Introduction Of Lucid Motors
Electric vehicle startup Lucid Motors has unexpectedly emerged as the winning bidder in the bankruptcy auction of Nikola Corporation’s Arizona-based factory and other key assets, according to a court filing released late Thursday night.
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Lucid committed approximately $30 million in a mix of cash and non-cash considerations to acquire Nikola’s manufacturing facility, its lease on the Phoenix headquarters, and a selection of machinery, equipment, and inventory, the filing states. Lucid Motors
As part of the agreement, Lucid also plans to extend job offers to around 300 former Nikola employees, the company confirmed to TechCrunch. Lucid Motors
Lucid’s involvement in the proceedings came as a surprise for several reasons. Nikola, known for its hydrogen-powered electric trucks, has been trying to sell off its operations since it filed for bankruptcy protection in February. Meanwhile, Lucid’s expertise lies exclusively in luxury passenger EVs, and it has had no prior connection to hydrogen fuel cell technology — a core component of Nikola’s business model.
Adding another twist, Nikola founder Trevor Milton — who was convicted of fraud in 2022 and controversially pardoned by former President Trump in March — was also reportedly considering a bid for the company’s assets. However, Nikola successfully petitioned the court to block Milton from conducting in-person inspections of the factory and other properties ahead of the April 7 auction.
Lucid already operates a manufacturing facility in Casa Grande, Arizona, and sees strategic value in expanding its local infrastructure. The newly acquired assets, including warehousing space, testing equipment, and skilled workers, are expected to support its ongoing production and growth.
Although Lucid placed the highest bid during the auction, the court has allowed parties to file objections to the proposed sale until 12:00 p.m. ET on Friday, April 11. A hearing is scheduled for 1:30 p.m. ET the same day to finalize the outcome.
