GGPI Stock Forecast: Gores Guggenheim plummets during broader market collapse

NASDAQ:GGPI fell by 10.0% during Thursday’s trading session.
Jefferies has downgraded EV sales figures for the next two years.
Polestar continues to tease its upcoming models online.

Stocks Reporter FXStreet

NASDAQ:GGPI certainly didn’t have a day to remember as the EV maker approaches its merger vote next week. On Thursday, shares of GGPI dumped by 10.0% and closed the trading session at $8.99. GGPI and Polestar are set to hold their merger vote next Wednesday which will determine whether or not Polestar will begin trading on the NASDAQ exchange.

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Wednesday’s market rally following the 75 basis point rate hike was short-lived. On Thursday, all three major averages tumbled out of the start and saw the selling pressure continue until the closing bell. The Dow Jones dropped by 741 basis points and fell back below 30,000, the S&P 500 sank by 3.25%, and the NASDAQ tumbled lower by 4.08% during the session.

A report from the financial firm Jefferies has EV investors spooked. Analysts at the firm have lowered their sales targets of global EV sales for the rest of 2022 and 2023. Jefferies lowered its target from 9 million to 8.7 million in 2022, and 11.8 million to 11.5 million in 2023. EV makers racked up some huge losses on Thursday, as Tesla (NASDAQ:TSLA) fell by 8.54%, Nio (NYSE:NIO) fell by 4.67%, Lucid (NASDAQ:LCID) by 11.24%, and Rivian (NASDAQ:RIVN) by 9.15%.

GGPI stock price

Polestar continues to tease its new vehicle models ahead of the merger vote. On Thursday, the company posted a new photo of all of its upcoming models including the Polestar 4 SUV Coupe, the flagship Polestar 5 GT, and the Polestar 3 SUV as well. The Swedish EV maker is targeting an October launch date in the US.

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