QuantumScape Corporation has capped off what its CEO, Dr. Siva Sivaram, called a “banner year” by achieving a key annual target. On December 17, 2025, the solid-state battery developer entered into a Joint Development Agreement with a top-ten global automotive manufacturer, marking a significant milestone.
Strategic Moves and Financial Standing
The company’s third-quarter 2025 financial results, released earlier, indicated narrower-than-anticipated losses, signaling progress in cost management. QuantumScape has stated it possesses sufficient liquidity to fund its operations through 2029.
In a separate administrative move, the company’s shares will transition from the New York Stock Exchange to the Nasdaq Global Select Market effective December 23, 2025. The stock ticker symbol will remain unchanged.
Building a Foundation for Scalable Production
A central theme of QuantumScape’s year has been the systematic expansion of its industrial network. The recent automotive partnership is part of a broader series of strategic alliances formed throughout 2025:
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- An expanded licensing agreement with PowerCo, the battery unit of Volkswagen AG.
- Two separate Joint Development Agreements with global automakers.
- A technology evaluation contract with another major OEM.
- Production agreements for its proprietary ceramic separators with established manufacturers Murata Manufacturing and Corning Incorporated.
The collaborations with Murata and Corning are particularly crucial, as they are designed to pave the way for scalable, high-volume manufacturing of the ceramic separator technology—a core component that differentiates QuantumScape’s approach from competitors.
On the infrastructure front, the company has completed the installation of its “Eagle Line” equipment at its San Jose facility. This production line is dedicated to manufacturing QSE-5 prototype cells and is intended to support future partners via technology licensing for mass production.
Mixed Signals from Market Analysts
Wall Street analysts offer divergent perspectives on the stock’s outlook. On December 8, 2025, Morgan Stanley initiated coverage with an Equal-Weight rating and a $12 price target. Conversely, HSBC recently downgraded the shares from Hold to Reduce, though it simultaneously raised its price target to $10.50. The bank’s view suggests that despite tangible progress, the risk profile currently outweighs the potential for upside.
The race to commercialize solid-state battery technology remains intensely competitive. QuantumScape has strategically positioned itself through its partnership model and technological differentiation. The coming quarters will be critical in determining whether its path to commercialization proceeds as planned.
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