COMPANY PROFILE / Solid-State Battery
Volkswagen
― As the lead shareholder of QuantumScape, we chose to produce in-house batteries for our company
Raising Volkswagen’s name with solid-state batteries is because We are the lead shareholder of QuantumScape and hold 26.2% voting rightsfrom. In July 2024, our battery companyPowerCoagreed to a framework with QuantumScape for mass production of its technology, In September 2025,the group’s first vehicle equipped with solid-state batteriesAs a result, we unveiled a demonstration vehicle that has stacked up to 980 QuantumScape QSE-5 cells in Ducati’s electric motorcycle. In this article, the scale of the automotive business is kept to a minimum,what is being invested in all-solid-state batteries, who is collaborating with whom, and what are the goals?focuses on.
- Understand Volkswagen in 30 seconds and its position with solid-state batteries
- About the logo and company name
- Where is this company in the world of solid-state batteries
- Company size (automotive industry is concise)
- Resources invested in solid-state batteries
- Previous efforts
- Future plans
- What is this company aiming for with solid-state batteries?
- Mapping of collaborations in the field of all-solid-state batteries
- Techniques and methods adopted
- Risks faced by this company
- Glossary / References / Claims and Corresponding References Table
1. Understanding Volkswagen in 30 seconds and its position with solid-state batteries
WolfsburgOfficial release location
(Investment + In-house Mass Production)Intermediate between Investment Type and In-house Manufacturing
(Nasdaq: QS)Major Shareholder with 26.2% Voting Rights
Electric motorcyclesSeptember 2025, QSE-5 to a maximum of 980
Companies working on solid-state batteriesAutomotive manufacturers, battery manufacturers, and startupsare divided into three types. Volkswagen is one of theseAutomotive manufacturersHowever, in this fieldThe characteristics of both the joint venture and in-house production modelsThe point that it has is different from other companies fact. The technology is called QuantumScapeoutside the companythe case, Volkswagen is the leading shareholder. On the other hand, actually producing cells isPowerCo SEdoing soa 100% subsidiary of Volkswagenand has its own battery factories in Salzgitter and others. While BMW and Mercedes are ‘investing but not producing’, Volkswagen isbuying a license to make them themselvesis aiming for this structure. Howeverthe formal license agreement has not yet been concluded. This point is described in detail in Chapter 5.
2. Regarding logo and company name display
The logo above isa wordmark obtained from Volkswagen’s official website
(img/volkswagen_logo.svg). It is placed on a dark background due to its white color.
The logo represents the company and in this article, we do not reproduce it using generated images.registered trademark
This article does not reproduce the logo using generated images.
Note on notation: The parent company of the group is Volkswagen AGthe subsidiary that bears the battery business is PowerCo SEand the developer of cell technology is QuantumScape Corporation(NYSE: QS)three separate legal entitiesThe investment subsidiary is from the United States, and Volkswagen Group of America Investments, LLC the party that receives the license is PowerCo. In this article, it will be distinguished where each entity is doing what important things.
Official website:https://www.volkswagen-group.com/en/battery-technology-190283. Among the world of all-solid-state batteries, where is this company located?
