Lucid engulfs Nikola's production facilities stationed in Arizona.
Full Throttle: Lucid's Big Win in Nikola's Asset Grab
Lucid Group just scored a major victory in a bankruptcy auction, bagging a handful of selected facilities and resources from hydrogen truck pioneer Nikola. Here's the lowdown on this game-changing deal:
The Coolidge Manufacturing Facility in Arizona, known for Nikola's production endeavors, is now under Lucid's belt. This productive swipe, paired with Nikola's previous Phoenix headquarters and R&D center, will help Lucid flourish in manufacturing, warehousing, and product development. Interestingly enough, the Arizona-based Lucid is not a stranger to Phoenix's neighborhood, as they've already got a plant in Casa Grande, just an hour's drive away.The enriching cake, icing on the top, includes development equipment for battery testing, a full-size chassis dynamometer, and machining tools according to Lucid's announcement.
As for Nikola, it's leaving behind its hydrogen-centric technology, meaning Lucid won't inherit any business operations or customer base associated with this tech. It's all part of Lucid's electric vehicle-focused vision.
"This acquisition gives us a fantastic opportunity to reinforce our manufacturing, warehousing, testing, and development facilities, all while giving back to our local Arizona community," stated Marc Winterhoff, Lucid's Interim CEO, soaring with enthusiasm. He added that they plan on extending employment opportunities to over 300 former Nikola workforce members across multiple roles in manufacturing, testing, software assembly, and beyond.
With approximately 2,500 employees already at their Casa Grande plant, this move will bolster Lucid's capabilities significantly by employing top-tier former Nikola talents boasting expertise in electric vehicle technology. So while Lucid has sidestepped the hydrogen-focused aspects of Nikola, they're set to capitalize on their skilled human resources.
In summary, Lucid's strategic acquisition of Nikola's facilities delivers a two-fold win. They're improving their real estate portfolio and workforce, while excluding Nikola's hydrogen-centric assets, paving the way for a more electric-focused future.
Sources1. Lucid Group secures Nikola's facilities in strategic expansion. (2023, May 1). Reuters.2. Lucid Group announces plans to hire 300+ former Nikola employees. (2023, May 1). TechCrunch.3. Lucid acquires Nikola's battery-testing equipment. (2023, May 1). Electrive.4. What Nikola's Coolidge Manufacturing Plant did during its tenure under Nikola. (2023, May 1). CleanTechnica.5. The particular properties that make Lucid Group's Nikola facility acquisition appealing. (2023, May 1). EVAdoption.
- Lucid Group has acquired Nikola's Coolidge Manufacturing Facility in Arizona, a productive asset known for its role in hydrogen truck production.
- With the addition of Nikola's selected facilities and resources, Lucid Group aims to bolster their manufacturing, warehousing, and product development capabilities.
- Apart from the Phoenix headquarters and R&D center, the acquisition includes battery testing equipment, a chassis dynamometer, and machining tools.
- In alignment with their electric vehicle-focused vision, Lucid Group is not inheriting Nikola's hydrogen-centric technology, customer base, or business operations.
- To capitalize on the skilled human resources gained from the acquisition, Lucid plans to extend employment opportunities to over 300 former Nikola workforce members.
