Lucid Motors recently announced the acquisition of some of Nikola Motor’s assets, including its factory, and the offer of jobs to over 300 of its employees. This move comes after Nikola’s bankruptcy earlier this year, marking the end of a tumultuous period for the electric and hydrogen truck manufacturer.
In a press release, Lucid Group, Inc. stated that they had reached an agreement to acquire select facilities and assets in Arizona previously belonging to Nikola Corporation. This acquisition does not include Nikola’s business, customer base, or technology related to its hydrogen fuel cell electric trucks. The deal includes taking over Nikola’s former Coolidge manufacturing facility and Phoenix headquarters, adding over 884,000 square feet to Lucid’s Arizona footprint. The transaction is valued at $30 million in cash and non-cash considerations.
As part of the agreement, Lucid plans to offer employment to more than 300 former Nikola employees in various technical positions across its Arizona facilities. This move is seen as a strategic expansion of Lucid’s manufacturing, warehousing, testing, and development facilities, while also supporting the local Arizona community.
Marc Winterhoff, Interim CEO at Lucid, expressed enthusiasm for the acquisition and the opportunity to bring on board experienced industry professionals. He hinted that the new facilities and workforce would play a crucial role in bringing Lucid’s next vehicle platform to production, following the success of the Air luxury sedan and the recently launched Gravity SUV.
This acquisition aligns with Lucid’s plans to develop smaller and more affordable electric vehicles in the future. While the company still faces financial challenges and relies on raising capital, it is in a more stable position compared to Nikola. The acquisition of Nikola’s assets and the offer of employment to former employees signal a positive step forward for both Lucid and the local community in Arizona.
Overall, this strategic move by Lucid demonstrates a commitment to growth and innovation in the electric vehicle industry. By leveraging existing facilities and workforce, the company is poised to strengthen its position as a leader in the market.
