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Despite each company advancing potentially cheaper, faster-charging, and more energy-dense battery technologies, Wolfe Research highlighted high uncertainty about their success. There is expected to be a significant timeline before automakers can evaluate these technologies in the form of final production-intent prototypes (around 2025-2026), with further delays before commercialization.
Given this lack of near-term catalysts and considering other opportunities in the Auto Tech space, Wolfe Research advised more cautionary relative ratings for these stocks. According to the firm, this doesn’t indicate criticism of the technologies but is a reflection of the stocks’ probability of outperformance.
Following the downgrades, shares of Solid Power, QuantumScape, and SES AI dropped more than 14%, 8%, and 10% intra-day today, respectively.
