<SEC-DOCUMENT>0001213900-25-077142.txt : 20250815
<SEC-HEADER>0001213900-25-077142.hdr.sgml : 20250815
<ACCEPTANCE-DATETIME>20250815104138
ACCESSION NUMBER:		0001213900-25-077142
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250815
DATE AS OF CHANGE:		20250815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Workhorse Group Inc.
		CENTRAL INDEX KEY:			0001425287
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				261394771
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37673
		FILM NUMBER:		251222938

	BUSINESS ADDRESS:	
		STREET 1:		100 COMMERCE DRIVE
		CITY:			LOVELAND
		STATE:			OH
		ZIP:			45140
		BUSINESS PHONE:		513-360-4704

	MAIL ADDRESS:	
		STREET 1:		100 COMMERCE DRIVE
		CITY:			LOVELAND
		STATE:			OH
		ZIP:			45140

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMP Holding Inc.
		DATE OF NAME CHANGE:	20100525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Title Starts Online, Inc.
		DATE OF NAME CHANGE:	20080128
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ea025349001-defa14a_work.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of
the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed by a Party other than the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WORKHORSE GROUP INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
Other Than the Registrant) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#9744;</TD>
    <TD>Fee paid previously with preliminary materials.</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px; background-color: rgb(255, 255, 255)">This Schedule
14A filing consists of communications from Workhorse Group Inc. (&ldquo;Workhorse&rdquo; or the &ldquo;Company&rdquo;), to the Company&rsquo;s
employees, customers, partners and analysts relating to the Agreement and Plan of Merger, dated August 15, 2025, by and among the Company,
Motiv Power Systems, Inc., a Delaware corporation (&ldquo;Motiv&rdquo;), Omaha Intermediate 2, Inc., a Delaware corporation, Omaha Intermediate,
Inc., a Delaware corporation, and Omaha Merger Subsidiary, Inc., a Delaware corporation (the &ldquo;Merger Agreement&rdquo;).</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px; background-color: rgb(255, 255, 255)">&nbsp;</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px; background-color: rgb(255, 255, 255)"><I>The
following press release was published on August 15, 2025</I>:</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0px; background-color: rgb(255, 255, 255)">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Workhorse Group and Motiv Electric Trucks Executed
Definitive Agreement to Combine,<BR>
Creating a Leading Medium-Duty Electric Truck OEM in North America</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Joins Workhorse&rsquo;s proven vehicles, manufacturing
capabilities and national dealer network with Motiv&rsquo;s diverse product portfolio and top fleet relationships</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Positions combined company to create value by
offering broader portfolio of high performing commercial EVs at lower unit costs in the sizeable medium-duty truck market</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Strengthens combined company&rsquo;s financial
profile through improved operational scale and<BR>
simplified capital structure</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Workhorse closed today on $20M sale leaseback
of Union City plant and $5M convertible note</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CINCINNATI, Ohio and FOSTER CITY, Calif., August 15, 2025 &ndash;
</B>Workhorse Group Inc. (Nasdaq: WKHS) (&ldquo;Workhorse&rdquo; or the &ldquo;Company&rdquo;), an American technology company focused
on pioneering the transition to zero-emission commercial vehicles, and Motiv Electric Trucks (&ldquo;Motiv&rdquo;), a leading manufacturer
of medium-duty electric trucks and buses, today announced that they have entered into a definitive merger agreement to combine in a transaction
that will create a leading North American medium-duty electric truck OEM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the merger agreement, following the completion
of the all-stock transaction, Motiv&rsquo;s controlling investor will become the majority owner of the combined company and Workhorse
shareholders will maintain a significant equity stake. In connection with the merger agreement, Workhorse has completed a sale leaseback
(&ldquo;SLB&rdquo;) and obtained convertible note financing. The transactions value the combined company at approximately $105 million.<SUP>1</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The combination brings together two innovators in the medium-duty
electric vehicle space to better serve a blue-chip customer base and enhance value for shareholders. Building on the companies&rsquo;
complementary platforms, the combined business will be a leader in the $23 billion medium-duty truck segment<SUP>2</SUP> with a full
range of Class 4-6 trucks. The companies believe that together, they will benefit from increased scale, an expanded product portfolio
and enhanced operational efficiencies to support lower unit costs while optimizing total cost of ownership (TCO) for customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The combined company is expected to have a strengthened financial profile
with a simplified capital structure and the financial resources to capture anticipated demand from the ongoing transition to clean energy
and better help customers decarbonize their fleets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following the closing of the transaction, Scott Griffith, Motiv CEO,
is expected to serve as CEO of the combined company and Rick Dauch, Workhorse CEO, is expected to serve as an advisor to the combined
company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Bringing together two leading OEMs in the medium-duty space
strengthens our ability to reduce the cost of electric trucks and make the total cost of ownership even more compelling,&rdquo; said Scott
Griffith, CEO of Motiv. &ldquo;We believe this is a coming-of-age moment&mdash;not just for Motiv and Workhorse, but for the industry
as a whole, and that widespread adoption of medium-duty electric trucks will come from achieving cost parity vs. ICE and diesel trucks
and offering compelling long-term value. That&rsquo;s exactly what we&rsquo;re focused on delivering with this merger, and with a combined
more than 17 million miles under our belt, we believe the transaction will put us in a strong starting position to deliver on this vision.
