- NASDAQ:GGPI fell by 0.54% during Monday’s trading session.
- Volvo will continue to foster Polestar’s growth and announced five more EVs of its own.
- Polestar is boosting its Board of Directors with plenty of automotive experience.
NASDAQ:GGPI inched lower on Monday as the global markets started another week on the back foot. Shares of GGPI fell by 0.54% and closed the first trading day of the week at $11.04. It was another tumultuous session for the broader markets as rising energy prices and the ongoing situation in Ukraine weighed on investors. The Dow Jones tumbled by 797 basis points, while the S&P 500 and NASDAQ fell by 2.95% and 3.62% respectively. The S&P 500 fell deeper into correction territory while the NASDAQ has officially hit bear market territory as the tech-heavy index is now 20% off of its recent all-time high prices.
Stay up to speed with hot stocks' news!
Polestar’s largest stakeholder, Volvo, announced that it intends to continue to foster the EV maker’s growth into the future. Volvo owns nearly 50% of the outstanding shares of Polestar, as the Swedish automaker continues to expand its portfolio to meet a new electric standard. Volvo itself also announced five new all-electric vehicles that will be joining its lineup at some point in 2023. Currently, Volvo only has one electric model: the XC-40 crossover, so the announcement is an important one for the automaker as it aims to be entirely electric by 2030.
Gores Guggenheim stock price
Ahead of its planned merger with Gores Guggenheim, Polestar is beefing up its Board of Directors with some heavy Volvo influence. Being added to the board are several executives from Volvo including its new CEO, Jim Rowan. In addition to Rowan, Volvo-parent company and Chinese automaker Geely will have its CEO, Daniel Li, on Polestar’s board as well. Current Polestar CEO is also being appointed as Polestar’s new Executive Director.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.