Lucid Group, the electric vehicle manufacturer, announced it will acquire select facilities and assets in Arizona previously owned by the bankrupt Nikola Corp., a manufacturer of electric and hydrogen trucks.
The electric vehicle manufacturer explained in a statement that the deal does not include the acquisition of Nikola’s business, customer base, or technology related to Nikola’s hydrogen fuel cell electric trucks.
Lucid added that it plans to provide employment opportunities for more than 300 former Nikola employees across its Arizona facilities, including various technical positions with fixed pay and fixed hours across multiple departments.
Nikola, which began manufacturing battery-powered semi-trailers and then transitioned to hydrogen-powered electric trucks, filed for bankruptcy, becoming the latest electric vehicle manufacturer to falter after facing weak demand.
News about Nikola’s trucks has been widely circulated, with some considering the new truck a revolution in heavy-duty electric vehicles, and that the era of thermal engines will end sooner than planned.
However, after a while, customers who had paid huge sums for the promised truck discovered that the case was more of a scam than the truth.
Trevor Milton, Nikola’s founder, faced fraud charges and was convicted and sentenced to four years in prison in 2023, but Trump pardoned him.
Lucid Group is an American electric vehicle manufacturer, Saudi Arabia is a major investor in the company, which is backed by the Saudi Public Investment Fund.
