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Lucid Now Owns a Former Nikola Motors Factory
Nikola Motors declared bankruptcy earlier this year, but the formerly promising automaker’s assets aren’t going to waste. Lucid Motors recently announced that it acquired some of Nikola’s assets, including a factory, and said it would work to employ more than 300 of the facility’s workforce.
Nikola Motors declared bankruptcy earlier this year, but the formerly promising automaker’s assets aren’t going to waste. Lucid Motors recently announced that it acquired some of Nikola’s assets, including a factory, and said it would work to employ more than 300 of the facility’s workforce.
In a statement, Lucid said, “Lucid Group, Inc. (Nasdaq: LCID), maker of the world’s most advanced electric vehicles, today announced it has reached an agreement to acquire select facilities and assets in Arizona previously belonging to Nikola Corporation, subject to approval by the U.S. Bankruptcy Court for the District of Delaware. The transaction does not include the acquisition of Nikola’s business, customer base, or technology related to Nikola’s hydrogen fuel cell electric trucks.”
Lucid will gain more than 884,000 square feet of manufacturing and office space, and the automaker said the purchase includes “development equipment with extensive battery and environmental testing chambers, a full-size chassis dynamometer, machining equipment, and more.”
In addition to taking over the building, Lucid plans to employ more than 300 people from the former Nikola campus, including salaried and hourly technical workers, assembly line workers, and engineers. Lucid believes the acquisition will help it ramp up production and bring next-generation vehicles to market faster.
Interim CEO Marc Winterhoff said, “As we continue our production ramp of Lucid Gravity and prepare for our upcoming midsize platform vehicles, acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing, and development facilities while supporting our local Arizona community.”
[Images: Lucid Motors]
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