Workhorse is a U.S.-based manufacturer of medium-duty, all-electric commercial trucks and buses. Following its December 2025 merger with Motiv Power Systems, the combined company offers Class 4-6 electric vehicles, including step vans, stripped chassis, shuttle buses, school buses, and work trucks. The flagship product is the W56, a Class 5/6 all-electric step van assembled at Workhorse's Union City, Indiana facility, designed primarily for last-mile delivery. Workhorse argues it is the only North American OEM that builds both the chassis and cabin body in-house, which it claims enables shorter lead times and better quality control versus competitors who rely on third-party body manufacturers. Workhorse sells direct to large national fleets and through a network of 19+ certified dealers serving smaller fleets, municipalities, and government entities. The company also runs a small subsidiary, Stables by Workhorse, that operates FedEx Ground delivery routes in Cincinnati using its own electric vehicles, primarily as an R&D and demonstration platform. Revenue is driven by units sold and price per vehicle, but the company currently operates at a gross loss per vehicle due to high battery costs and low production volumes. Demand is heavily dependent on state-level incentive programs, and Workhorse acknowledges long-term viability requires achieving cost parity with ICE vehicles without subsidies. Fleet sales follow a lengthy multi-phase cycle that can take 1-2 years from pilot to meaningful orders. The company carries a going concern qualification and is funded primarily through credit facilities provided by MGMH, Motiv's controlling investor.