GGPI Stock News: Gores Guggenheim gains as EV stocks turn higher to close the month

NASDAQ:GGPI managed to have a positive month in February as the pre-merger SPAC stock gained 5.6% during the tumultuous month. On Monday, shares of GGPI gained 1.47% and closed the trading session at $11.06. There wasn’t any specific company news from Polestar to start the week, but strength across the EV sector pushed GGPI’s stock higher. The NASDAQ was the only major index to close the session in the green as the tech-heavy index gained 0.41% during the session. The Dow Jones dropped by 166 basis points, while the S&P 500 capped off a negative month in February with a 0.24% loss.

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As GGPI awaits a merger date with Polestar, another former EV SPAC, Lucid Group (NASDAQ:LCID), reported its quarterly earnings on Monday after the markets closed. Without sugar coating, it was another disappointing quarter for the luxury EV maker as Lucid missed badly on revenues and reported wider than expected losses. Perhaps the worst part of Lucid’s call was when the company slashed its 2022 delivery numbers from 20,000 to between 12,000 and 14,000. Needless to say, shares of LCID were down by more than 14% in after hours trading.

Gores Guggenheim stock price

The EV sector was raised higher on Monday after a major announcement from industry leader Tesla (NASDAQ:TSLA). Over the weekend, Tesla announced that its Berlin GigaFactory will officially be opened in March. This conflicts with previous reports that the water supply for the factory is in question as environmentalists will be appearing in German Court on March 4th to determine whether or not Tesla received its water utility license without the German authorities conducting sufficient reviews. Shares of TSLA were up 7.48% on Monday.