Why QuantumScape Stock Exploded Today

QuantumScape (NYSE: QS) stock was on fire today, jumping as high as 11.5% as of 2:30 p.m. ET. Shares of the electric vehicle (EV) battery start-up popped late afternoon yesterday on a speculative report about a potentially big partnership, and extended their gains today after an analyst started coverage on the stock.

QuantumScape is a young company that's yet to prove the viability of its business model and start production, but its solid-state battery technology for EVs has already made a few heads turn. Volkswagen is one of the first big automotive companies to see promise in QuantumScape and has already invested hundreds of millions of dollars in the start-up.

If the latest from German business monthly Manager Magazin is to be believed, QuantumScape's multilayer solid-state lithium metal battery cells could find their way into the electric version of Porsche's 911 sports car. Porsche is a Volkswagen brand.

Source Fool.com