Why QuantumScape Stock Shot Up This Week
QuantumScape (NYSE: QS) ended this week on a solid note, rising 15.8% through 2 p.m. ET Friday, according to data provided by S&P Global Market Intelligence. I don't remember seeing this electric vehicle (EV) battery stock end with double-digit weekly gains since early February, so what's behind the big move? A speculation that investors believe may not be speculation after all.
QuantumScape rocketed the afternoon of March 28 when an article from German business monthly, Manager Magazin, reported Porsche to be working with QuantumScape for solid-state batteries to power an electric version of its 911 sports car.
Porsche is a Volkswagen (OTC: VWAGY) brand, and 911 a hugely popular car. More importantly, Volkswagen is already QuantumScape's key partner, so investors have a valid reason to believe the monthly's claim.
Source Fool.com