I&rsquo;m excited by the opportunity to lead the combined company, work closely with the Motiv and Workhorse teams to capture the opportunities
ahead, and deliver for our customers, our shareholders and the communities in which our trucks operate.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
an as-converted basis and inclusive of the value of the sale leaseback transaction and the convertible note transaction that were consummated
in connection with signing.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>2</SUP></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
2025 annual forecast of registrations as of April 2024 per S&amp;P Global Mobility for NTEA US Commercial Vehicle Market Report, multiplied
by an assumed $100,000 value per truck.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;This transaction represents a significant milestone for Workhorse,
our customers, our stakeholders and our shareholders,&rdquo; said Rick Dauch, CEO of Workhorse. &ldquo;By combining with Motiv and completing
the related transactions, we are creating a broader product offering, strengthening our near- and long-term financial position and providing
Workhorse shareholders with the opportunity to participate in the upside of a leader in the medium-duty EV commercial vehicle market.
We believe Motiv is the right partner to support the advancement of our combined product roadmap and capture new growth opportunities.
Together, we are confident we will be even better positioned to win the commercial EV transition and create value for shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compelling Strategic and Financial Benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Workhorse and Motiv believe that the investments made into their respective
businesses position the combined company to have the sector&rsquo;s most scalable manufacturing, most advanced and road-tested products,
and most wide-reaching go-to-market networks. As a result, the companies believe the transaction will provide significant benefits to
customers and shareholders by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Creating
a category leader positioned for rapid innovation and scalable growth.</B> Joining Motiv&rsquo;s diverse product portfolio and top fleet
relationships with Workhorse&rsquo;s proven vehicles, manufacturing capabilities and national dealer network is expected to create a
platform for long-term growth. Workhorse&rsquo;s Union City facility has the capacity to eventually produce up to 5,000 trucks per year.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Leveraging
combined scale and strengths to reduce unit costs.</B> Workhorse and Motiv believe that the combined company will compete more effectively
with the industry&rsquo;s pure-play electric and legacy OEMs. Workhorse and Motiv believe the combined company will capitalize on new
opportunities to serve more customers with a more competitively advantaged electric offering than gas/diesel trucks and buses on a TCO
basis.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Joining
                                            complementary customer bases. </B>Workhorse and Motiv believe the next phase of large-scale
                                            adoption of medium-duty electric trucks in North America will be driven by national-scale
                                            commercial fleets with tested and piloted multi-depot EV truck operations. Together, Motiv
                                            and Workhorse have served 10 of the largest medium-duty fleets in North America<SUP>3</SUP>, positioning the combined company to expand adoption through these existing relationships
                                            with likely early scalers.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Establishing
a strong financial foundation.</B> The companies believe that the transaction strengthens the combined company&rsquo;s financial position
and creates opportunities for margin expansion, enabling greater flexibility to pursue future growth initiatives. With a simplified capital
structure, the combined company also expects to be better positioned to raise additional capital post-close.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Presenting
significant synergy opportunities. </B>The companies believe there is the potential to achieve at least $20 million of cost synergies,
including through R&amp;D, G&amp;A, and facility cost-reductions by the end of 2026. The combined companies also intend to utilize a
product and engineering approach to maximize the use of common software, hardware, and IP across its Class 4-6 platforms to pursue additional
cost savings, an enhanced technology baseline and a best-in-class customer experience with limited downtime and optimized TCO.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>3</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valgen
and Motiv internal data.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transaction Details</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the merger agreement, Motiv will be merged with
a newly created subsidiary of Workhorse in exchange for newly issued shares of Workhorse common stock. Upon completion of the transaction,
on a fully diluted basis, Motiv&rsquo;s controlling investor initially will own approximately 62.5% of the combined company, Workhorse
shareholders will own approximately 26.5% and Workhorse&rsquo;s existing senior secured lender will have rights to receive common stock
that represent approximately 11%, all of which are subject to certain potential adjustments and additional future dilution. Pursuant to
the transaction, certain stockholders of Motiv, to the extent they are also holders of financial indebtedness of Motiv, agreed to cancel
their financial indebtedness to Motiv in exchange for Workhorse common stock. Additional information regarding Workhorse&rsquo;s agreement
with its secured lender and select other parties will be available in the Company&rsquo;s SEC filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the proposed merger transaction, Workhorse also
completed two transactions with entities affiliated with Motiv&rsquo;s controlling investor: the SLB transaction for Workhorse&rsquo;s
Union City, Indiana manufacturing facility for $20 million and the secured, convertible note financing for $5 million, each of which were
consummated at the time of execution with the merger agreement. These transactions are expected to provide near-term liquidity to fund
