Here's Why QuantumScape (QS) Shares Are Moving

QuantumScape Corp QS shares are trading lower by 7.43% to $8.84 going into Wednesday's close amid weakness in EV stocks following mixed fourth-quarter results from Rivian Automotive Inc and worse-than-expected results from Workhorse Group Inc. Rivian also said it sees supply chain issues continuing into 2023.

So What's Going On With Rivian And Workhorse?

Rivian also plans to recall 12,716 vehicles to fix an automatic locking retractor sensor in the front passenger seat, according to the National Highway Traffic Safety Administration (NHTSA).

In a statement, Rivian said the recall is limited to a "very small percentage of vehicles," impacting certain model year 2022 R1S and R1Ts. This marks Rivian's second recall in the last six months...Read More

Workhorse meanwhile reported quarterly losses of 24 cents per share which missed the analyst consensus estimate of a loss of 18 cents by 33.33 percent.

The company reported quarterly sales of $3.45 million which missed the analyst consensus estimate of $12.30 million by 72%...Read More

According to data from Benzinga Pro, QuantumScape has a 52-week high of $22.21 and a 52-week low of $5.11.