The EV Lucid Motors startup has become a surprise winner at the bankrupt presentation.
Lucid committed around $ 30 million in cash and non -monetary considerations in exchange for the factory, Nikola’s lease at its Phoenix headquarters and “a certain machinery, equipment and inventory,” according to the presentation.
As part of the agreement, Lucid plans to make offers to around 300 former Nikola employees, the company told TechCrunch.
Lucid’s sudden appearance in Nikola’s bankruptcy procedures is a shock for multiple reasons.
Nikola had been trying to sell his entire business since he declared himself in bankruptcy in February. Lucid focuses on making passengers EV, and has never dealt with electric vehicles with hydrogen, which is a large piece of Nikola’s nascent business.
More recently, the founder of Nikola, Trevor Milton, who was sentenced for fraud in 2022, but was forgiven by President Trump in March, he was evaluating his own offer about the assets of the startup. Nikola convinced the court that he prevented Milton from inspecting his factory and other assets in person before the auction, which was held on April 7.
Lucid has its own factory in the nearby Casa Grande, Arizona, so it considers value in acquiring more storage space, test equipment and employees, according to the company.
While Lucid was the best bidder of these assets at the auction, the bankruptcy judge is allowing objections to sale until 12:00 pm et on Friday, April 11. A audience is scheduled for 1:30 pm et.
