Lucid, an American electric vehicle company, is set to acquire select assets from Nikola, an electric and hydrogen truck manufacturer that filed for bankruptcy protection in February.
According to electric vehicle media outlet Electrek on April 11, Lucid announced that it had agreed to acquire some of Nikola Motors facilities and assets in Arizona. Accordingly, Lucid plans to hire about 300 employees who are working at Nikola’s Arizona facility.
Lucid is currently producing its first electric vehicle model, the Air, and the SUV model Gravity, which was introduced in the second half of last year, and plans to expand the manufacturing infrastructure necessary to develop smaller vehicles through this acquisition.
Marc Winterhoff, Lucid’s interim CEO, said that with the addition of new facilities and personnel, the company had established a foundation for producing next-generation platforms.
Lucid is expected to expand its factories and strengthen its production capacity by utilizing Nikola’s manufacturing facilities. However, Lucid is also not yet profitable, so it faces financial challenges in that it will need to secure additional capital in the future.
Nikola filed for bankruptcy protection this February after suffering from management difficulties and has been proceeding with asset auction and sale procedures.