Workhorse&rsquo;s operations through closing and to provide capital to pay down debt owed to Workhorse&rsquo;s existing senior secured
lender. At closing of the merger, all remaining indebtedness to such lender, including all warrants currently held by the lender, will
be repaid and/or cancelled, with the only remaining secured indebtedness of the combined companies being the $5 million secured, convertible
note held by Motiv&rsquo;s controlling investor, which may convert to equity in connection with post-closing financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the merger agreement includes a condition to closing that
entities affiliated with Motiv&rsquo;s controlling investor will provide $20 million in debt financing at the completion of the transaction,
of which approximately $10 million is expected to be available in a revolving credit facility and an additional $10 million is expected
to be available to fund manufacturing costs associated with confirmed purchase orders of the combined company in an ABL facility. The
combined company also will seek to raise additional equity financing to fund its go forward strategic execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Timing and Approvals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transaction is expected to close in the fourth quarter of 2025,
subject to Workhorse shareholder approval and other customary closing conditions, including the debt financing commitment noted above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Letter to Workhorse Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Workhorse also issued a letter to its shareholders highlighting the
strategic and financial benefits of the proposed transaction. The full letter from Rick Dauch, Workhorse CEO, can be accessed here.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conference Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Workhorse and Motiv management will hold a joint conference call on
Tuesday, August 19, at 10:00 a.m. Eastern Time (7:00 a.m. Pacific time) to discuss the proposed transaction and Workhorse&rsquo;s second
quarter 2025 financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. dial-in: 877-407-8289<BR>
International dial-in: 201-689-8341</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please call the conference telephone number 10 minutes prior to the
start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please
contact Gateway Group at 949-574-3860.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The conference call will be broadcast live and available for replay&nbsp;here
and via the Investor Relations section of Workhorse&rsquo;s&nbsp;website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A telephonic replay of the conference call will be available after
11:00 a.m. Eastern time on the same day through August 26, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toll-free replay number: 877-660-6853</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">International replay number: 201-612-7415</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Replay ID: 13755381</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholder Questions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Workhorse shareholders are invited to submit questions in advance of
the call. Questions should be submitted in writing to shareholder@workhorse.com by 4:00
p.m. ET on August 18, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Advisors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stifel/Miller Buckfire are serving as financial advisors to Workhorse,
and Taft Stettinius &amp; Hollister LLP is serving as legal counsel. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications
advisor to Workhorse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Cowen is serving as financial advisor to Motiv, and DLA Piper LLP
(US) is serving as legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Workhorse Group Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Workhorse Group Inc. (Nasdaq: WKHS) is a technology company focused
on pioneering the transition to zero-emission commercial vehicles. Workhorse designs and builds its vehicles in the United States at the
Workhorse Ranch in Union City, Indiana. The company&rsquo;s best-in-class vehicles are designed for last-mile delivery, medium-duty operations,
and a growing range of specialized applications. For more information, visit www.workhorse.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Motiv Electric Trucks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv
is a leading manufacturer of medium duty, zero-emission electric trucks and buses. Motiv produces a range of vehicles; including step
vans, shuttle buses, box trucks and work trucks, all of which eliminate tailpipe CO2 emissions and particulate matter, while offering
drivers and passengers a more comfortable, healthier and safer ride.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Motiv&rsquo;s combination of operational cost savings and environmental
performance helps customers meet increasingly stringent emissions and pollution standards as well as achieve their own Net-Zero, ESG or
other climate impact-related pledges and commitments. More information about the company&rsquo;s products, services and career opportunities
is available at&nbsp;www.motivtrucks.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the proposed transaction, Workhorse intends to file
with the SEC a Proxy Statement on Schedule 14A (the &ldquo;Proxy Statement&rdquo;). Workhorse may also file other relevant documents with
the SEC regarding the transactions described herein. This document is not a substitute for the Proxy Statement or any other document that
Workhorse may file with the SEC. Any Definitive Proxy Statement (if and when available) will be mailed to shareholders of Workhorse. SHAREHOLDERS
OF WORKHORSE ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS
DESCRIBED HEREIN, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME
AVAILABLE, AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT WORKHORSE, THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, AND RELATED
MATTERS.&nbsp;Shareholders will be able to obtain a free copy of the Proxy Statement (if and when available) and other relevant documents
once such documents are filed with the SEC from the SEC&rsquo;s website at www.sec.gov,
or by directing a request by mail to Workhorse Group Inc., 3600 Park 42 Drive, Suite 160E, Sharonville, Ohio 45241, or from the Workhorse&rsquo;s
website at www.ir.workhorse.com.
