Lucid Motors wins bankruptcy auction for Nikola's Arizona factory and other assets

Core Insights - Lucid Motors has unexpectedly won the bankruptcy auction for Nikola's Arizona factory and other assets, committing approximately $30 million in cash and non-cash considerations [1][2] - The acquisition includes Nikola's lease on its Phoenix headquarters, along with certain machinery, equipment, and inventory [1] - Lucid plans to offer jobs to around 300 former Nikola employees as part of the deal [2] Group 1: Acquisition Details - Lucid Motors' bid was surprising as Nikola had been attempting to sell its entire business since filing for bankruptcy protection in February [2] - The acquisition is strategic for Lucid, which already operates a factory in Casa Grande, Arizona, allowing for increased warehousing space and testing equipment [3] - The bankruptcy judge has allowed objections to the sale until April 11, with a hearing scheduled for the same day [4] Group 2: Background Context - Nikola's founder, Trevor Milton, who was previously convicted of fraud, attempted to bid on the assets but was blocked from inspecting them prior to the auction [3] - Lucid's focus has primarily been on passenger electric vehicles, contrasting with Nikola's involvement in hydrogen-powered electric vehicles [2]