Business UpdateMay 20, 2026, 04:13 PM
Workhorse Reports Post-Merger Progress, Secures 200 EV Orders
AI Summary
Workhorse Group Inc. provided a business update following its December 2025 merger with Motiv Electric Trucks, highlighting successful integration, operational efficiencies, and significant new vehicle orders. The company is on track to achieve $20 million in annualized cost synergies by the end of 2026 and has secured two 100-vehicle purchase orders. Workhorse also announced its 2026 Annual Meeting of Stockholders for June 29, 2026, where shareholders will vote on director elections, executive compensation, auditor ratification, and an amended long-term incentive plan. The company acknowledged it is not yet profitable and requires disciplined cash management.
Key Highlights
- Merger with Motiv Electric Trucks closed in December 2025.
- On track to achieve $20 million annualized cost synergy run rate by end of 2026.
- Secured two separate 100-vehicle purchase orders from Purolator and Gateway Fleets.
- 75 vehicles deployed or on order with FedEx Ground independent service providers.
- 2025 fuel costs for Stables by Workhorse: $76,000 for ICE vs. $10,800 for EVs.
- New Class 5/6 cab-chassis prototype validation targeted for late 2026, production in early 2027.
- MGMH became controlling stockholder, holding approximately 60.9% of shares.
- Annual Meeting on June 29, 2026, to elect directors and approve incentive plan.
Price Impact
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