QuantumScape (QS) is down about 97% from its 2020 highs, trading around $4.50. Despite having no meaningful revenue, the solid-state battery maker still holds a $2.8 billion market cap. They originally planned to produce their first commercial batteries by 2024 but ran into supply chain and manufacturing delays. Because of this, they've shifted away from mass-producing their own batteries and will instead license the tech to automakers like Volkswagen. The main issue is that QS doesn't expect their designs to be ready for commercialization until 2029. They are currently just upgrading their lines to ship higher volumes of samples. With competitors like Toyota planning to launch solid-state EVs around 2027, the company has a long gap to bridge before generating actual revenue.