Lucid Motors Surprises with Win in Nikola Bankruptcy Auction

Lucid Motors Surprises with Win in Nikola Bankruptcy Auction
Lucid Motors has unexpectedly secured the Arizona factory and assets of bankrupt electric trucking company Nikola, committing around $30 million. This acquisition includes Nikola's headquarters lease, machinery, and inventory. Lucid plans to offer positions to approximately 300 former Nikola employees. The move is surprising as Lucid primarily focuses on passenger EVs, while Nikola specializes in hydrogen-powered vehicles. Nikola’s founder, Trevor Milton, attempted to bid on the assets but was blocked by the court. Objections to the sale can be filed until noon ET on April 11, with a hearing scheduled for later that day.