Workhorse Group Inc. and Motiv Electric Trucks have announced a strategic merger to form a leading North American manufacturer of medium-duty EVs. This all-stock transaction combines Workhorse’s manufacturing capabilities and national dealer network with Motiv’s diverse product portfolio and strong fleet relationships. The merged entity will target the $23bn Class 4-6 truck market, aiming to deliver cost-effective, high-performance EVs for commercial fleets. The combined company is valued at c.$105m and expects $20m in cost synergies by the end of 2026. Motiv’s CEO, Mr Scott Griffith, will lead the new company, while Workhorse’s CEO, Mr Rick Dauch, will serve as an advisor. The merger strengthens financial stability through a simplified capital structure, a $20m sale-leaseback of Workhorse’s Union City plant, and $20m in new debt financing. Ownership will be split among Motiv’s controlling investor (62.5%), Workhorse shareholders (26.5%), and Workhorse’s senior lender (11%). The new company will leverage over 17 million miles of combined road experience and aims to achieve cost parity with diesel trucks. It plans to serve national-scale fleets with scalable production capacity and integrated software, hardware, and IP platforms, enhancing total cost of ownership and accelerating fleet electrification.
Allianz UK has announced it is pledging to transition its entire vehicle fleet to electric by 2030, reinforcing its commitment to sustainability. Earlier this year, the company began trialling a new vehicle ordering system and has already added 160 EVs this year, bringing its total to 307 (28% of its fleet). The initiative includes testing various EV models with an employee panel, including adapted vehicles for different physical needs, and launching a driver app to track mileage and emissions. This move is part of Allianz’s broader strategy to cut greenhouse gas emissions per employee by 70% by 2030, following a 47% reduction in 2024 compared to 2019. The shift also reflects evolving trends in motor insurance, as EVs present new risks and repair challenges. Allianz aims to leverage its fleet experience to enhance its insurance offerings and align with EV100, a global campaign promoting EV adoption.
Bloomberg has reported that federal EV incentives under the Inflation Reduction Act are facing potential expiration or revision; thus, automakers and dealers are ramping up attractive lease deals to entice buyers before the benefits disappear. These incentives, which offer up to $7,500 for new EVs and $4,000 for used ones, have significantly boosted EV affordability. However, political uncertainty, particularly surrounding the 2024 US presidential election result, has cast doubt on their future. If the administration changes, these credits could be scaled back or replaced with policies favouring traditional automakers. In response, brands like Tesla, Hyundai, and Ford are offering competitive lease terms to lock in customers while the incentives remain. Leasing has become a popular workaround for eligibility restrictions tied to vehicle origin and battery sourcing. The urgency is driving a surge in EV lease sign-ups, especially among cost-conscious consumers. This leasing boom reflects both the appeal of current financial perks and growing concern over future policy shifts.
NIO has announced its expansion into Singapore, Uzbekistan, and Costa Rica, marking a strategic move to broaden its global footprint. The company aims to introduce its premium EVs and battery-swapping technology to these new markets, leveraging its experience from China and Europe. In Singapore, NIO plans to establish a regional hub to support Southeast Asian operations, while Uzbekistan represents its first entry into Central Asia. Costa Rica will serve as a gateway to Latin America, aligning with the country’s sustainability goals. This expansion is part of NIO’s broader strategy to accelerate global adoption of electric mobility and strengthen its presence in emerging markets. The company continues to invest in infrastructure, including charging and battery swap stations, to support its EVs and enhance user experience.
Rhondda Cynon Taf Council has announced it has launched new 50kW rapid EV chargers at 3 town centre car parks, Aberdare Library, Tonypandy Lower, and Pontypridd’s Goods Yard, as part of its goal to become carbon-neutral by 2030. These chargers can deliver a substantial charge in about an hour, allowing drivers to recharge while shopping or dining locally. The initiative is part of a broader strategy, supported by the Cardiff Capital Region, Welsh Government, and UK Government, which has already seen 76 chargers installed at 65 community locations since 2022. The council aims for 90% of residents to be within a mile of a charger by the end of the decade. This rollout is part of a 2-phase plan, with phase 2 expanding installations to 26 more sites, including community centres and leisure facilities. Additional chargers have also been funded through the Welsh Government’s ULEV Transformation Fund and other grants.