4. Company Size (Automotive Business is Briefly Covered)
The automotive business itself is not the main topic of this article, so we will only focus on its size. fact。
| Indicator (in millions of euros) | Fiscal year ending December 2024 | Fiscal Year Ending December 2025 |
|---|---|---|
| Revenue | 324,656 | 321,913 |
| Operating Profit | 19,060 | 8,868 |
| Pre-tax Profit | 16,806 | 9,307 |
| Operating net profit | 12,394 | 6,904 |
| Item | Content |
|---|---|
| Number of Employees | 662,942 people(As of December 31, 2025, including China joint venture). Decreased by 2.4% from the previous year. Excluding the China joint venture, it was 602,659 people |
| Our Research and Development Department | 62,954 people(As of December 31, 2025, including joint ventures in China). 9.5% of all employees |
| Headquarters | Wolfsburg, Germany (Volkswagen AG) |
| listed market | Frankfurt, Xetra and other seven German stock exchanges within Germany. Common shares ISIN DE0007664005 (VOW), preferred shares DE0007664039 (VOW3) |
The number above isfor the entire company.It does not represent the scale of business for solid-state batteries. Volkswagen does not publicly disclose individual investment amounts and the number of dedicated personnel for solid-state batteries. Unconfirmed / Future. It is worth noting that the operating profit in 2025 is expected to be almost halved compared to the previous year. The company cites reasons such as the write-downs related to Porsche’s product plan revision totaling 4.7 billion euros, and import tariffs from the United States amounting to 2.9 billion euros, among others.‘Increased costs associated with the establishment of the battery business sector’also lists it as a factor. The cost of solid-state batteries is included in this, but the breakdown is not disclosed.
5. Resources invested in solid-state batteries
The characteristic of Volkswagen is that the scale of investment issignificantly larger than other automobile manufacturersIt is. However, all the numbers arefrom the documents submitted to the U.S. SEC by QuantumScape’s side.and obtained from there, Volkswagen itself has not announced the amounts. This distinction will be clearly noted in each article.
| Resource types | The content that has been made public. | Classification |
|---|---|---|
| external investment (equity stake) | Volkswagen Group of America Investments, LLCQuantumScape’s Class A shares 68,236,103 (11.8%) and Class B shares 17,980,436 (48.6%),Total 86,216,539 shares with voting rights basis of 26.2%to possess (2026 April submission of the mandate explanation document). QuantumScape’s 10-K is also as of December 31, 2025.Approximately 26.2%(It is recorded as 24.0% by the end of 2024) | Fact (Disclosure of Investment Holdings) |
| Investment to the outside (time period) | Volkswagen isinvolved with QuantumScape from 2012and the company has announced that it is one of the major investors | fact |
| external investments (amount) | cumulative investment amount | Volkswagen has not disclosed this |
| Investment in external entities (governance) | Volkswagen appointed QuantumScape’s board membersTwo appointmentsIt was announced. In July 2024, Frank Blome, CEO of PowerCo, resigned as a board member to avoid conflicts of interest (he had served since 2020) | fact |
| Contribution for joint development | In the amendment on July 17, 2025PowerCo will contribute up to $130.7 million over the next two years to a joint scale-up program.An agreement was reached, with the condition that the technology milestones be achieved.The actual payment of $19.5 million was made in 2025. | Fact (Disclosure of Investment Holdings) |
| In-house mass production capability | PowerCo SE(100% subsidiary). In addition to the Salzgitter Gigafactory, also in Valencia (Spain) and Saint Thomas (Canada). Durability tests of QuantumScape cells were also conducted at Salzgitter’s battery lab. | fact |
| Joint team | consisting of experts from both companiesjoint scale-up teamat QuantumScape’s headquarters (California, USA, San Jose) | fact |
| person (full-time staff) | number of full-time staff for solid-state batteries | Not disclosed |
| Collaboration with universities and research institutions | The university joint research on solid-state batteries could not be confirmed in the company’s official documents | Unconfirmed |
The announcement made in July 2024 was reported as a ‘groundbreaking agreement’, but A formal license agreement (PowerCo IP License Agreement) is still not concluded as of the date this article was written fact.\n QuantumScape’s Form 10-K for the fiscal year ending December 2025 states that both companies intend to enter into a license agreement upon reaching certain milestonesthe license agreementand written there, further ‘if we cannot reach the milestone.’There is no obligation to enter into a license agreement with PowerCo., The company has explicitly stated that it cannot receive the initial royalty.
meaning what is certain at this point isThe framework of joint development and a contribution of up to 130.7 million dollarsas well as mass production license is conditional on future matters. Unconfirmed / Future. In the news, it is reported that ‘VW has acquired the right to produce up to a maximum of 85 GWh,’ but accurately speakingit refers to the upper limit in case the contract is establishedIt is.
