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QuantumScape Jumps on Porsche Reports

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By Sam Boughedda

Investing.com -- Quantumscape Corp (NYSE:QS) shares popped higher Monday after reports from Germany and Electrek stated the solid-state lithium metal batteries company is working with Porsche.

QuantumScape shares jumped to a high of $19.50 following the reports. They have since retraced to around the $18.60 mark, up approximately 7.6%.

The reports say Porsche is working with QuantumScape on integrating its solid-state batteries into its electric vehicles, such as the new electrified 911, which is planned for this decade.

Porsche's parent company Volkswagen (DE:VOWG_p) is a large shareholder of QuantumScape after investing $100 million in 2018 and a further $200 million in 2020.

Earlier this month, Porsche AG Chief Executive Oliver Blume said at the group's annual press conference that they aim to have more than 80% of newly sold Porsche vehicles fully electric in 2030.

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