**Lucid Acquires Nikola’s Coolidge Factory in $30 Million Deal**
Lucid Group has acquired the Arizona manufacturing facility of fellow electric vehicle maker, Nikola Corp., following a successful bankruptcy auction. The deal marks a significant expansion for Lucid and a new chapter for the Coolidge-based plant.
Lucid agreed to pay $30 million for Nikola’s Coolidge manufacturing facility, which also includes the lease for Nikola’s former headquarters in Phoenix and additional related assets. With this acquisition, Lucid will add more than 884,000 square feet to its real estate footprint in Arizona, supporting its ongoing growth strategy. The company already operates a production facility in Casa Grande, Arizona.
Nikola, founded in 2015, filed for Chapter 11 bankruptcy protection in February. At the time, the company employed more than 850 workers. As part of the acquisition, Lucid has stated that it intends to offer employment opportunities to over 300 former Nikola employees.
This move signals Lucid’s commitment to strengthening its manufacturing capabilities and expanding its presence in the ever-competitive electric vehicle market.
