GGPI - Why Gores Guggenheim Stalled Out With a 13% Drop in December
The electric-vehicle (EV) market got overheated in 2021, but it cooled considerably as the year wore on, which explains why Gores Guggenheim (NASDAQ: GGPI) , a special-purpose acquisition company ( SPAC ) expected to merge with Swedish EV maker Polestar Automotive in the first half of this year, saw its stock fall 13.1% in December, according to data from S&P Global Market Intelligence .
While the proposed $20 billion reverse merger between Polestar and Gores Guggenheim should be an enticing driver for investors, the EV maker is caught up in the automotive industry's chip shortage problem , and Polestar CEO Thomas Ingenlath is expecting the supply chain issues to drag out well into the year.
Image source: Polestar.
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Why Gores Guggenheim Stalled Out With a 13% Drop in December