Employees working on a Nikola vehicle inside the now-closed manufacturing facility in Coolidge, Ariz. (Nikola Corp.)
Lucid Group Inc. has agreed to take over the headquarters and electric truck factory previously belonging to Nikola Corp., the manufacturer that filed for bankruptcy earlier this year.
In addition to snapping up Nikola’s former main office in Phoenix and its manufacturing facility in Coolidge, Ariz., Lucid said April 11 it plans to offer jobs to more than 300 former Nikola employees. The agreement is subject to approval by the U.S. Bankruptcy Court for the District of Delaware.
The former Nikola facilities would supplement Lucid’s existing factory in nearby Casa Grande, Ariz. The maker of the $69,900 Air sedan started delivering its second model, the Gravity sport utility vehicle, late last year.
“Acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing and development facilities while supporting our local Arizona community,” Marc Winterhoff, Lucid’s interim CEO, said in a statement.
Winterhoff took over the top job in February from Peter Rawlinson, who’d been CEO since 2019 and led the EV maker through its merger with a blank-check company. Lucid’s market capitalization has plummeted 95% since peaking at $91.4 billion in November 2021, more than a year after Nikola went public by combining with a special purpose acquisition company, or SPAC.
