Lucid Group announced an agreement to acquire select Arizona-based facilities and assets previously belonging to bankrupt electric and hydrogen-powered truckmaker Nikola Corp. This acquisition is pending U.S. Bankruptcy Court approval.
The deal involves Lucid committing approximately $30 million in cash and non-cash considerations for a factory, Nikola's lease on its Phoenix headquarters, and certain machinery, equipment, and inventory. This move aims to boost Lucid's U.S. EV production capabilities.
This strategic acquisition will allow Lucid to expand its manufacturing footprint and potentially leverage existing infrastructure to support its production ramp-up, particularly for upcoming models like the midsize platform.
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