Quantumscape (NYSE:QS) stock is charging higher on Wednesday after providing an update on its electric vehicle (EV) batteries in its Q2 update.
According to a shareholder letter, Quantumscape is moving forward with the development of its 10-layer cells. That’s important to note as the company’s goal was to have data for these cells ready by the end of the year.
Quantumscape notes that it’s already started testing out the 10-layer cells in the commercially relevant 70×85 mm form factor. These cells are being tested in situations that are relevant to automotive use.
Quantumscape said the following about the EV batter news boosting QS stock in its earnings update.
“We will seek to continue to improve the performance of the 10-layer cells through the rest of 2021, including ongoing improvements to the quality, consistency, and throughput of our separator, demonstrate several dozen layers in 2022 and produce test cells for vehicles on our QS-0 pre-pilot production line in 2023.”
Quantumscape also includes its development outlook in the Q2 shareholder letter. It expects to have prototype samples ready for OEMs from its engineering lines in 2022. It’s also expecting R&D cells for test cars in 2023, as well as commercial production from 2024 to 2025.
WS stock is experiencing heavy trading with today’s news. As of this writing, more than 13 million shares of the stock have changed hands. That’s a jump from the company’s daily average trading volume of 10.7 million shares.
QS stock was up 12.6% as of Wednesday afternoon but is down 51.7% since the start of the year.
There’s more stock market news waiting below!
InvestorPlace is tracking the market daily and that includes the stocks to watch for Wednesday. Among them are Infinity Pharmaceuticals (NASDAQ:INFI), Logiq (OTCMKTS:LGIQ), and Duolingo (NASDAQ:DUOL). You can get up to speed on that info below!
More Stocks to Watch on Wednesday
- INFI Stock: Why Infinity Pharmaceuticals Is Soaring After Tuesday’s Plunge
- LGIQ Stock: 6 Things to Know About Penny Stock Logiq as Shares Leap Today
- Duolingo IPO: 5 Things to Know About the Language-Learning App as DUOL Stock Begins Trading
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.