Could QuantumScape Stock Help You Become A Millionaire?

A rapid growth in the adoption of electric vehicles (EVs) has attracted more interest, and investment, in the sector. Two key factors that could further spur EV adoption are increased range and lower costs of EVs. Auto and EV companies are investing a lot of time, energy, and money to achieve these twin objectives.

Developer of next-generation battery technology QuantumScape (NYSE: QS) believes that its solid-state batteries could help increase the range of electric vehicles while reducing battery costs. Let's review how far the company has progressed and what to expect from it in the coming years.

Right now, EV makers use lithium-ion batteries in the vehicles. These batteries are far better than other types of batteries, such as nickel-cadmium batteries, that were used earlier. The lithium-ion batteries have been continuously improved over the years. However, QuantumScape, and other battery companies, believe that lithium-ion batteries have reached to a practical limit, beyond which they cannot be further improved. Next- generation solid-state lithium-metal batteries are widely believed to be the best way to achieve a greater energy density.

Source Fool.com