Asia Tech Wire (Oct 18) -- Cash-strapped U.S. electric car maker Lucid Motors expects to raise $1.67 billion through a stock sale.

Lucid, backed by Saudi Arabia's Public Investment Fund (PIF), announced Wednesday that a combined public offering and private placement of about 637 million shares could bring in $1.67 billion.

In addition to the public offering of more than 262 million shares, the company signed an agreement with Ayar Third Investment, a PIF affiliate and the company's majority stockholder, to sell nearly 375 million shares in a private placement.

Upon completion of these purchases, Ayar expects to maintain its approximate 58.8% ownership of Lucid's outstanding common stock.

Lucid said it plans to use the proceeds from the stock sale and private placement for general corporate purposes, capital expenditures and working capital.