GGPI Stock News: Gores Guggenheim jumps higher after unveiling a second concept model

NASDAQ:GGPI bounced back alongside the broader markets on Wednesday, although the EV sector itself had mixed results. Shares of GGPI climbed by 1.84% and closed the trading day at $11.06. It was a mixed day on the markets for the electric vehicle sector as industry leader Tesla (NASDAQ:TSLA) jumped higher by 1.80%, while Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) both tumbled. Lucid has yet to recover from its disappointing earnings call, while Rivian dropped by 13.49% after announcing a 20% price increase for customers who already have reserved their R1T and R1S vehicles.

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Polestar continues to impress after releasing a video of its upcoming O2 concept car. The video flashed a sleek looking hardtop convertible with a 15” display, and an impressive 872 horsepower under the hood. The most interesting thing about the O2 vehicle is that it comes with its own drone that can detach from behind the seats and can capture video of the vehicle at speeds of up to 100 km/hr. It’s an interesting twist to the EV sector that hasn’t seen much in the way of innovation as of late. Whether or not people actually use the drone or if it gets cleared by regulatory agencies is another matter.

Gores Guggenheim stock price

Tesla CEO Elon Musk was once again making headlines on social media, this time he was correcting the President of the United States. Musk replied to a tweet from President Biden’s account about the investments and jobs that General Motors (NYSE:GM) and Ford (NYSE:F) were making to the US electric vehicle sector. Musk correctly replied that Tesla has invested more than the companies combined and has created more jobs in the US. Tesla has not been seen in a favorable light by the US government as its factories are not a part of the auto workers union.