Why Did QuantumScape Corporation’s (QS) Stock Soar?

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The stock of QS was on fire today, with a gain of 11.5%. Shares of the electric vehicle (EV) battery start-up soared late yesterday after a speculative story about a potentially lucrative alliance and they extended their gains today after an analyst began covering the stock.

QS is a small startup that has yet to show its business model’s sustainability and begin production but their solid-state battery technology for electric vehicles has already started to turn a few heads. Volkswagen was one of the first major automakers to see the potential of QS, investing hundreds of millions of dollars in the startup.

According to the newest issue of the German business magazine Manager Magazin, QS’s multilayer solid-state lithium metal battery cells may be used in the electrified version of Porsche’s 911 sports vehicle. Volkswagen owns the Porsche brand. Porsche is apparently collaborating with QS to produce an electric version of the 911 that may be powered, at least in part, by solid-state batteries, according to the business monthly’s newest piece.

QS claims to have inked agreements to test and certify its battery cells with four worldwide car original equipment manufacturers (OEMs) so far.

QS made the most recent such statement in early March, when it said it had reached an agreement with a fourth OEM, which was also among the top ten worldwide automakers by revenue but declined to name the business. QS will reserve at least 5 megawatt hours of capacity for this OEM at its first pre-pilot manufacturing plant if its battery cells are successfully validated. If the two firms continue to succeed, they may create a joint venture to build a facility. Last year, QS did just that, forming a joint venture with Volkswagen. Given the two firm’s long-standing relationship, investors anticipate the Porsche story to be true.

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