Lucid Group Inc. (LCID) saw its stock price soar 5.36% in Friday's pre-market trading session following the announcement of a strategic acquisition of select facilities and assets previously belonging to bankrupt electric and hydrogen-powered truckmaker Nikola Corporation.
The luxury electric vehicle maker revealed plans to acquire Nikola's former Coolidge manufacturing facility and Phoenix headquarters, collectively adding more than 884,000 square feet to Lucid's Arizona footprint. This move aligns with Lucid's prior planned expansion in Arizona and includes state-of-the-art manufacturing and warehousing buildings, as well as development equipment with extensive battery and environmental testing chambers.
In addition to the facility acquisition, Lucid plans to offer employment to more than 300 former Nikola employees across various technical roles. This strategic move is expected to bolster Lucid's production capabilities as it continues the ramp-up of its Lucid Gravity model and prepares for upcoming midsize platform vehicles. Investors appear optimistic about the potential synergies and growth opportunities presented by this acquisition, driving the stock's significant pre-market rally.
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