After rising in February, shares of QuantumScape (NYSE: QS) powered down during the first full week of trading in March. The solid-state battery maker's stock dipped in response to news of insider selling and an overall sense of pessimism surrounding the electric vehicle (EV) industry.

According to data from S&P Global Market Intelligence, shares of QuantumScape fell by 20.4% from the end of last Friday's trading session through the end of trading on Thursday.

QuantumScape CEO Jagdeep Singh was busy this week trimming his position in the company's stock. On Monday, Singh sold 478,747 shares, netting himself more than $4.3 million. The selling spree continued on Tuesday and Wednesday when he sold 301,406 shares and 355,000 shares, respectively. In total, Jagdeep Singh recognized more than $9.6 million this week from stock sales.

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Source Fool.com