Lucid Group ($LCID@US), the luxury electric vehicle maker, announced its plans to raise approximately $3 billion through a new equity offering. Most of the funding will come from Saudi Arabia's Public Investment Fund (PIF), which controls the company. About $1.8 billion will be raised through a private placement of stock with the PIF, while the remaining amount will be generated through a public offering of new shares. Following the funding round, the PIF's stake in Lucid will be maintained at around 60.5%. As of March 31, Lucid had approximately $3.4 billion in cash and $700 million in available credit lines. Shares declined 6% in after-hours training following the news.