Workhorse Shares Plunge 26% as $105M Merger with Motiv Nears Completion
Introduction
Workhorse Group Inc. (NASDAQ: WKHS) is a U.S.–based technology company focused on producing zero-emission commercial vehicles for last-mile delivery and medium-duty applications. Headquartered in Sharonville, Ohio, with vehicle assembly at the Workhorse Ranch in Union City, Indiana, the company employs between 201 and 500 people. As of December 8, 2025, the stock closed at $6.8989, reflecting a 26.41% decrease on a volume of 1,249,451 shares.
Corporate Structure
Founded in 2007 as AMP Electric Vehicles, the company was renamed Workhorse Group in April 2015 and began trading on Nasdaq on January 4, 2016. Rick Dauch has served as CEO since August 2021, after previous leadership changes in 2019. Workhorse designs and manufactures battery-electric step vans, cab chassis, and telematics software in the U.S., while maintaining a dealer and service network throughout North America.
Electric Trucks by Wes Hicks
Developments and News
- June 12, 2024: Workhorse announced the divestiture of the Aero division, transitioning away from autonomous delivery hardware.
- September 2023: The company unveiled the W56 Class 5–6 electric truck at the NTEA Work Truck Show, with production commencing the same month.
- August 15, 2025: Workhorse entered a merger agreement with Motiv Electric Trucks aimed at forming a leading North American medium-duty EV OEM. Concurrently, Workhorse completed a $20 million sale-leaseback of its Union City facility and issued a $5 million convertible note, valuing the combined company at approximately $105 million.
- Date TBD (post-2025 Annual Meeting): The merger received shareholder approval at the 2025 Annual Meeting, with an expected closing in the following weeks.
Financial and Strategic Aspects
As of the latest filing, Workhorse’s trailing twelve-month financials illustrate limited revenue against ongoing investments in research and development (R&D) and manufacturing capacity:
| Metric | Value |
|---|---|
| Market Capitalization | $20.43 million (intraday) |
| Revenue (TTM) | $10.62 million |
| Net Income (TTM) | –$64.43 million |
| Total Cash (MRQ) | $12.73 million |
| Total Debt/Equity (MRQ) | 168.57% |
| Price/Sales (TTM) | 0.70× |
| Price/Book (MRQ) | 0.67× |
The merger with Motiv is positioned to diversify the product portfolio across Classes 4–6, enhance manufacturing capacity, simplify capital structure, and reduce the total cost of ownership for fleet operators. Earlier partnerships include a three-year contract manufacturing agreement with Tropos Technologies and a supply agreement with GreenPower Motor Company.
Market Position and Industry Context
Workhorse operates in the growing electric medium-duty truck segment, valued at $23 billion in North America. The company's zero-emission step vans and cab chassis aim to serve last-mile delivery fleets transitioning from diesel vehicles. The integration of Metron, the company's telematics software, is designed to optimize route efficiency and energy use. The anticipated merger with Motiv positions the combined entity to compete against both established OEMs and emerging electric vehicle truck manufacturers, leveraging U.S. manufacturing capabilities and a national dealer network.
tl;dr
Workhorse (NASDAQ: WKHS) shares traded at $6.8989 on December 8, 2025, following a 26.41% decrease amid market volatility. On August 15, 2025, the company entered into a merger agreement with Motiv Electric Trucks in an all-stock transaction valued at $105 million, financed through a $20 million sale-leaseback and a $5 million convertible note. Shareholder approval received at the 2025 Annual Meeting has paved the way for closing in the upcoming weeks. The merged entity is expected to offer a complete range of Class 4–6 electric trucks, targeting growth in the $23 billion medium-duty EV market.