Workhorse Group Inc. (NASDAQ: WKHS)

Workhorse Group Inc. is a North American manufacturer of medium-duty electric trucks and buses. The company designs and manufactures all-electric vehicles for last-mile delivery, medium-duty operations, and specialized applications. Its best-in-class vehicles are marketed under the Workhorse® and Motiv® brands. Workhorse Group Inc. assembles vehicles in its Union City, Indiana production facility or through contract manufacturers using domestic and globally sourced components.

Workhorse Group Inc. generates revenue primarily through the sale of its all-electric vehicles, including step vans, shuttle buses, box trucks, and work trucks. The company also earns revenue from technology solutions such as telematics systems and charging infrastructure support. Its customer base consists of commercial fleet operators seeking sustainable and cost-effective transportation solutions. Revenue is further supported by services related to vehicle upfitting, fleet management programs, and dealer networks.

The company operates through the following segments: Workhorse brand vehicles and Motiv brand vehicles.

• Workhorse brand vehicles: This segment focuses on the design and manufacture of Class 5/6 commercial delivery vehicles such as the W56 Step Van and Stripped Chassis. The W56 platform serves as a robust foundation for custom body builds including delivery vans, utility vehicles, and specialized trucks. Vehicles under this brand are assembled in the Union City, Indiana facility or through contract manufacturing partners.

• Motiv brand vehicles: This segment produces a range of medium-duty zero-emission electric trucks and buses including step vans, shuttle buses, box trucks, and work trucks. The Motiv brand includes the Epic 4 cab chassis used for school buses, refrigerated trucks, and flat-bed applications. These vehicles eliminate tailpipe emissions and are marketed to fleets seeking improved operational efficiency and reduced environmental impact.

Workhorse Group Inc. operates in the competitive electric commercial vehicle market, targeting the approximately $23 billion medium-duty trucking sector. The company differentiates itself through its focus on customer support, training, and services, with more than half of its 2025 vehicle deliveries going to repeat customers. Its competitive advantages include proprietary technology like Workhorse Connect™ telematics and a dual-brand strategy that broadens product offerings and market reach.

Workhorse Group Inc. serves commercial fleet operators across industries including last-mile delivery, public transportation, and utility services. Specific customer relationships include participation in programs such as the California Air Resources Board HVIP initiative and partnerships with certified dealers nationwide. The company also supports fleets through its Motiv Premier Partner Network, which provides access to solution providers for charging infrastructure, financing, and operational efficiency.