What happened

While EV-minded investors were accelerating into shares of QuantumScape (QS -0.48%) on Tuesday, they're shifting into reverse today. As of 12:02 p.m. ET, shares of QuantumScape are down 8.1%.

In addition to the overall dour sentiment pervading the markets today, investors are choosing to unplug from QuantumScape's stock after learning of an analyst's recent outlook on the company and his price target on its shares.

So what

Starting coverage on QuantumScape, Jordan Levy, an analyst at Truist, assigned the stock a $10 price target with a hold rating. Based on the stock's closing price of $9.23 yesterday, Levy's price target implies upside of about 8%.

According to TheFly.com, Levy informed investors that he believes QuantumScape has "limited near-term upside," adding that the likelihood of the company scaling up production of its batteries is "years away." 

Levy's claim that investors will have to wait years before the company is able to produce its solid-state batteries for customers is not mere speculation. During an investor presentation in May, QuantumScape forecast "commercialization is scheduled to begin SOP [start of production] in 2025."

Now what

QuantumScape has energized investors' belief that the company is on the precipice of revolutionizing how EV batteries are manufactured. While the company has achieved some reputable milestones over the past year, however, it's still far from proving that it's capable of manufacturing its solid-state batteries at scale -- a feat that many experts believe is highly unlikely to occur.

The analyst's recent commentary, therefore, seems like a non-story. For QuantumScape's bulls, nothing has changed, and they should continue to monitor the company's progress in testing its batteries to ensure that the company remains on track to start commercial production in 2025.