- NASDAQ: GGPI fell by 0.30% during Wednesday’s trading session.
- Polestar released a press release outlining the state of its business.
- EV stocks rally higher as Nio unveils new electric SUV model.
NASDAQ: GGPI inched lower for the seventh straight day, even as markets bounced higher following a key FOMC rate hike announcement. On Wednesday, shares of GGPI fell by a further 0.30% and closed the trading session at $9.90. Stocks rebounded higher following the FOMC announcement that interest rates would be hiked by 75 basis points to battle the out of control inflation in the US economy. The Dow Jones added 303 basis points, the S&P 500 gained 1.46%, and the NASDAQ rose by 2.50% during the session.
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Polestar released a company update on Wednesday just one week before the merger vote for shareholders. The press release was a reminder that Polestar is not an EV startup like previous EV SPAC mergers. Polestar reported that it has 130 retail locations around the world already in operation across 25 global markets with planned expansion to 30 by 2023. The company also stated that it has received 32,000 global orders for its Poletar 2 which represents a 290% year over year increase from 2021. Polestar also has three new fully electric vehicles on the horizon, and is planning to execute a US launch in the fall of this year.
GGPI stock price
EV Stocks were on the rise during the bullish session, as Tesla (NASDAQ:TSLA) gained 5.48% to briefly reclaim the $700.00 price level. Rivian (NASDAQ: RIVN), Lucid (NASDAQ: LCID), and Nio (NYSE: NIO) were also on the rise. Nio unveiled its new ES7 electric SUV model during a virtual conference on Wednesday, and Deutsche Bank and Morgan Stanley both reiterated their Buy ratings for the stock following the launch.
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