By PP77LSK @

On the first trading day of the new year, shares of Quantumscape Corp fell over 40%. Since just December 22, shares are down over 62%. It turns out that a company that hasn’t even produced a product yet may not be worth as much GM or Ford, which have been producing vehicles for over 100 years.

Take a look at Quantumscape’s performance since November below:

MarketWatch writes of the stock’s collapse:

It isn’t clear what is driving Quantum stock down. There are no new research reports from Wall Street analysts, though there is a cautious post on Seeking Alpha, the crowdsourced research platform, about Quantum’s technology.

The stock was on a tear for most of 2020, including a 31% jump on Dec. 8, when it released performance data for its solid-state battery and said that the batteries, according to company tests, were far more lasting and faster to recharge than conventional batteries.

QuantumScape went public in November after a merger with a blank-check company, a path that many companies, including EV- and alternative-energy ones, have taken in recent months. .

Monday’s losses extend the stock’s down trajectory to a fourth session, with the shares losing 55% over the period. QuantumScape shares are down 61% from its record closing high of $131.67 on Dec. 22.

Lithium-ion batteries presently in use in electric vehicles as well as tools and gadgets rely on liquid electrolyte solutions. Higher energy-density, cheaper-to-make solid-state batteries are expected to further increase range and shorten charging times for EVs in the future.