The majority of the EV battery stocks are soaring solely on the optimism surrounding the core electric vehicle industry, which thus far has generated relatively little sales volume. Hence, we think EV battery stocks are best avoided for now.

Wedbush analyst Daniel Ives views reports that EV talks with Nissan dissolved while Apple picks its electric vehicle and autonomous partner. He believes it's a matter of "when not if" Apple will enter the EV race over the next few years.

One of the difficult aspects of the current market climate is that companies that have “potential” are trading at exorbitant valuations. If QS can deliver on this transformative technology, the valuation may be cheap.

Based on the technical chart, the QuantumScape swing trade level is at $37.00. This will not be a long-term buy level as after a bounce, the stock is likely headed significantly lower to $25.00/share.

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