Wednesday, October 20, 2021 11:11 pm

Nikola, Lucid seek foreign trade zone status to save millions of dollars

Lucid Motors / Twitter

By Hayley Ringle | Phoenix Business Journal

Nikola Motor Co. and Lucid Motors Inc. are working through applications to receive foreign trade zone status for their planned vehicle manufacturing facilities in Pinal County.

The status potentially could save the companies millions of dollars in various tax and customs benefits.

Both startups are going through the lengthy application process to receive the tax benefits, said Denise Yanez, the Foreign Trade Zone 75 administrator for the city of Phoenix. FTZ 75’s service territory includes most of Maricopa County, except Mesa, and portions of Pinal and Yavapai counties, leaving Phoenix the authority on recommending approval for applications.

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