QuantumScape Stock Spikes: What's Driving The Action?

QuantumScape Corp QS is surging Monday afternoon following a report suggesting the company is working with Porsche to develop an electric 911 powered by solid-state batteries.

According to the report, citing a Manager Magazin article, Porsche is developing an electric version of the 911 in collaboration with QuantumScape.

After early success with EV development, Porsche updated its goal to electrify 80% of its vehicles by 2030, noting that half of all vehicles sold are expected to be electric by 2025. In order to reach its goal, the company will need to electrify more of its vehicle models, hence the 911 rumors. 

QuantumScape is engaged in the development of next-generation solid-state lithium-metal batteries for use in electric vehicles.

See Also: Why Volta Shares Are Falling Today

QS 52-Week Range: $13.21 - $53.20

The stock was up 9.43% at $18.92 at time of publication.

Photo: stormautomobile from Pixabay.