Why QuantumScape Stock Powered 23% Higher in June

After tumbling 7.3% in May, investors were a lot more charged up about QuantumScape (NYSE: QS) stock last month. According to data provided by S&P Global Market Intelligence, shares of QuantumScape rose 23.1% in June, outpacing the simultaneous 6.5% rise of the S 500.

While solid-state batteries have considerable advantages over the traditional liquid lithium-ion batteries used in electric vehicles (EVs), many are skeptical about the ability to produce them on a large scale. It's unsurprising, therefore, that many investors are both intrigued and cautious about QuantumScape, a leader in solid-state battery technology. But in mid-June, investors received a green flag from that made QuantumScape seem a lot more alluring.

Reuters reported on June 13 that Toyota had heralded a "technological breakthrough" with regard to solid-state batteries -- a breakthrough that will help the batteries last longer. Additionally, Toyota said it's targeting 2027 to 2028 for commercial production of its solid-state batteries.

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Source Fool.com