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Workhorse and certain of its directors and officers may be deemed to
be &ldquo;participants&rdquo; in the solicitation of proxies in respect of the proposed transaction. Information concerning the directors
and officers of the Company and interests of the persons who may be considered &ldquo;participants&rdquo; in the solicitation is set forth
in Amendment No. 1 to Workhorse&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2024, including under the headings
&ldquo;Item 10. Directors, Executive Officers and Corporate Governance&rdquo;, &ldquo;Item 11. Executive Compensation&rdquo;, &ldquo;Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters&rdquo; and &ldquo;Item 13. Certain
Relationships and Related Transactions, and Director Independence&rdquo;, filed with the SEC on April 30, 2025, and available at&nbsp;https://www.sec.gov/ix?doc=/Archives/edgar/data/1425287/000121390025037631/ea0239686-10ka1_workhorse.htm.
Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed
transaction when such materials become available. Investors should read the proxy statement carefully when it becomes available before
making any voting or investment decisions. Copies of these documents can be obtained, without charge, at the SEC&rsquo;s website at www.sec.gov,
or by directing a request to Workhorse at the address above, or at www.ir.workhorse.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cautionary Note Regarding Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains &ldquo;forward-looking statements&rdquo;
within the meaning of Section&nbsp;21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All
statements other than statements of historical fact included or incorporated by reference in this press release, including, among other
things, statements regarding the proposed merger transaction between Workhorse and Motiv, future events, plans and anticipated results
of operations, business strategies, the anticipated benefits of the proposed transaction, the anticipated impact of the proposed transaction
on the combined company&rsquo;s business and future financial and operating results, the expected amount and timing of synergies from
the proposed transaction, the anticipated closing date for the proposed transaction and other aspects of the combined company&rsquo;s
operations or operating results are forward-looking statements. Forward-looking statements may be identified by the use of the words &ldquo;believe&rdquo;,
&ldquo;plan&rdquo;, &ldquo;expect&rdquo;, &ldquo;estimate&rdquo;, &ldquo;budget&rdquo;, &ldquo;schedule&rdquo;, &ldquo;forecast&rdquo;,
&ldquo;intend&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;target&rdquo;, &ldquo;project&rdquo;, &ldquo;contemplate&rdquo;, &ldquo;predict&rdquo;,
&ldquo;potential&rdquo;, or &ldquo;continue&rdquo;, and similar words or variations of such words and phrases or state that certain actions,
events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;should&rdquo;, &ldquo;might&rdquo;, &ldquo;will&rdquo;
or &ldquo;will be taken&rdquo;, &ldquo;occur&rdquo; or &ldquo;be achieved&rdquo;. However, the absence of these words does not mean that
the statements are not forward-looking. Where, in any forward-looking statement, Workhorse expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement
is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors
beyond the parties&rsquo; control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in
the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following risks and uncertainties, among others, could cause actual
results or events to differ materially from those described in forward-looking statements: the parties&rsquo; ability to successfully
integrate their businesses and technologies, which may result in the combined company not operating as effectively and efficiently as
expected; the risk that the expected benefits and synergies of the proposed transaction may not be fully achieved in a timely manner,
or at all; the risk associated with Workhorse&rsquo;s ability to obtain the approval of its shareholders required to consummate the proposed
transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not
satisfied on a timely basis or at all or the failure of the transaction to close for any other reason or to close on the anticipated terms;
the risk that any regulatory approval, consent or authorization that may be required for the proposed transaction is not obtained or is
obtained subject to conditions that are not anticipated; the occurrence of any event, change or other circumstance that could give rise
to the termination of the proposed transaction; unanticipated difficulties, liabilities or expenditures relating to the transaction; the
effect of the announcement, pendency or completion of the proposed transaction on the parties&rsquo; business relationships and business
operations generally; the effect of the announcement or pendency of the proposed transaction on Workhorse&rsquo;s common stock prices
and uncertainty as to the long-term value of the combined company&rsquo;s common stock; risks that the proposed transaction disrupts current
plans and operations of the parties and their respective management teams and potential difficulties in hiring or retaining employees