6. Previous Efforts
| period | incident | Meaning |
|---|---|---|
| 2012 | Volkswagen begins involvement with QuantumScape | Among the automobile manufacturers in this series, it is the fastest |
| 2020 | QuantumScape goes public through a merger with SPAC (Kensington Capital Acquisition Corp.) on the NYSE. Frank Blome of PowerCo joins as a director | Investment can be tracked in public information |
| January 3, 2024 | PowerCo confirms the durability test results of QuantumScape’s A sample cell.After more than 1,000 cycles of charge and discharge, the capacity (discharge energy retention rate) is95% or more。The industry standard target is 700 cycles with a capacity loss of 20% or less | The test was conducted over several months at the Salzgitter PowerCo battery lab |
| July 11, 2024 | PowerCo and QuantumScape reach agreement for industrialization.Non-exclusive license for up to 40 GWh annually, expandable to an additional 40 GWh (approximately 1 million units). Replaces the previous joint venture (co-production). | Frank Blome steps down as a director of QuantumScape. |
| July 17, 2025 | Amended the contract. PowerCo willcontribute up to $130.7 million over two years.Furthermorean additional 5 GWh of manufacturing rights for the year (including those for customers outside Volkswagen)The maximum is85 GWhwith | Groups outside also have available slots for sales |
| September 8, 2025 | at IAA Mobility 2025the group’s first vehicle equipped with solid-state batterieswill be unveiled. An electric motorcycle based on Ducati’s V21Lwill be equipped with up to 980 QSE-5 cellsin a joint venture by PowerCo, Ducati, and Audi | The next milestone is circuit testing of the racing motorcycle |
| September 8, 2025 | At the same time, announcing theUnified Cellmass production version. Energy density of approximately 660Wh/L. Starting cell production at Saft by the end of the year | Unified Cell is described as ‘compatible with all-solid-state batteries’ |
7. Future Plans
until the endAiming for the integration into Unified Cell
Circuit testingFilling in two-wheeled vehicles before four-wheeled ones
the company says thatPowerCo and QuantumScape are working onintegrating solid-state battery technology into Unified Cell (Unified Cell) andaims to develop commercial solutions by the end of the 2020s factUnified Cell is for electric vehicles within the group.up to 80%is positioned as a common platform and whether it is adopted or not determines the scale of the spread of solid-state batteries.
Next, all of the following are not recorded in official documents Unconfirmed / Future。
solid-state batteryProduction Start Year／The first four-wheel vehicle to be equipped／Which factory will produce it／ Actual measured values of cell energy density and capacity／Volkswagen’s cumulative investment amount／ Royalty rate／Number of Full-time Personnel Dedicated to Solid-state Batteries. QuantumScape repeatedly warns that there is no guarantee that the milestones can be achieved. We will not adopt the production timing and cost based on reports in this article.
8. What does this company aim to achieve with solid-state batteries?
This part includes information that the company has not directly stated.Inferred from primary sources within the scope of what can be read.Along with the basis, I will write it down.
