GGPI Stock News: Gores Guggenheim gains EV stocks rebound during bullish session

NASDAQ:GGPI extended its streak to three straight winning sessions this week as the pre-merger SPAC stock continues to move towards its merger with Polestar. On Wednesday, shares of GGPI gained a further 0.45% and closed the trading day at $11.10. Electric vehicle stocks bounced higher on Wednesday despite the price of oil futures tumbling by 12% during the session. The Dow Jones rebounded by 653 basis points as it erased most of its losses from earlier this week. The NASDAQ was buoyed by big tech stocks and surged as Amazon (NASDAQ:AMZN) announced a 20 for 1 stock split. The S&P 500 added 2.57% for its single best trading day since June of 2020.

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Polestar has released several previews of its concept vehicles and the company is painting a portrait of a high-end, luxury brand. But luxury isn’t always what the consumer is looking for as can clearly be seen with Lucid (NASDAQ:LCID). Even industry leader Tesla (NASDAQ:TSLA) sees a good majority of its sales with its economy class Model 3 and Model Y vehicles. Polestar will likely need to rely on its Polestar 2 model to do most of the legwork for the brand as the new O2 concept roadster will likely price out most of its customers.

Gores Guggenheim stock price

Polestar’s majority stakeholder, Volvo, is testing out some interesting new technology for its XC40 Recharge taxis. The Swedish automaker is implementing wireless fast-charging for a small fleet of its taxis in Volvo’s home city of Gothenburg. The vehicles will be equipped with embedded charging pads, which will allow for charging without the need for the driver to exit the car.