EV startup Lucid Motors has emerged as a marvel winner within the chapter public sale for electrical trucking corporate Nikola’s Arizona manufacturing unit and different property, in accordance a overdue Thursday night time courtroom submitting.
Lucid dedicated round $30 million in coins and non-cash issues in trade for the manufacturing unit, Nikola’s rent on its Phoenix headquarters, and “sure equipment, apparatus and stock,” in keeping with the submitting.
As a part of the deal, Lucid is making plans to make provides to round 300 former Nikola workers, the corporate informed Techmim.
The surprising look of Lucid within the Nikola chapter lawsuits is a surprise for a couple of causes.
Nikola have been seeking to promote its entire trade because it filed for chapter coverage in February. Lucid is all in favour of making passenger EVs, and hasn’t ever handled hydrogen-powered electrical cars, which is a large piece of Nikola’s nascent trade.
Extra lately, Nikola’s founder Trevor Milton — who used to be convicted of fraud in 2022, however used to be pardoned through President Trump in March — used to be comparing a bid of his personal at the startup’s property. Nikola satisfied the courtroom to dam Milton from examining its manufacturing unit and different property in-person forward of the public sale, which used to be held April 7.
Lucid has its personal manufacturing unit in close by Casa Grande, Arizona, and so it sees worth in obtaining extra warehousing house, checking out apparatus, and workers, in keeping with the corporate.
Whilst Lucid used to be the highest bidder for those property on the public sale, the chapter pass judgement on is permitting objections to the sale to be filed till 12:00 p.m. ET on Friday, April 11. A listening to is scheduled for 1:30 p.m. ET.
electrical cars,EVs,Lucid Motors,Nikola
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