Stock Market Today, June 18: QuantumScape Jumps After Teaming Up With Honda on Solid-State Battery Research Agreement
QuantumScape (NASDAQ:QS), a solid-state battery developer for EVs, closed at $8.04, up 16.52%. Shares rose after the announcement of a new joint research agreement with Honda (NYSE:HMC) focused on development and manufacturing processes. Investors are also watching for the late-July earnings window and the company’s commercialization strategy.
Trading volume reached 79.0M shares, coming in about 271% above its three-month average of 21.3M shares. QuantumScape IPO'd in 2020 and has fallen 19% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,501, up 1.08%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 26,518, up 1.91%. Among advanced battery technology peers, Solid Power (NASDAQ:SLDP) closed at $2.87, up 6.30%, while lithium producer Albemarle (NYSE:ALB) closed at $160.35, down 3.73%.
What this means for investors
QuantumScape will be teaming up with Honda on a new joint research program for its solid-state battery technology. As QuantumScape advances toward validation of the technology and manufacturing capability at scale, investors are gaining optimism about the total addressable market.
Honda isn’t just an automaker; as a partner, it could be a solid-state battery customer for its power equipment as well as for electric cars and motorcycles.
QuantumScape also has a partnership with Volkswagen (OTC:VWAGY). Earlier this year, QuantumScape debuted a Ducati motorcycle featuring its battery technology. Ducati is part of Volkswagen’s Audi division.
Investors were scooping up QuantumScape shares today, seeing more opportunity beyond EVs once it fully commercializes its solid-state batteries.
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Howard Smith has positions in QuantumScape. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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