Lucid Motors wins bankruptcy auction for Nikola’s Arizona factory and other assets

EV startup Lucid Motors has emerged as a surprise winner in the bankruptcy auction for electric trucking company Nikola’s Arizona factory and other assets, according a late Thursday night court filing. Lucid committed around $30 million in cash and non-cash considerations in exchange for the factory, Nikola’s lease on its Phoenix headquarters, and “certain machinery, equipment and inventory,” according to the filing. As part of the deal, Lucid is planning to make offers to around 300 former Nikola employees, the company told TechCrunch. The sudden appearance of Lucid in the Nikola bankruptcy proceedings is a shock for multiple reasons. Nikola had been trying to sell its whole business since it filed for bankruptcy protection in February. Lucid is focused on making passenger EVs, and has never dealt with hydrogen-powered electric vehicles, which is a big piece of Nikola’s nascent business. More recently, Nikola’s founder Trevor Milton — who was convicted of fraud in 2022, but was p ... Read full article.