After losing nearly 61% of their value between August and October, shares of QuantumScape (NYSE: QS) rebounded in November and surged 21.5%, according to data provided by S&P Global Market Intelligence. Investors saw an opportunity to buy the battered electric vehicle (EV) battery stock after it lowered losses and provided an encouraging product update.

QuantumScape announced its third-quarter numbers in late October. While the company is still developing solid-state lithium-metal batteries and is yet to generate any revenue, it reported a net loss of only $0.23 per share in Q3, versus $0.27 a share in the year-ago quarter, and that number handily beat analysts' estimates. QuantumScape's loss narrowed because of higher interest income and a one-time unrealized gain on marketable securities.

QuantumScape's numbers, however, don't matter as much right now as the company's progress toward the commercialization of its technology. While commercialization could still be years away, QuantumScape often shares testing data from third parties, and its latest update looks particularly interesting.

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Source Fool.com