Company profile: Workhorse
1.1 - Company Overview
Company description
- Provider of battery-electric commercial vehicles and unmanned aerial systems for last-mile delivery and logistics. Designs and produces electric power trains using automotive-grade parts and proprietary control software; OEM of class 3–6 trucks including electric step vans and cab chassis, plus UAS for delivery and data collection.
Products and services
- W4 CC Electric Work Truck: Modular class 4 electric cab chassis truck with 150-mile range, customizable for fleet needs
- W56 Electric Step Van: Industrial-grade class 5-6 battery-electric step van delivering a 150-mile range and 10,000-pound payload, purpose-built for urban deliveries
- Workhorse Electric Trucks: Automotive-grade all-electric trucks for last-mile delivery with zero emissions and customizable configurations leveraging proprietary control software
Key contacts
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Financial details
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1.2 - Competitors and similar companies to Workhorse
DesignLine
HQ: United States
Website
- Description: Provider of hybrid, electric, alternative fuel, and diesel mass transit buses and electric trolleys, serving private transportation industry and public transit authorities in New Zealand, Australia, Pacific Rim countries, and the United States.
- Rationale: This competitor operates in a highly similar market segment with overlapping features.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
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Volta
HQ: United States
Website
- Description: Provider of a sponsor-funded network of electric vehicle charging stations, designing, installing and maintaining chargers across U.S. markets. Offers PredictEV planning software to forecast charging needs and infrastructure requirements, and a Site Configurator that analyzes consumer behavior and population trends to future‑proof installations.
- Rationale: This competitor operates in a highly similar market segment with overlapping features.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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Voltabox
HQ: Germany
Website
- Description: Provider of lithium-ion battery system solutions for industrial applications, offering green solutions for renewable energies. Uses include construction and agricultural machinery, electric and hybrid buses, and municipal commercial vehicles. Products include high-voltage batteries, stationary storage with PV, production services, LTO and NMC modular containers, and modules for custom solutions, including high-voltage LTO and E-Mobility modules.
- Rationale: This competitor operates in a highly similar market segment with overlapping features.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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VerdeGo Aero
HQ: United States
Website
- Description: Provider of hybrid-electric aircraft powerplant technologies and integration tools, including liquid-fuel electric powerplants enabling longer range and endurance. Products include VH-3-185 piston hybrid delivering 185 kW continuous electrical power, VH-5 turbine hybrid operating as a jet engine or power generator, and VH-1 hybrid test system for R&D in electrified aircraft powertrains.
- Rationale: This competitor operates in a highly similar market segment with overlapping features.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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Ellwee
HQ: Sweden
Website
- Description: Provider of electric quad bikes and customizable single-occupant electric vehicles for golf courses, resort environments, urban transport, and recreation. The company develops next-generation electric golf vehicles with unique features, wide accessories, and configurations allowed in urban areas and on cycle paths for secure transportation.
- Rationale: This competitor operates in a highly similar market segment with overlapping features.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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2.M&A buyers
2.1 Potential strategic acquirers in the sector
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2.2 - Strategic buyer groups for Workhorse
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Buyer group 3: ████████ ████████
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3. Investors and private equity firms
3.1 - Buyout funds investing in similar companies to Workhorse
2.2 - Growth funds investing in similar companies to Workhorse
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4 - Top valuation comps for Workhorse
4.2 - Public trading comparable groups for Workhorse
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