Lucid signs deal to raise $1bn from Saudi Arabia's PIF affiliate

Electric vehicle (EV) maker Lucid said on Monday it had signed a deal to raise $1bn (R18.92bn) in funding from an affiliate of Saudi Arabia's Public Investment Fund.

Ayar Third Investment Company, an affiliate of the sovereign wealth fund, will buy $1bn in convertible preferred stock, the EV maker said.

Shares of the California-based company, which intends to use the proceeds for corporate purposes, among other things, rose about 4% in premarket trading.