QuantumScape's stock rockets on record volume after its solid-state cell EV battery 'significantly exceeded' endurance test requirements

Shares of QuantumScape Corp. (QS) blasted 47.5% higher in very active trading Thursday, after the battery maker's solid-state cell, viewed as the next big step in battery development, passed the first endurance test, according to Volkswagen AG (VWAGY) (XE:VOW) subsidiary PowerCo. Trading volume in the stock spiked to a record 98.4 million shares, above the previous record of 87.0 million shares on Sept. 3, 2020 and compared with the full-day average of about 5.9 million shares. The stock, which was the biggest gainer and most-active stock on the NYSE, was also headed for its best one-day performance since it ran up 57.5% on Nov. 27, 2020. PowerCo said QuantumScape's solid-state cell "significantly exceeded" requirements in a sample test as it completed more than 1,000 charging cycles. "For an electric car with a WLTP range of 500-600 kilometres, this corresponds to a total mileage of more than half a million kilometres," PowerCo said. "At the same time, the cell barely aged and still had 95 percent of its capacity (or discharge energy retention) at the end of the test." The stock, which was headed for the highest close since Aug. 2, has run up 72.4% over the past 12 months, while the S&P 500 has rallied 22%.

-Tomi Kilgore

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01-04-24 1528ET

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