Shares of QuantumScape Corp. (NYSE: QS) soared over 5% in after-hours trading on Tuesday, following the company's release of its third-quarter 2024 financial results and a promising business update.
While QuantumScape reported a loss of $0.23 per share, in line with analyst expectations, the real catalyst for the stock's surge appears to be the company's progress in developing next-generation solid-state lithium-metal batteries.
In a significant milestone, QuantumScape announced that it has begun producing low volumes of its first B-sample cells, which are being shipped to automotive customers for testing. These cells boast an impressive energy density of over 800 Wh/L and can be charged from 10% to 80% in less than 15 minutes, according to the company.
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