In a decisive move within the electric vehicle industry, Lucid Group Inc. has secured the manufacturing facility of Nikola Corp. in Coolidge, following a successful bid at a bankruptcy auction. The deal, which includes the acquisition of Nikola's Phoenix headquarters lease and additional assets, was settled for a sum of $30 million, evident from the proceedings held on April 10, as reported by ABC 15.

The acquisition effectively expands Lucid Group's footprint in Arizona by over 884,000 square feet. This expansion comes as the Saudi-backed Lucid, with its established EV production in Casa Grande, aims to bolster its manufacturing capabilities. The sale received official sanction on April 11 by Judge Thomas M. Horan in the U.S. Bankruptcy Court for the District of Delaware, marking a significant chapter in Lucid's growth narrative.

As per information from an announcement detailing the terms of sale reported by KTAR, the newly acquired facility is expected to significantly enhance Lucid's production output. This development comes at a crucial time as demand for electric vehicles continues to rise, pressuring manufacturers to increase their production capacity and infrastructure.

Lucid's acquisition signals a robust confidence in its trajectory within an increasingly competitive market. The assets, now under Lucid's ownership, are poised to contribute towards the company's endeavors in advancing electric vehicle technology and scaling up production demands.