VWAGY - Why QuantumScape Stock Skyrocketed More Than 50% This Week
2024-07-12 12:44:53 ET
It's been a monster week for QuantumScape (NYSE: QS) . The stock, which was down 22% this year until July 10, is now up 15% year to date as of this writing thanks to a massive development that sent it skyrocketing on Thursday. Shares of the electric vehicle (EV) battery start-up were trading 57% higher for the week through 11 a.m. ET Friday.
QuantumScape is building solid-state lithium-metal batteries for EVs and is yet to start commercial production. Investors were spooked earlier this year when Reuters reported QuantumScape's key partner, Volkswagen Group (OTC: VWAGY) , was pursuing alternative battery manufacturers. QuantumScape just put to rest those concerns, and the stock's going parabolic.
This week, QuantumScape signed an agreement with Volkswagen's battery subsidiary, PowerCo, to license its battery technology for mass production upon satisfactory "technical progress and royalty payments."
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Why QuantumScape Stock Skyrocketed More Than 50% This Week