A Saudi company pumps a billion dollars into Lucid

Lucid, an electric car manufacturer, signed a deal to obtain $1 billion from a company affiliated with the Saudi Public Investment Fund.

Lucid added that Ayar III Investment Company, a subsidiary of the sovereign wealth fund, will buy $1 billion worth of convertible preferred shares.

Lucid, based in California, rose about 26 percent during trading before main business hours. (Sky News Arabia)