Why QuantumScape Stock Is Down Today

Shares of battery start-up QuantumScape (NYSE: QS) opened sharply lower on Thursday, after Nikkei Asia reported that auto giant Toyota (NYSE: TM) will unveil a competing solid-state battery next year. 

As of 10 a.m. EST, QuantumScape's shares were down about 7.6% from Wednesday's closing price.

Nikkei reported that Toyota is planning to unveil a prototype electric vehicle powered by its own solid-state batteries next year, that it plans to be the first company to sell an EV powered by solid-state batteries, with that vehicle coming to market in the "early 2020s," and that the Japanese government is backing the effort.  

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Source Fool.com