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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