Lucid Gains After EV Maker Secures $1.5 Billion Lifeline (3)

Lucid Group Inc. will get a cash infusion of as much as $1.5 billion from an affiliate of Saudi Arabia’s Public Investment Fund, sending the electric-car maker’s shares up as it readies its first sport utility vehicle.

Ayar Third Investment Company has agreed to make the investments by purchasing $750 million of convertible preferred stock and providing a $750 million unsecured loan, Lucid saidlate Monday. The fresh funding comes as the carmaker works to overcome production hurdles and copes with slowing EV demand.

Lucid shares traded up as much as 13% after the markets ...