Lucid to acquire select Arizona-based Nikola facilities and assets
Summary
California-based Lucid Group on Friday said it will acquire select Arizona-based facilities and assets previously belonging to bankrupt electric and hydrogen-powered truckmaker Nikola Corp. Lucid added it plans to offer employment to more than 300 former Nikola employees across the Arizona facilities, including various technical salaried and hourly positions in multiple departments. In February, the company filed for Chapter 11 bankruptcy protection and said it would pursue the sale of its assets, becoming the latest EV maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges. Nikola, which started out making battery-powered semi-trucks and pivoted to electric trucks that use hydrogen, had earlier said it decided to initiate a sale process to maximize value and ensure an orderly wind down. Last month, Nikola founder Trevor Milton, who was convicted of fraud and was sentenced to four years in prison in 2023, was pardoned by U.S. President Donald Trump.