Lucid Motors will acquire the facilities of Nikola, the electric and hydrogen truck manufacturer that filed for bankruptcy protection in February.
In a press release on April 11, Lucid confirmed that it had agreed to purchase some facilities and assets from Nikola’s Arizona operations. However, the acquisition does not include Nikola’s hydrogen fuel cell electric truck business and related technologies.
Lucid intends to hire approximately 300 former Nikola employees who worked at the Arizona facility. A company spokesperson said, “We welcome employees with rich experience in electric vehicle technology and will further support the local community. “
Lucid had launched its first electric vehicle, the Air sedan, and released the Gravity SUV in late 2022.
Lucid’s existing factory is located near Nikola’s Arizona Coolidge facilities.
Marc Winterhoff, Lucid’s interim CEO, said, “As we continue our production ramp of Lucid Gravity and prepare for our upcoming mid-size platform vehicles, acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing, and development facilities while supporting our local Arizona community.”
After facing financial difficulties, Nikola filed for bankruptcy protection in February and began auctioning and selling assets.
Founded in 2015, Nikola initially garnered attention as a potential “Tesla of trucks” with its plans to produce electric and hydrogen trucks. However, controversy surrounding its founder, Trevor Milton, who was later convicted of fraud for misleading investors about the company’s technology, ultimately led to bankruptcy.
While Lucid once drew expectations as a potential competitor to Tesla, it has faced its challenges recently. Amid the overall slowdown in the electric vehicle market, the sales of its high-end models have been lagging. As a result, Lucid’s stock price has plummeted more than 95% from its 2021 peak.
