QuantumScape (QS) snags deal with Volkswagen (VWAGY)

QuantumScape (QS) and Volkswagen (VWAGY) revealed they entered into a deal to start producing next-gen battery cells for an anticipated flood of electric vehicles.

The unnamed OEM will assess more advanced prototypes of QuantumScape’s solid-state battery cells. And it will buy 10 megawatt-hours of capacity from QS’s pre-pilot plant to use in “pre-series” vehicles.

QuantumScape expects to deliver the advanced prototypes before the pre-pilot facility, known as QS-0, starts production in 2023.

Shares of QuantumScape soared 13% to 23.53 in Tuesday’s stock market trading. QuantumScape stock retook its 50-day line for the first time since July 1.

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