Shares of QuantumScape (QS 20.88%) were moving higher again today, even though there was no company-specific news out on the stock. Instead, a combination of excitement around the Uber-Lucid deal and momentum in the stock following last month's announcement seemed to push it higher today.
As of 3:20 p.m. ET, the stock was up 17.9%.
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QuantumScape breaks out again
QuantumScape has surged after announcing a milestone achievement in its solid-state battery technology, going into production with its Cobra separator.
The stock has roughly tripled since then, and today it seemed to gain on the partnership announcement between Lucid and Uber, which could help fuel demand for new battery technology.
As for that deal, Uber will invest $300 million in Lucid in a robotaxi partnership that includes start-up Nuro's autonomous vehicle technology.
Lucid is known for high-performance electric vehicles, but the business has struggled to scale, so Uber's investment could give it a needed boost over the long term.
Meanwhile, QuantumScape's solid-state batteries aren't on the market yet, but Lucid has announced its intention of including solid-state batteries, which are denser than traditional lithium-ion batteries and therefore can charge faster and achieve a longer range, in its EVs. It's unclear who Lucid would partner with on it.
What's next for QuantumScape?
QuantumScape stock continues to trade in high volume, showing renewed interest in the stock, following last month's announcement.
The next update for the company will come next week when it reports second-quarter earnings on July 23. While the numbers are secondary at this point, as QuantumScape is still a development-stage company, any commentary on Cobra or other news could propel the stock higher.
