UPDATE 1-Lucid signs deal to raise $1 bln from Saudi's PIF affiliate
(Adds details in paragraph 2, shares in paragraph 3)
March 25 (Reuters) - 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.
Ayar Third Investment Company, an affiliate of the sovereign wealth fund, will buy $1 billion 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.
(Reporting by Akash Sriram in Bengaluru; Editing by Arun Koyyur)