Shares in QuantumScape Corp., the maker of electric car batteries, fell the highest ever on Monday, a day when the shares of EV makers soared with sales news.
QuantumScape QS,
the shares fell nearly 39% in the last scan, positioned for the lowest close since December 7 and suffering the worst percentage loss of a day ever recorded.
Related: Tesla and other EV manufacturers report record sales, pushing inventories to new highs
The shares were in shambles for most of 2020, including a 31% jump on December 8, when it released performance data for its solid-state battery and said the batteries, according to company tests, were very more durable and faster to recharge than conventional batteries.
QuantumScape went public in November after a merger with a blank check company, a path that many companies, including EV and alternative energy, have taken in recent months. .
Monday’s losses extend the downward trajectory of the shares to a fourth session, with the shares losing 55% in the period. QuantumScape’s shares fell 61% from the closing record of $ 131.67 on December 22.
Lithium-ion batteries currently in use in electric vehicles, as well as tools and devices, depend on liquid electrolyte solutions. Solid-state batteries with a higher energy density and cheaper to manufacture are expected to further extend the range and shorten EV charging times in the future.
In addition to QuantumScape and other companies like Samsung SDI Co. Ltd 006400,
research and development units of several car manufacturers, including Toyota Corp.’s TM,
are focusing on solid-state batteries for EVs.
Volkswagen AG VOW,
in June, it increased its stake in QuantumScape and said it was making an additional investment of up to $ 200 million in the company.