Why QuantumScape Stock Is Ripping Higher Today
After tumbling nearly 6% through the first three days of the week, shares of QuantumScape (NYSE: QS) are roaring back today. The solid-state battery company reported second-quarter financial results yesterday after the market closed, and investors are coming out in droves to show their enthusiasm for what QuantumScape had to say about its progress toward commercialization of its batteries.
As of 10:55 a.m. ET, shares of QuantumScape have rocketed 26.9% higher.
Achieving a significant milestone last quarter, QuantumScape reported that it has shipped high cathode-loading unit cells to several automakers. These cells, which the company claims have a higher energy density than batteries found in most electric vehicles today, had a greater cathode consistent with what the company had hoped to produce earlier in the year. Speaking to the importance of the development, management stated in its letter to shareholders that "these shipments represent a validation of our ability to achieve industry-leading energy and power performance for our first commercial product."
Source Fool.com
