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Developer of electric car batteries QuantumScape Corp. shares fell the most on Monday, making it an outlier in the sector, as shares of most EV companies rallied after strong sales figures in December.
The battery maker’s share price had jumped 259% through Thursday since its Nov. 27. merger with a blank check company, pushing its market valuation to nearly $ 50 billion last month. The company is backed by Volkswagen AG, as well as Bill Gates and Khosla Ventures, and plans to start production of its lithium-metal solid-state batteries in the second half of 2024.
The company’s registration statement for the sale of its shares was declared effective by the Securities and Exchange Commission on December 31. The stock fell 40% to $ 50.31 in New York on Monday.
– With the help of Crystal Kim
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