Why QuantumScape investors are still waiting for new EV batteries

The electric vehicle space has seen a handful of impressive stock market debuts in recent years, but battery start-up QuantumScape’s first few weeks of trading were remarkable even by EV stock standards.  

QuantumScape, which was founded in 2010, went public via a merger with a special-purpose acquisition company, or SPAC. Its stock soared 49% in its first day of trading in November 2020 and had surged to a high of $131.67 by Dec. 22 — a gain of over 400% in less than a month.

That run gave QuantumScape an eye-popping $54 billion valuation, fueled by investors’ excitement over the company’s solid-state battery…