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.