Lucid Group Expands Arizona Operations with Nikola Acquisition

Lucid Group, Inc. has announced its acquisition of significant assets from Nikola Corporation in Arizona, which includes the Coolidge manufacturing facility and the company's former headquarters. This move expands Lucid's operational footprint by over 884,000 square feet and is part of a strategy to enhance its manufacturing capabilities in the luxury electric vehicle market. Lucid plans to hire over 300 former Nikola employees, integrating experienced professionals into its workforce to support its growth. The deal is contingent upon approval from the U.S. Bankruptcy Court for the District of Delaware, following Nikola's Chapter 11 bankruptcy proceedings. While analysts project a short-term downside for Lucid's stock, GuruFocus estimates a substantial upside potential based on their GF Value analysis. The acquisition is expected to bolster Lucid's position in the competitive EV sector as it prepares to launch new models and improve operational efficiency.