EV Startup Lucid Motors has emerged as a shocking winner on the chapter public sale of electrical trucking firm Nikola’s Arizona plant and different property, based on a courthouse late Thursday evening. Submit.
Lucid has dedicated about $30 million in money and non-cash issues in change for a manufacturing unit, Nikola’s lease at Nikola’s Phoenix headquarters, and “particular machines, tools, stock,” based on the submitting.
As a part of the deal, Lucid plans to supply round 300 former Nicola staff, the corporate instructed TechCrunch.
The sudden look of MikID within the Nicola chapter proceedings is stunning for a number of causes.
Nicola has been attempting to promote all the enterprise ever since submitting for chapter safety in February. Lucid focuses on the manufacture of passenger EVs and has by no means handled hydrogen-powered electrical automobiles, a giant a part of Nicola’s new enterprise.
Extra not too long ago, Nicola founder Trevor Milton, who was convicted of fraud in 2022 however was forgiven by President Trump in March, was assessing his personal bid on the startup’s property. Nicola persuaded the courtroom to dam Milton from inspecting the manufacturing unit and different property forward of the public sale held on April seventh.
Lucid has its personal manufacturing unit in Casa Grande, close to Arizona, so it is value gaining extra warehouse house, check tools and staff, based on the corporate.
Lucid was the highest bidder for these property at public sale, however the chapter decide has permitted him to problem the sale till 12pm on Friday, April eleventh.
