Lucid to Buy Nikola Facilities to Expand Footprint in Arizona

Lucid Group, Inc. LCID, a U.S.-based EV manufacturer, has agreed to acquire several Arizona-based facilities previously owned by Nikola, an electric truck manufacturer that filed for Chapter 11 bankruptcy protection in February. Lucid also intends to hire more than 300 former Nikola employees for roles in engineering, software, vehicle assembly, testing and warehouse operations across its Arizona locations. This acquisition follows Nikola’s bankruptcy auction, which concluded on April 10, 2025. Lucid will take over Nikola's former manufacturing plant in Coolidge and its previous headquarters and development center in Phoenix to expand its footprint in Arizona by more than 884,000 square feet. The facilities primarily comprise state-of-the-art manufacturing and warehousing buildings. LCID will also acquire various equipment within the buildings, including battery testing systems, machining tools, environmental chambers and a full-size chassis dynamometer. Nikola, founded in 2015, had used the sites for its factory operations, headquarters and R&D activities focused on zero-emission heavy-duty trucks. When the company filed for bankruptcy, it announced its intention to sell off assets. While Lucid hasn’t disclosed the exact purchase price, the deal is valued at $30 million in a mix of cash and non-cash considerations, per Electrek. The transaction is still subject to approval by the U.S. Bankruptcy Court in Delaware. The deal does not involve Nikola’s business operations, technology, or customer base, specifically its hydrogen fuel cell truck segment. Per Lucid’s interim CEO, Marc Winterhoff, the acquisition will support the company’s production ramp-up of the Lucid Gravity and future midsize platform vehicles. The Gravity SUV, launched in 2024, currently has the $94,000 Grand Touring model available. The company is planning to commence the production of a $79,900 Touring version later this year. Lucid recently announced a $1 billion private institutional offering of 5% convertible senior notes due in 2030, aimed at refinancing earlier debt set to mature in 2026. As of Dec. 31, 2024, the company held $1.61 billion in cash and equivalents. LCID’s Zacks Rank & Key PicksLucid carries a Zacks Rank #3 (Hold) at present.Some better-ranked stocks in the auto space are China Yuchai International Limited CYD, Michelin MGDDY and Suzuki Motor Corporation SZKMY, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for CYD’s 2025 sales and earnings indicates year-over-year growth of 9.17% and 36.84%, respectively. EPS estimates for 2025 have improved 25 cents in the past 60 days.The Zacks Consensus Estimate for MGDDY’s 2025 earnings implies year-over-year growth of 40.56%. EPS estimates for 2025 and 2026 have improved 27 cents and 18 cents, respectively, in the past 60 days.The Zacks Consensus Estimate for SZKMY’s 2025 sales and earnings indicates year-over-year growth of 8.59% and 48.43%, respectively. EPS estimates for 2025 and 2026 have improved 50 cents and 39 cents, respectively, in the past 60 days.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Michelin (MGDDY): Free Stock Analysis Report Suzuki Motor (SZKMY): Free Stock Analysis Report China Yuchai International Limited (CYD): Free Stock Analysis Report Lucid Group, Inc. (LCID): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks