Why QuantumScape Plunged Thursday Morning
Battery maker QuantumScape (NYSE: QS) reported its 2022 fourth-quarter results last night, and investors are reacting with a big sell-off in the stock today. QuantumScape shares plunged as much as 17% at the open Thursday morning and remained lower by 12% as of 10:20 a.m. ET.
Image source: QuantumScape.
The developer of solid-state battery cells for the electric vehicle (EV) sector beat analyst estimates with a narrower loss than anticipated. It reported a loss of $0.25 per share when analysts expected a $0.29 loss. But investors were more focused on a comment made by management in the release. QuantumScape made meaningful progress in the development of the multilayered battery cells needed to power EVs in 2022.
Source Fool.com
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At that time, many companies appeared to compete with QuantumScape's products, so it plummeted rapidly. slope
