Gores Guggenheim slumps as Musk antics drag EV sector lower

  • NASDAQ:GGPI fell by 0.59% during Thursday’s trading session.
  • The Polestar 2 receives a solid review from Tom’s Guide.
  • Tesla tumbles after Musk makes a bid to buy Twitter.

NASDAQ:GGPI traded lower in the last abbreviated session before the markets closed for the Easter long weekend. On Thursday, shares of GGPI dipped by 0.59% and closed the trading week at $11.89. The pre-merger SPAC stock eked out a positive week, but higher inflation has caused further downward selling pressure on the NASDAQ which fell by 2.63% for the week. To close the week, the Dow Jones dropped by 113 basis points, and the S&P 500 and NASDAQ both fell by 1.21% and 2.14% respectively during the session.

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The flagship Polestar 2 model has been selling well back in Europe, and the popular automotive site, Tom’s Guide, just gave it a solid review. The car received 4 out of 5 stars, and was praised for its looks, dynamic driving, and integrated Android OS. Unfortunately the 277 mile range was not ideal and is fairly average for the current EV market. The model made headlines a couple of weeks ago when the car rental company, Hertz, committed to 65,000 of the vehicles over the next five years. Polestar joined Tesla (NASDAQ:TSLA) in Hertz’s reimagined electric vehicle fleet.

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Speaking of Tesla, shares of the EV industry leader were plummeting on Thursday after its CEO Elon Musk made a bid to buy the social media platform, Twitter (NYSE:TWTR). While the bid will likely be rejected according to early reports, Tesla investors are probably still concerned that Musk is being distracted by other projects. He already has SpaceX and the Boring Company on his plate as well so Musk certainly has his hands full already. Shares of Tesla were down by 3.66% on Thursday.