| What can be read | primary information | Classification |
|---|---|---|
| The purpose isEnsuring manufacturing capability instead of technological assurance | Switching from traditional joint venture (co-manufacturing) to a licensing model, making PowerCo responsible for production | speculation |
| I want to decide the shape of the cells myself | QuantumScape’s 10-K filing includes the technology‘Transfer to PowerCo-determined cell size’is explicitly stated | fact |
| Four-wheeled vehicles beforeTwo-wheeled vehicles to fillintention | The first vehicle equipped was a Ducati motorcycle, and the next milestone was also a racing motorcycle. The test car for four-wheel vehicles has not been announced | speculation |
| solid-state batteries areReplacement of the liquid system is not an addition | On the same day, they announced the mass production version of Unified Cell (liquid system, 660Wh/L), and they explained that this can be used in electric vehicles up to 80% | fact |
| They are also considering sales to groups outside the company | In a contract amendment in July 2025,including customers outside the Volkswagen Groupincreased the framework to 5 GWh per year | fact |
| QuantumScape’sfinancing is also supporting | The $19.5 million in contributions is accounted for as a capital surplus contribution by QuantumScape without requiring repayment.Capital Surplus Contributionas accounting treatment | speculation |
The most significant point mentioned in the July 2024 announcement is thatthey decided to switch from a joint venture to licensing.this one point fact。 Joint venture means we share the factory and profits with our partner. Licensing means, the factory is PowerCo’s and the only payment to our partner is royaltyis. The CEO of QuantumScape does thisBusiness model without capital (capital-light business approach) and is expressed as, from the startup’s perspective, which can be turned around to the burden of equipment investment is entirely borne by Volkswagenthat is all.
Why did they choose that. PowerCo already has gigafactories in Salzburg, Valencia, and Saint Thomas.Equipment is inevitable.They are in a position. If so, the more technology they put into it, the better, than buying from the outside.and incorporating it through licensing to change their own utilization rateis more reasonable. Unconfirmed / Future. For the same reason, adding a 5GWh quota that can be sold outside the group later is also explained.
9. Mapping of solid-state battery collaborations
10. Technology Approach Used
| Item | The content that has been made public. |
|---|---|
| The origin of the technology | United StatesQuantumScape. Product name isQSE-5 |
| Electrolyte / Separator | Unique Ceramic Solid Separator(oxide-based). This allows the use of lithium metal anodes, as explained |
| Negative electrode | pure lithium metal. According to Volkswagen’s explanation‘Anodeless (anodeless)’is also referred to as |
| cell configuration | cells used in durability tests were24 layersand the same configuration as planned mass-produced cells |
| confirmed durability | A sample test was conducted1,000 cycles or more after also maintaining capacity (discharge energy retention rate) above 95%. The industry standard target is a capacity loss of no more than 20% within 700 cycles. It also meets the requirements for fast charging, safety, and self-discharge |
| Test location | PowerCo’s Zalzgitter battery lab. Tests lasting several months |
| Integration into production cells | PowerCo’sUnified Cell(rectangular)is ‘solid state-ready (suitable for solid-state batteries)’}and explained. The current liquid-based Unified Cell has an energy densityof approximately 660Wh/L |
| Disclosure of numerical values | absolute values for the energy density, capacity, and dimensions of the QSE-5 cellare not disclosed by Volkswagen |
The features of the QuantumScape method areDuring manufacturing, do not make the negative electrode. Unconfirmed / Future. At the point of assembling the cell, there is only a separator and the anode. During the first charge, lithium released from the anode accumulates on the back side of the separator.metal as it precipitates out becomes the cathode.. That’s why it is called ‘anodeless’. Since neither graphite nor lithium foil is included, the volume and weight decrease accordingly, and material costs also go down.
