Lucid Group mentioned on Wednesday that it’s elevating about $3 billion by means of a brand new fairness providing, with the bulk coming from the Saudi fund that controls the luxurious electric-vehicle maker.

Shares of the corporate fell greater than 6% after hours.

Lucid mentioned that about $1.8 billion of the whole will come from a personal placement of inventory with Saudi Arabia’s Public Funding Fund (PIF). The rest can be raised by means of a public providing of latest shares that commenced Wednesday, the corporate mentioned.

The PIF owns about 60.5% of Lucid. The brand new funding spherical is structured to maintain its stake on the similar degree.

Lucid mentioned it should use the brand new money for “basic company functions,” together with capital expenditures and dealing capital.

Lucid had about $3.4 billion in money and about $700 million in obtainable credit score strains as of March 31, in keeping with its most up-to-date report.