The capital markets have been roaring so far this year. Through the first six months of 2024, the S 500 gained 14% while the Nasdaq Composite soared by 18%. One stock that has not fared so well though is QuantumScape (NYSE: QS). From January through the end of June, shares of the electric vehicle battery maker cratered 29%.

However, earlier this month QuantumScape announced a major new development with its existing partner, . In the month of July alone, QuantumScape stock is up a whopping 66% -- erasing all of its prior losses for most of this year. With shares now up 17% year to date, some investors may be wondering if QuantumScape has the potential to keep soaring and potentially make you a millionaire.

Let's dig into what's going on at QuantumScape and assess if now is a lucrative opportunity to buy some shares.

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Source Fool.com