GGPI Stock News: Gores Guggenheim edges higher as consumer demand for EVs rises

NASDAQ:GGPI continued its recent strong performance on Tuesday as the EV sector received another boost from sky-high oil prices. Shares of GGPI gained 0.01% and closed the trading day at $11.05. It was another tumultuous day for the global markets as the ongoing situation in Ukraine continues to weigh on investors. On Tuesday, several more iconic American brands shut down operations in Russia including Coca Cola (NYSE:KO), PepsiCo (NASDAQ:PEP), and McDonald’s (NYSE:MCD). All three major indices closed the session lower for the second straight day. The Dow Jones had a near 700 basis point swing, as the blue-chip index was up by as much as 585 basis points but finished lower by 184. The S&P 500 and NASDAQ also fell by 0.72% and 0.28% respectively after spending most of the day above water.

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Oil futures continued to rise on Tuesday as prices hovered at its highest levels in more than a decade. Electric vehicle stocks showed strength on Tuesday, although some succumbed to the late day sell off. Industry leader Tesla (NASDAQ:TSLA) shrugged off its recent weakness and gained 2.46%, while Nikola Motors (NASDAQ:NKLA) was the surprise gainer, climbing by 13.7%. Lucid (NASDAQ:LCID) continued its strong start to the week as the luxury EV maker jumped by 4.62% during the session.

Gores Guggenheim stock price

Just as EV stocks are starting to regain momentum, investment bank Morgan Stanley issued a cautionary note about the future of the industry. The firm has concerns about the rising delivery estimates from EV makers, and the availability of resources to fulfill those figures. As the industry continues to grow, Morgan Stanley anticipates the companies with an established supply chain of resource providers will win out in the end. Morgan Stanley specifically named Tesla and Nio (NYSE:NIO) as strong bets for the future.