Jim Cramer’s Latest Lightning Round: 11 Stocks to Watch

9. QuantumScape Corporation (NYSE:QS)

Number of Hedge Fund Holders: 11

Commenting on QuantumScape Corporation (NYSE:QS), Cramer said:

“No… The guys who told me to buy QuantumScape, they were Quantum wrong. So I don’t want to be Quantum wrong. I want to be Quantum right. I would avoid QuantumScape. Quantum escape, so to speak.”

QuantumScape (NYSE:QS) is a research and development-focused company dedicated to creating and commercializing solid-state lithium-metal batteries for electric vehicles and other applications. The company is working to advance battery technology to meet the increasing demand for efficient energy storage solutions. On October 23, it released its third-quarter report, revealing that it did not generate any revenue, as the company has not yet commercialized its products.

The net loss increased from $111 million to $120 million or a loss of $0.23 per share, which aligned with Wall Street’s expectations. While these figures were expected, the company highlighted a significant development: it had begun producing the first test samples of its QSE-5 batteries during the quarter and had commenced shipping these test cells to automotive customers. Achieving this milestone was one of its key objectives for 2024.

QuantumScape’s (NYSE:QS) approach to mass production involves a two-stage plan for manufacturing the components needed for its solid-state electric vehicle battery. The initial stage, referred to as the “Raptor” process, has been successfully utilized to produce low-volume prototypes.

The company also announced that the first low-volume B-sample battery cells from this production process have been shipped for testing by automotive clients. Looking ahead, the next phase, known as the “Cobra” stage, is currently under development alongside efforts to mass-produce the solid-state electrolyte separator and is expected to commence in 2025.