Workhorse is structuring its capital, manufacturing base, and product portfolio to participate in the commercial electric vehicle market.