the problem is,it may not spread out flatly as precipitated lithium.if it grows needle-like, it will pierce the separator and cause a short circuit. QuantumScape’s insistence on ceramic separators is because Stop it physically with a hard plateThis is the way to solve it. On the other hand, hard materials can be broken. Thereforelarge area, thin, and defect-free firingis the biggest obstacle in mass production. PowerCo confirmed that the test cells they checkedhad the same structure as mass production cellswas noted to whether the yield rate would collapse when increasing the number of layersis related to this wall Calculations in this article。
11. The risks this company faces
| Risks | Content | Classification |
|---|---|---|
| The license agreement has not been concluded | If the milestone is not reached, there is no obligation to conclude a license agreement with PowerCo. The right of mass production is still undecided. | Fact (Disclosure of Investment Holdings) |
| Concentration on one company | While BMW and Mercedes are collaborating with multiple technology partners, for solid-state batteries, QuantumScape relies on a single company | speculation |
| Investment in the losing company | QuantumScape’s net loss for the fiscal year ending December 2025 is $435.05 million. Revenue has not yet been generated | Fact (Disclosure of Investment Holdings) |
| Non-exclusive license | QuantumScape can also provide the same technology to other automotive and battery manufacturers. The first-mover advantage is limited | fact |
| The company’s revenue environment | The operating profit for 2025 is 8.87 billion euros, a halving from the previous year. The startup costs of the battery business are also cited as a factor. | fact |
| No four-wheel prototypes have been demonstrated yet. | Only one two-wheeled vehicle has been publicly equipped with it. No four-wheel demonstration vehicles have been announced. | Unconfirmed / Future |
| Mass production capability of oxide-based separators | The process to create ceramics in large areas, thin, and without defects has not been established. It is not publicly announced that PowerCo has such experience. | speculation |
12. Glossary
- All-solid-state battery
- A battery that uses a solid electrolyte instead of a liquid. This allows for the use of new anode materials.
- Ceramic separator
- A hard oxide-based plate that separates the anode and cathode. It allows ions to pass but physically stops the precipitation of metal.
- anodeless
- A method where the negative electrode is not made during manufacturing, and the lithium metal that precipitated during the first charge is used as the negative electrode.
- A sample
- A term indicating the maturity of a prototype. A refers to an initial prototype, B refers to something that can be evaluated in a car.
- Unified Cell
- A rectangular common cell designed by PowerCo. Plans to use it for up to 80% of the group’s electric vehicles.
- GWh
- Gigawatt-hour. A unit representing the annual production capacity of a battery factory. Approximately 10,000 units per GWh.
- Royalty
- A fee paid to other companies for using their patents or technologies in product manufacturing.
- Non-exclusive license
- A contractual arrangement that allows us to provide the same technology to other companies. There is no exclusivity.
AI-generated conceptual diagram13. Source
- Volkswagen Group Annual Report 2025 ‘Results of Operations’. Descriptions of sales revenue, operating income, pre-tax profit, and net profit for the current period (2024-2025), as well as expenses related to the launch of battery business. https://annualreport2025.volkswagen-group.com/group-management-report/results-of-operations-financial-position-and-net-assets/results-of-operations.html
- Volkswagen Group Annual Report 2025 ‘Total Workforce’. Employee count of 662,942 people (as of December 31, 2025) excluding 602,659 people in China joint venture, and vehicle sales of 9,022 thousand units. https://annualreport2025.volkswagen-group.com/group-management-report/business-development/total-workforce.html
- Volkswagen Group Annual Report 2025 ‘Research and Development’. Number of employees in the Research and Development department: 62,954; Number of patent applications: 7,915. https://annualreport2025.volkswagen-group.com/group-management-report/sustainable-value-enhancement/research-and-development.html
- Volkswagen Group Annual Report 2025 ‘Share Key Figures’. ISIN and ticker symbols for listed market common shares and preferred shares. https://annualreport2025.volkswagen-group.com/group-management-report/shares-and-bonds/share-key-figures.html
