Why QuantumScape Stock Plunged 24% in January
Shares of QuantumScape (NYSE: QS) took it on the chin again in January, falling another 24.8% for the month, according to data by S&P Global Market Intelligence. It follows a 23% crash in December, meaning the solid state battery maker has lost more than three quarters of its value from its November 2021 high.
The passage of the infrastructure bill promoted by President Joe Biden had sent QuantumScape's shares soaring as $10.3 billion in the massive $1 trillion plan was specifically targeted toward electric car grid and battery-related investments. Overall, the EV industry would be lavished with nearly $31 billion in new government spending.
The euphoria that originally greeted EVs, however, has since waned and shares of EV makers and related companies, including QuantumScape, have tumbled.
Source Fool.com
