It's pretty clear why QuantumScape (NYSE: QS) shares spiked Tuesday morning. It was the result of news from another company, and it could have serious implications for QuantumScape. Shares of the upstart solid-state EV battery manufacturer were higher by 7.9% at 10:45 a.m. ET.

The jump came after global automaker held a technical update session that revealed the company's technology strategy regarding EV batteries. It seems Toyota also sees solid-state batteries as the power source for future EVs. Investors believe that's potentially a huge confirmation of QuantumScape's business strategy. 

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Source Fool.com