WASHINGTON DC – Investors are enthusiastic about QuantumScape, developer of an electric-vehicle battery that promises more power for less cost. If the company succeeds, Tesla could face new challenges.

One of the wildest plotlines in the great 2020 electric-vehicle rally was the late-year rise of QuantumScape, a battery startup that has yet to report any revenue. If investors are even close to being right about its roughly $44 billion market value, they may need to worry more about the fortunes of Tesla.

QuantumScape’s shares have soared since going public in November. The company revealed promising test results for a limited version of its “solid state” battery in early December, but otherwise the stock’s meteoric ascent…

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