Gores Guggenheim (GGPI) Stock: Why The Price Jumped Up Today

Apr 4th, 2022 13:18 EST
  • The stock price of Gores Guggenheim Inc (NASDAQ: GGPI) increased by over 8% during intraday trading today. This is why.

The stock price of Gores Guggenheim Inc (NASDAQ: GGPI) increased by over 8% during intraday trading today. Investors are responding positively to Hertz (NASDAQ: HTZ) and Polestar announcing a new global partnership that includes buying up to 65,000 electric vehicles (EVs) over 5 years. The availability is expected to start in spring 2022 in Europe and late 2022 in North America and Australia.

For Hertz, this partnership is part of the company’s ongoing commitment to lead in electrification, shared mobility, and a digital-first customer experience. And the partnership with Polestar builds on Hertz’s announcement last October to offer its customers the largest EV rental fleet in North America and one of the largest in the world. Along with making the fleet available to its business and leisure customers, Hertz is extending EVs to rideshare drivers as a way to further accelerate electrification.

Polestar is known as one of the drivers of global EV growth, helping to accelerate the shift to sustainable mobility as consumer interest in the environmental and convenience benefits of electrification increases. And Polestar reported that it nearly tripled volumes in 2021 and anticipates more than doubling volumes again this year. Plus Polestar expects volumes to reach 290,000 vehicles per year by the end of 2025. Polestar had previously announced its intention to list on Nasdaq New York in a proposed business combination with Gores Guggenheim, which is expected to close in the second quarter of 2022.

Hertz will initially order Polestar 2, which is an award-winning EV that established Polestar’s position as a premium EV manufacturer with its first volume model. And Polestar 2 brings avant-garde Scandinavian design and leading in-car technology. Polestar 2 includes the world’s first infotainment system powered by Android Automotive OS with Google built-in for the premium EV segment, in a driver-oriented, dynamic driving package.

KEY QUOTES:

“We are excited to partner with Polestar and look forward to introducing their premium EV products into our retail and rideshare fleets. Today’s partnership with Polestar further builds on our ambition to become a leading participant in the modern mobility ecosystem and doing so as an environmentally-forward company. By working with EV industry leaders like Polestar, we can help accelerate the adoption of electrification while providing renters, corporate customers, and rideshare partners a premium EV product, exceptional experience, and lower carbon footprint.”

– Stephen Scherr, Hertz CEO

“Polestar is committed to accelerating the move to electric mobility with a fascinating and innovative product portfolio. We are delighted that Hertz has chosen Polestar as a strategic partner on their road to electrification. The partnership with a global pioneer like Hertz will bring the amazing experience of driving an electric car to a wider audience, satisfying a broad variety of our mutual customers’ short- and longer-term mobility requirements. For many of them it may be the first time they have driven an EV, and it will be a Polestar.”

– Polestar CEO Thomas Ingenlath

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

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