Saudi Arabia’s sovereign wealth fund has grown increasingly serious about electric vehicle (EV) investments as a future growth engine, despite the current environment of sustained lower oil prices and production. Saudi Arabia’s Public Investment Fund (PIF), the majority owner of Californian EV maker Lucid, announced it will buy $750 million of convertible preferred stock in Lucid through a private placement earlier this week and has provided an additional $1.5 billion of liquidity to the manufacturer. The PIF will also provide an unsecured delayed draw loan facility of $750 million through an affiliate investment company called Ayar.