Lucid acquires former Nikola facilities for just $30 million

After Nikola filed for bankruptcy in February this year, the company left some of its facilities and staff in limbo. However, according to industry experts, Lucid has stepped in and acquired key facilities and assets in Arizona for just $30 million, which is quite the bargain.

Even though Nikola couldn't gain traction with its truck business, its factories are modern and well-equipped, so Lucid acquiring them is a big win for the EV startup backed by Saudi Arabia's Public Investment Fund.

Lucid already has a plant in Casa Grande where it builds the Lucid Air and the Gravity SUV, which is pretty close to the newly acquired facility from Nikola in Coolidge, Arizona, and the headquarters in Phoenix. The facility already has everything Lucid needs to start building its vehicles there.

Additionally, Lucid acquired part of Nikola's personnel and will offer 300 more positions to former Nikola workers who already have the expertise and experience in EV manufacturing.

The new acquisition perfectly aligns with Lucid's ambitions to expand its operations and start building a new midsize vehicle platform for its future affordable EVs.

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