Workhorse Group Business Summary

Workhorse Group Inc. (WKHS) is an American original equipment manufacturer (OEM) that generates revenue primarily through the direct sale and leasing of Class 4 through Class 6 battery-electric commercial vehicles and drone-integrated delivery systems. Following its December 2025 merger with Motiv Electric Trucks, the company has pivoted to a hybrid go-to-market model, combining a national dealer network with direct-to-fleet sales targeting the $23 billion North American medium-duty market. Its primary business segments include Commercial Vehicles, which produces the W56 step van and W4 CC chassis, and Aerospace, focused on the HorseFly autonomous drone system for last-mile logistics. Workhorse competes directly with Xos Inc., REE Automotive, and GreenPower Motor Company, positioning itself as a vertically integrated manufacturer with a 5,000-vehicle annual nameplate capacity at its Union City, Indiana, facility. Originally founded in 2007 by Steve Burns, the company is currently led by CEO Scott Griffith, the former CEO of Motiv and Zipcar who also headed Ford’s autonomous vehicle and mobility divisions. The executive team includes CFO Bob Ginnan, a veteran of strategic M&A, and Chief Product Officer Scott Zion, who previously led engineering at Motiv and Xos Trucks. Chief Revenue Officer James Griffin brings nearly 30 years of commercial fleet experience from ChargePoint and Ryder, while EVP of Operations Josh Anderson holds 12 patents in EV design. The company is backed by notable institutional investors including ARK Investment Management, Vanguard Group, and Geode Capital Management, and recently secured $50 million in new debt financing from Motiv’s legacy investors to scale production through 2026.