- Volkswagen Group Press release ‘PowerCo confirms results: QuantumScape’s solid-state cell passes first endurance test’ (January 3, 2024). Passes over 1,000 cycles with over 95% capacity retention, 24-layer cell, Zalutschgitter battery lab involvement since 2012, compatibility with Unified Cell. https://www.volkswagen-group.com/en/press-releases/powerco-confirms-results-quantumscapes-solid-state-cell-passes-first-endurance-test-18031
- Volkswagen Group Press release ‘PowerCo and QuantumScape Announce Landmark Agreement to Industrialize Solid-State Batteries’ (July 11, 2024). Non-exclusive license, option for expansion to 40GWh and 80GWh, replacement of joint venture, ceramic separator and pure lithium metal anode, Frank Blome’s resignation as director, Volkswagen as the leading shareholder. https://www.volkswagen-group.com/en/press-releases/powerco-and-quantumscape-announce-landmark-agreement-to-industrialize-solid-state-batteries-18494
- Volkswagen Group Press Release ‘Made in Europe: Volkswagen, PowerCo and Elli launch pioneering battery and energy technologies’ (September 8, 2025). Group’s first full-solid-state battery-equipped vehicle (based on Ducati V21L, with QSE-5 up to a maximum of 980 units) · Joint industrialization team established in San Jose · Targeting commercialization by the end of the 2020s · Unified Cell at 660Wh/L and plans to adopt up to 80%. https://www.volkswagen-group.com/en/press-releases/made-in-europe-volkswagen-powerco-and-elli-launch-pioneering-battery-and-energy-technologies-19801
- QuantumScape Corporation Form 10-K for the fiscal year ended December 31, 2025 (filed with the U.S. SEC on February 25, 2026). Contract amendment dated July 17, 2025, with a maximum contribution of $130.7 million · Received $19.5 million in 2025 · Expansion to 85 GWh by the year · License agreement not yet signed · Voting rights of 26.2% · Net loss of $435.05 million. https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm
- QuantumScape Corporation Proxy Statement DEF 14A (filed with the U.S. SEC on April 23, 2026). Number of shares owned by Volkswagen Group of America Investments, LLC and voting rights ratio of 26.2%. https://www.sec.gov/Archives/edgar/data/1811414/000119312526173828/qs-20260423.htm
14. Table of Correspondence between Claims and Sources
| Main Argument in the Body | Classification | Sources |
|---|---|---|
| Revenue, operating profit, pre-tax profit, and net profit (2024 fiscal year, 2025 December period) | fact | Source 1 https://annualreport2025.volkswagen-group.com/group-management-report/results-of-operations-financial-position-and-net-assets/results-of-operations.html |
| The reason for the decrease in operating profit is mentioned to be the start-up costs of the battery business | fact | Source 1 https://annualreport2025.volkswagen-group.com/group-management-report/results-of-operations-financial-position-and-net-assets/results-of-operations.html |
| Employee count 662,942 people (excluding China joint venture: 602,659 people) | fact | Source 2 https://annualreport2025.volkswagen-group.com/group-management-report/business-development/total-workforce.html |
| Employees in the research and development department: 62,954 people (9.5% of the total) | fact | Source 3 https://annualreport2025.volkswagen-group.com/group-management-report/sustainable-value-enhancement/research-and-development.html |
| Listing market, common shares and preferred shares ISIN | fact | Source 4 https://annualreport2025.volkswagen-group.com/group-management-report/shares-and-bonds/share-key-figures.html |
| Over 1,000 cycles with a capacity of over 95%, 24-layer cells, industry-standard target values, test site | fact | Source 5 https://www.volkswagen-group.com/en/press-releases/powerco-confirms-results-quantumscapes-solid-state-cell-passes-first-endurance-test-18031 |
| Involved in QuantumScape since 2012 and one of the major investors, headquarters in Wolfsburg | fact | Source 5 https://www.volkswagen-group.com/en/press-releases/powerco-confirms-results-quantumscapes-solid-state-cell-passes-first-endurance-test-18031 |
| Agreement content on July 11, 2024 (non-exclusive, annual 40GWh, expansion to 80GWh, replacement of joint venture) | fact | Source 6 https://www.volkswagen-group.com/en/press-releases/powerco-and-quantumscape-announce-landmark-agreement-to-industrialize-solid-state-batteries-18494 |
