Lucid to buy Nikola's Arizona EV facilities after the latter's bankruptcy
Lucid Motors has announced that it's acquiring certain facilities in Arizona owned by Nikola, an EV truck maker that filed for Chapter 11 bankruptcy protection back in February. It will also offer more than 300 former Nikola employees jobs across its facilities in the state, including roles in engineering, software, assembly, vehicle testing and warehouse support. Lucid says that most of the space it's buying is comprised of state-of-the-art manufacturing and warehousing buildings. It's also getting the equipment inside those buildings, such as Nikola's battery and environmental testing chambers, machining equipment and a full-size chassis dynamometer, among others.
Nikola, which was founded in 2015, used those facilities as its factory, headquarters and development center for zero-emission heavy trucks. When it announced its bankruptcy in February, the company also said that it was going to sell off its assets. Lucid didn't say how much it's paying for the purchase, but the deal is valued at $30 million in cash and non-cash considerations, according to Electrek. The acquisition is part of Lucid's planned expansion in Arizona, but it still has to be approved by the US Bankruptcy Court for the District of Delaware.
"As we continue our production ramp of Lucid Gravity and prepare for our upcoming midsize platform vehicles, acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing, and development facilities while supporting our local Arizona community," said Marc Winterhoff, Interim CEO at Lucid. The company launched its electric SUV, Gravity, 2024. At the moment, only the $94,000 Grand Touring trim is available, but Lucid plans to start production for the $79,900 Touring model sometime this year.This article originally appeared on Engadget at https://www.engadget.com/transportation/lucid-to-buy-nikolas-arizona-ev-facilities-after-the-latters-bankruptcy-123027329.html?src=rss
Rating
Innovation
Pricing
Technology
Usability
We have discovered similar tools to what you are looking for. Check out our suggestions for similar AI tools.
Nintendo Switch 2 pre-orders latest updates: Console remains sold out at Ga
<p>While Nintendo Switch 2 pre-orders are technically open, you may have a tough time grabbing the new console before it's June 5 release date if you haven't secured one already. After an <a [...]
Nintendo Switch 2 pre-orders: Sold out at most retailers including GameStop
<p>After (what felt like) a long delay, Nintendo Switch 2 pre-orders have opened in the US and Canada. Nintendo finally opened up pre-orders in both regions on April 24, after previously announc [...]
TSMC is investing an additional $100 billion into semiconductor manufacturi
<p>Taiwan Semiconductor Manufacturing Company (TSMC), the world's top semiconductor manufacturer, has pledged to invest another $100 billion over the next four years to boost advanced se [...]
Nintendo Switch 2 pre-orders: Latest updates as console remains sold out at
<p>Nintendo Switch 2 pre-orders are technically open in North America, but if you haven't managed to grab one already, you may have a tough time doing so before the console's June 5 release date [...]