GGPI Stock News: Gores Guggenheim falls further as Chinese EV stocks feel the wrath of the SEC

NASDAQ:GGPI had a bearish close to the week after rising for the first three sessions. On Friday, shares of GGPI fell a further 0.82% and closed the trading week at $10.89. Electric vehicle stocks were in freefall on Friday, and it had a lot to do with the fact that the NASDAQ dropped by a further 2.18% to close out a bearish week for the index. The Dow Jones posted its fifth straight losing week as the blue-chip index continues to get hit by volatile commodities prices. The S&P 500 closed the session lower as well as the benchmark index dropped by 2.84% during the week.

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An SEC report that found five Chinese ADR companies had not provided American auditors with their financial records. While electric vehicle makers were not among them, they were some of the hardest hit stocks on Friday. Polestar parent company Geely saw most of its competitors deep in the red as Nio (NYSE:NIO) fell by 9.52%, XPeng (NYSE:XPEV) dropped by 12.12%, and Li Auto (NASDAQ:LI) tumbled by 14.70%. Nio has been especially hard hit this week after listing on the Hong Kong stock exchange, prompting American investors to grow concerned over the company delisting from the NYSE in the future.

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Gores Guggenheim stock price

Polestar’s top stakeholder, Volvo, has announced it is setting up a technology hub to support its ongoing transition to a fully electric automaker. The new hub will be established in Stockholm and be home to software developers and data analysts, who will be working on advancing Volvo’s electric vehicle lineup. It will be home to over 700 Volvo employees and help the automaker reach a 50% level of electric vehicle sales by 2025.