Shares of electric car-battery developer QuantumScape Corp. fell the most ever on Monday, a day that saw stocks of EV makers soaring on sales news.
QuantumScape QS, -40.84% shares were down nearly 39% at last check, poised for their lowest close since Dec. 7 and suffering their worst one-day percentage loss on record.
The stock was on a tear for most of 2020, including a 31% jump on Dec. 8, when it released performance data for its solid-state battery and said that the batteries, according to company tests, were far more lasting and faster to recharge than conventional batteries.
QuantumScape went public in November after a merger with a blank-check company, a path that many companies, including EV- and alternative-energy ones, have taken in recent months. .
Monday’s losses extend the stock’s down trajectory to a fourth session, with the shares losing 55% over the period. QuantumScape shares are down 61% from its record closing high of $131.67 on Dec. 22.
Lithium-ion batteries presently in use in electric vehicles as well as tools and gadgets rely on liquid electrolyte solutions. Higher energy-density, cheaper-to-make solid-state batteries are expected to further increase range and shorten charging times for EVs in the future.
In addition to QuantumScape and other companies such as Samsung SDI Co. Ltd 006400, -0.60%, research and development units of several auto makers, including Toyota Corp.’s TM, -0.83%, are focusing on solid-state batteries for EVs.