QuantumScape Corp (NYSE:QS) continues to trade higher Tuesday following a Monday-afternoon report suggesting the company is working with Porsche to develop an electric 911 powered by solid-state batteries.
According to the report, citing a Manager Magazin article, Porsche is developing an electric version of the 911 in collaboration with QuantumScape.
QuantumScape shares are also trading higher amid overall market strength as investors weigh the potential impacts of ceasefire negotiations between Russia and Ukraine. A drop in U.S. Treasury yields and a pullback in oil prices have also helped lift market sentiment.
SMBC Nikko analyst Srini Pajjuri initiated coverage on QuantumScape with a Neutral rating and announced a $20 price target.
QuantumScape is engaged in the development of next-generation solid-state lithium-metal batteries for use in electric vehicles.
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QS 52-Week Range: $13.21 - $53.20
The stock was up 10.9% at $20.50 at press time.
Photo: paulbr75 from Pixabay.