as a result of the proposed transaction; our ability to develop and manufacture our product portfolio, including the W4 CC, W750, and
W56 and other programs; our ability to attract and retain customers for our existing and new products; ongoing and anticipated changes
in the U.S. political environment, including those resulting from the new Presidential Administration, control of Congress, and changes
to regulatory agencies; the implementation of changes to the existing tariff regime by the new Presidential Administration and measures
taken in response to such tariffs by foreign governments; risks associated with obtaining orders and executing upon such orders; the unavailability,
reduction, elimination or adverse application of government subsidies and incentives or any challenge to or failure by the federal government,
states or other governmental entities to adopt or enforce regulations such as the California Air Resource Board&rsquo;s Advanced Clean
Fleet regulation; changes in attitude toward environmental, social, and governance matters among regulators, investors, and parties with
which we do business; supply chain disruptions, including constraints on steel, semiconductors and other material inputs and resulting
cost increases impacting us, our customers, our suppliers or the industry; our ability to capitalize on opportunities to deliver products
to meet customer requirements; our limited operations and need to expand and enhance elements of our production process to fulfill product
orders; our general inability to raise additional capital to fund our operations and business plan; our ability to receive sufficient
proceeds from our current and any future financing arrangements to meet our immediate liquidity needs and the potential costs, dilution
and restrictions resulting from any such financing; our ability to maintain compliance with the listing requirements of the Nasdaq and
the impact of any steps we have taken, including reverse splits of our common stock, on our operations, stock price and future access
to funds; our ability to protect our intellectual property; market acceptance of our products; our ability to obtain sufficient liquidity
from operations and financing activities to continue as a going concern and, our ability to control our expenses; the effectiveness of
our cost control measures and impact such measures could have on our operations, including the effects of furloughing employees; potential
competition, including without limitation shifts in technology; volatility in and deterioration of national and international capital
markets and economic conditions; global and local business conditions; acts of war (including without limitation the conflicts in Ukraine
and the Middle East) and/or terrorism; the prices being charged by our competitors; our inability to retain key members of our management
team; our inability to satisfy our customer warranty claims; the outcome of any regulatory or legal proceedings, including with Coulomb
Solutions Inc.; our ability to realize the benefits of the sale and leaseback transaction of our Union City Facility; and other risks
and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional information on these and other factors that may cause actual
results and Workhorse&rsquo;s performance to differ materially is included in Workhorse&rsquo;s periodic reports filed with the SEC, including,
but not limited to, Workhorse&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024, including those factors
described under the heading &ldquo;<I>Risk Factors</I>&rdquo; therein, and Workhorse&rsquo;s subsequent Quarterly Reports on Form&nbsp;10-Q.
Copies of Workhorse&rsquo;s filings with the SEC are available publicly on the SEC&rsquo;s website at www.sec.gov
or may be obtained by contacting Workhorse. Should one or more of these risks or uncertainties materialize, or should any of our assumptions
prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Readers are cautioned
not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements
are made only as of the date hereof, and Workhorse undertakes no obligations to update or revise the forward-looking statements, whether
as a result of new information, future events or otherwise, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Offer or Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release is not intended to and does not constitute an offer
to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there
be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offering of securities will be made except by means of a prospectus
meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Workhorse</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>Aaron Palash / Greg Klassen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212-355-4449</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Relations:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>Tom Colton and Greg Bradbury</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gateway Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">949-574-3860</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WKHS@gateway-grp.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Motiv</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Williams</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1-206-660-5503, john.williams@motivps.com</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
