Shares in electric-vehicle (EV) battery maker QuantumScape (NYSE: QS) jumped more than 14% Wednesday, before settling back to a 10% gain as of 2:45 p.m. EST. The rise in the stock marks a reversal of an extended downturn since the start of the year.
After QuantumScape began trading publicly last November, investors drove shares up more than 400%, giving the company a market capitalization of about $45 billion. The company believes it has found a solution for solid-state battery commercialization, but it still doesn’t expect to begin production until 2024.
The technology is one that could revolutionize the EV sector, and after shares have dropped more than 50% to start 2021, investors are buying back in today.