- NASDAQ:GGPI fell by 1.33% during Tuesday’s trading session.
- Polestar could have some stiff competition from Tesla’s roadster.
- EV stocks continue to struggle as NASDAQ wilts under high inflation.
NASDAQ:GGPI declined on Tuesday alongside a broader market meltdown following the release of the key consumer price report for March. Shares of GGPI sank by 1.33% and closed the trading day at $11.91. The CPI for March revealed that the US economy is experiencing its highest rate of inflation since 1981 at 8.5%. The markets reacted accordingly as all three indices flipped from green to red by the closing bell. The Dow Jones fell by 87 basis points, the S&P 500 dropped by 0.34%, and the NASDAQ extended its decline to three straight sessions after dipping by 0.30%.
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Earlier this year Polestar unveiled several new models including the luxury O2 roaster that comes equipped with its own personal drone. Industry leader Tesla (NASDAQ:TSLA) recently announced that it is once again taking preorders for its long-awaited roadster model which is set to finally begin production in 2023. Customers will have to drop a $50,000 USD deposit if they want to reserve their model, but knowing Tesla’s rabid fanbase there should be plenty who sign up for the sporty model. It has been four and a half years since the model was unveiled by Tesla, and customers likely won’t see their model until 2024 at this point.
GGPI stock forecast
EV stocks continue to show weakness as growth sectors feel the downward pressure of rising interest rates and inflation. On Tuesday, EV stocks appeared to be rebounding in the morning but succumbed to the sell off following the CPI report. Shares of Tesla, Lucid (NASDAQ:LCID), Rivian (NASDAQ:RIVN), and Nio (NYSE:NIO) all flipped from positive to negative on Tuesday.
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