Lucid Group Inc. announced an investment of $1.0 billion from an affiliate of the Public Investment Fund (PIF), Ayar Third Investment Co, for a newly created series of convertible preferred stock, subject to customary closing conditions. This investment comes as a significant boost for the electric vehicle (EV) maker, which has seen its stock price surge in premarket trading, with an increase of 12.6% reported at one point and reaching up to +25.27%, closing at $2.77 and opening at $3.47 in premarket. The funding is viewed as a critical lifeline for the company, struggling in the competitive EV market. Lucid's CEO, in a statement, emphasized a cautious approach towards the financial backing from PIF, indicating a respect for the investor and a commitment to prudent financial management.