March 25 (Reuters) - Luxury electric automaker Lucid said on Monday it had signed a deal to raise $1 billion in funding from an affiliate of Saudi Arabia's Public Investment Fund (PIF), sending its shares up 11.9% in morning trading.
Ayar Third Investment Company, an affiliate of the sovereign wealth fund, will buy $1 billion in convertible preferred stock, the EV maker said.
PIF has a 60% stake in the EV maker and will be able to convert the preferred stock into about 280 million shares.
The California-based company said it intends to use the proceeds for corporate purposes among other things.
Lucid had last month said in its fourth-quarter financial presentation that it had sufficient liquidity "at least until 2025".
It forecast $1.5 billion in capital spending in 2024 as it pushes to launch its Gravity SUV line later this year.
The company had $4.8 billion in available funds at the end of 2023, including $4.3 billion in cash.