(Reuters) -Electric-vehicle maker Lucid Group Inc said on Wednesday it was raising about $3 billion from Saudi Arabia's Public Investment Fund (PIF) and others.

Shares of the company were down 7% in extended trading.

In March, an entity related to PIF loaned Lucid about $266 million and roughly the same amount in April 2022, while the government-owned Saudi Industrial Development Fund also loaned the company about $1.4 billion in 2022.

Lucid is among the biggest U.S. investments of Saudi's PIF, which has been tasked with driving the kingdom's ambitious plan to cut its reliance on oil revenue.

(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Devika Syamnath)