Lucid said on Monday it is raising $1 billion in capital from an affiliate of Saudi Arabia’s Public Investment Fund (PIF), sending the shares of the luxury electric carmaker up about 8%. The latest investment by the sovereign wealth fund underscores a key advantage Lucid has in the race for survival among struggling EV startups. The Saudi government, which has a 60% stake, has invested billions in Lucid’s success as part of a strategy to diversify the Kingdom’s economy beyond oil. Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able...