Lucid Motors Expands EV Production with Strategic Nikola Asset Acquisition
In a surprising turn of events, luxury EV manufacturer Lucid Motors has successfully acquired key assets from bankrupt electric truck maker Nikola Corporation. The $30 million deal, confirmed through court filings late Thursday, includes Nikola’s Arizona manufacturing facility, Phoenix headquarters lease, and various equipment.
Key Details of the Acquisition
- Transaction Value: Approximately $30 million in combined cash and non-cash considerations
- Assets Acquired:
- Coolidge, Arizona manufacturing plant
- Phoenix headquarters lease
- Manufacturing equipment and inventory
- Employment Impact: Lucid plans to extend job offers to ~300 former Nikola employees across multiple departments
Strategic Expansion for Lucid’s EV Ambitions
Lucid’s interim CEO Marc Winterhoff emphasized the strategic value of this acquisition: “This expansion supports our production ramp for the Lucid Gravity SUV and future midsize platform vehicles while strengthening our Arizona operational footprint.”
Notable Exclusions from the Deal
- No acquisition of Nikola’s hydrogen trucking technology or customer base
- Lucid maintains focus on passenger electric vehicles
The Competitive Bidding Process
The bankruptcy auction, which began April 7, saw Lucid outbid three unnamed compe*****s through multiple rounds. Court documents reveal the process was highly competitive, with Lucid ultimately securing the assets.
Legal Considerations
- Objections to the sale can be filed until April 11 at 12:00 p.m. ET
- Final hearing scheduled for 1:30 p.m. ET on April 11
Why This Deal Surprised Industry Observers
- Divergent Business Models: Lucid specializes in luxury passenger EVs, while Nikola focused on commercial hydrogen trucks
- Recent Developments: Nikola founder Trevor Milton, recently pardoned for fraud convictions, had expressed interest in bidding
- Geographic Synergy: Lucid already operates a manufacturing facility in Casa Grande, Arizona, just 60 miles from the acquired Nikola plant
This acquisition positions Lucid to significantly expand its production capacity as it prepares to launch new vehicle models. The deal also preserves hundreds of skilled automotive jobs in Arizona’s growing EV manufacturing sector.
Story updated with latest information from court filings and Lucid Motors’ official press release.
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