| Ceramic separator and pure lithium metal anode, CEO’s statement about being ‘capital-light’, board member stepping down | fact | Source 6 https://www.volkswagen-group.com/en/press-releases/powerco-and-quantumscape-announce-landmark-agreement-to-industrialize-solid-state-batteries-18494 |
| Prototype vehicle QSE-5 based on Ducati V21L, with a maximum of 980 units, to be installed in San Jose by the joint industrialization team | fact | Source 7 https://www.volkswagen-group.com/en/press-releases/made-in-europe-volkswagen-powerco-and-elli-launch-pioneering-battery-and-energy-technologies-19801 |
| Target commercialization by the end of the 2020s, Unified Cell’s 660Wh/L and a plan to adopt up to 80%, with the next milestone being for racing motorcycles | fact | Source 7 https://www.volkswagen-group.com/en/press-releases/made-in-europe-volkswagen-powerco-and-elli-launch-pioneering-battery-and-energy-technologies-19801 |
| Amendment to the contract on July 17, 2025, with an investment of up to $130.7 million, receiving $19.5 million in 2025, producing 85GWh annually, and a license agreement not yet signed | Fact (Disclosure of Investment Holdings) | Source 8 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Voting rights of 26.2% (end of 2025) and 24.0% (end of 2024), net loss of $435.05 million, cell size to be decided by PowerCo | Fact (Disclosure of Investment Holdings) | Source 8 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Number of shares held (Class A: 68,236,103 shares; Class B: 17,980,436 shares) | Fact (Disclosure of Investment Holdings) | Source 9 https://www.sec.gov/Archives/edgar/data/1811414/000119312526173828/qs-20260423.htm |
| Classification of three types of all-solid-state batteries (Automotive / Battery / Startup) | Calculations in this article | Arrangement by this article. Company names are exemplified from the 23 companies in this series |
| Volkswagen’s cumulative investment in QuantumScape | Unconfirmed / Future | Volkswagen is not disclosed. This article does not estimate either |
| The breakdown of personnel numbers and investment amounts for dedicated staff for all-solid-state batteries | Unconfirmed / Future | Non-disclosed. This article does not estimate either. |
| Year of mass production start, four-wheel vehicle models to be equipped with, manufacturing plant for mass production, actual measured values of energy density and capacity of QSE-5, royalty rate | Unconfirmed / Future | Not recorded in references 1-9. Numerical values based on press reports are not adopted https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Research collaboration with universities and research institutions on all-solid-state batteries | Unconfirmed / Future | Unable to confirm from official materials. This article does not state that it does not exist. https://www.volkswagen-group.com/en/press-releases/made-in-europe-volkswagen-powerco-and-elli-launch-pioneering-battery-and-energy-technologies-19801 |
| The purpose is to ensure manufacturing capability rather than technology. | speculation | The interpretation of this article is about transitioning from a joint venture to licensing. |
| To fill in two-wheeled vehicles before four-wheeled ones as per the reading | speculation | The interpretation of this article is that the demonstration vehicle and the next milestone are two-wheelers |
| The reading that QuantumScape’s funding is supported by | speculation | The interpretation of this article is that the accounting treatment of converting contributions to retained earnings is |
| The reading that choosing a license was done to change the utilization rate of equipment | speculation | The interpretation of this article is that PowerCo already has multiple gigafactories |
| Explanation of Anodeless and 24 Layers (Discussion on the Flatness of Deposition, the Barrier to Large-Scale Ceramic) | speculation | Introduction to This Article on Lithium Metal Deposition and General Properties of Ceramic Materials |
| Risk of Monopoly in Production of Oxide-Based Separators | speculation | Interpretation of This Article from the Perspective of Partnership Structure and Selection of Methods |
Last Updated: September 23, 2026 / Troy Technical
The numerical data in this article are based on Volkswagen Group’s Annual Report 2025, official press releases, and documents filed with the U.S. Securities and Exchange Commission (SEC) by QuantumScape. We have not used estimates from research firms or news-based figures. The ‘Assumption’ noted is an interpretation derived from primary information in this article and does not reflect the company’s public statements.