Deals
Ultraviolette Automotive, an Indian electric two-wheeler start-up, has secured $21m in an investment round led by TDK Ventures. Investors such as Zoho Corporation and Lingotto also participated in this round. The funding will support Ultraviolette’s expansion plans, including scaling its retail presence in India from 20 to over 100 cities and boosting international sales. The company’s flagship electric motorcycle, the F77, is already certified and sold in 10 European countries. Ultraviolette focuses on integrating vehicle and battery technologies. The partnership with TDK Ventures aims to accelerate the adoption of electric mobility platforms and battery systems. This startup is committed to shaping the future of mobility through deep-tech innovation.
Bumper, a Sheffield-based Buy Now, Pay Later (BNPL) platform for car servicing and repairs, has raised €9.4m in a Series B extension to expand its BNPL platform. This round was led by Autotech Ventures, with investors such as Suzuki Global Ventures, Porsche Ventures, and Shell Ventures also participating. Bumper helps drivers manage unexpected repair costs through interest-free payments at over 5,000 dealerships. With over 1.5 million users, the company is now operationally profitable and aims to surpass €1bn in GMV in 2025. Bumper is evolving into a full-stack automotive retail platform, launching Bumper Pro, a suite of B2B tools for dealerships and OEMs, following acquisitions of AutoBI and Cocoon Payments. These tools aim to reduce transaction fees, automate workflows, and enhance sales visibility.
GRIDSERVE has secured £100m in new equity funding from investors including TPG, Infracapital, and Mitsubishi to accelerate the rollout of high-power EV charging infrastructure across the UK. This investment strengthens GRIDSERVE’s position as the UK’s most-used EV charging network and supports its long-term growth strategy. The company boasts a 99% uptime and a 5-star rated customer experience, thus setting industry standards in reliability and service. The company plans to expand its network along the UK’s busiest roads, leveraging strategic partnerships with key locations. The funding complements existing equity and debt facilities, enabling the company to meet the evolving needs of EV drivers and support the UK’s clean transport goals.
3 former Tesla UK Supercharger team members (Harry Fox, Connor Selwood, and Hugh Leckie) have launched Hubber, securing £60m to develop high-powered urban EV charging hubs across the UK. Drawing on their experience delivering over 100 Tesla sites and 1,200 ultra-rapid chargers, Hubber aims to address the urban charging infrastructure gap, especially for commercial fleets like taxis, delivery vans, and buses. Their modular, planning-approved sites will be offered to charge point operators and fleet partners, with a proprietary site-selection model and streamlined delivery process enabling rapid deployment. The first site opens later this month in Lewisham, in partnership with RAW Charging, with plans for 30 more hubs delivering 100MW of grid capacity. Hubber highlights the challenges of urban deployment, such as scarce land, grid limitations, and planning hurdles, and positions its solution as key to enabling scalable, efficient electrification.
Equatic, a California-based climate tech startup, has raised $11.6m in a Series A funding round to scale its seawater electrolysis technology for carbon removal and green hydrogen production. Equatic’s process uses renewable energy to split seawater into hydrogen, oxygen, acid, and base streams. The acid is neutralised with crushed rock to prevent ocean acidification, while the base stream absorbs atmospheric CO2. The result is carbon-negative hydrogen and seawater discharged with stored inorganic carbon. This dual-purpose approach allows hydrogen to replace 40% of the energy needed for CO2 removal or be sold to decarbonise hard-to-abate sectors. The startup operates pilot plants in LA and Singapore and is expanding with a demonstration facility in Singapore and a commercial-scale plant in Canada. The funding will support engineering, commercialisation, and manufacturing efforts.