Lucid Acquires Nikola's Arizona Facilities

Lucid Group, Inc. has reached an agreement to acquire select facilities and assets in Arizona from Nikola Corporation, a company that filed for Chapter 11 bankruptcy earlier this year. The acquisition includes Nikola's former manufacturing facility in Coolidge and headquarters in Phoenix, adding approximately 884,000 square feet to Lucid's Arizona operations. The deal, valued at about $30 million, does not involve Nikola's business, customer base, or hydrogen fuel cell technology. Lucid plans to extend job offers to over 300 former Nikola employees in roles such as manufacturing engineering and vehicle testing. This acquisition is part of Lucid's strategic expansion to support production of its next-generation vehicles, pending approval from the U.S. Bankruptcy Court for the District of Delaware. Lucid's interim CEO, Marc Winterhoff, emphasized the importance of this acquisition for supporting Lucid's community and innovation goals.