Lucid has said it has entered into an agreement with its majority stockholder, Ayar Third Investment Company.

It will buy $1 billion of newly created series of convertible preferred stock via private placement, subject to customary closing conditions.

Ayar is an affiliate of the Saudi Arabia’s Public Investment Fund (PIF).

Peter Rawlinson, CEO and CTO, Lucid Group said:  "We are extremely pleased to receive this strong, continued support from the PIF, as we work to solidify our place as the world’s leading EV technology company.”

PIF holds a 60% stake in the EV maker.

Last year Lucid opened its first overseas factory in the Middle East, in Saudi Arabia’s King Abdullah Economic City (KAEC) in Jeddah.