<p>了解电动汽车（EV）故事的发展方向变得越来越困难。有些人说需求正在减弱，而另一些人则坚称完全电动的未来就在眼前。</p>
<p>然而，双方似乎都同意的一个挑战是电池技术。实际上，从开采原材料到建造制造工厂，目前的电动汽车电池都很昂贵。它们还笨重，易燃，充电缓慢，续航有限。</p>
<p>如果交通运输要完全电动，就需要更好的电池。<strong>QuantumScape</strong>（QS -0.81%）认为它已经制造出了一种：一种固态电池，充电更快，使用寿命可能比典型的锂离子电池更长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4MjIvcXMtY2VsbC1pbWFnZS5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4MjIvcXMtY2VsbC1pbWFnZS5wbmcmdz03MDA"/></p>
<p>图片来源：QuantumScape。</p>
<p>该公司有几个原型，但在商业化固态电池方面一直面临困难。然而，最近的制造进展可能正在改变这一局面，并使这只股票在未来五年内有望飙升。</p>
<h2>扩大 Cobra 分离器的规模可能解锁商业现实</h2>
<p>过去，QuantumScape 的固态技术在实验室中有效，但在商业层面上一直难以生产。这使得投资者对该公司能否生产足够的电池以实现显著盈利感到悲观。</p>
<p>这一局面在夏季中期发生了戏剧性的变化，当时 QuantumScape 宣布对其制造技术进行了重大升级。</p>
<p>在 2025 年第二季度的电话会议上，管理层宣布成功将其 Cobra 固体分离器应用于原型制造线。这一升级可以显著提高生产力——约是之前设备的 25 倍——并帮助其最终实现大规模生产电池。</p>
<p>紧随这一升级之后，9 月首次在现实生活中演示了固态电池。尽管电池并不在汽车上——而是在摩托车上——但证明了其技术可以在现实应用中存在，而不仅仅是在实验室中。</p>
<p>该公司尚未产生收入，但有足够的现金可以持续到至少 2029 年。如果它能在其他公司之前商业化其固态电池，还可能获得显著的先发优势。</p>
<p>这只股票风险较高，因此保守的投资者可能想要观望。但对于押注电动汽车普及的激进投资者来说，持有这只股票五年可能会有回报。</p>

<p>QuantumScape 因其固态电池技术的进步，预计在未来五年将实现显著增长。尽管在产品商业化方面面临挑战，但最近对制造工艺的升级，特别是 Cobra 固体分隔器，显著提高了生产效率。该公司已在实际应用中展示了其技术，尽管目前尚无收入。凭借充足的现金储备直到 2029 年，QuantumScape 有可能在电动车市场获得先发优势，使其成为激进投资者的一个有吸引力的选择，尽管存在固有风险</p>

<p>It's getting harder to know where the electric vehicle (EV) story is heading. Some say demand is fading, while others insist that a fully electric future is still just around the corner.</p>
<div class="lb-trans"><p>了解电动汽车（EV）故事的发展方向变得越来越困难。有些人说需求正在减弱，而另一些人则坚称完全电动的未来就在眼前。</p>
</div><p>One challenge both camps seem to agree on, however, is battery technology. Indeed, between mining raw materials and building manufacturing plants, current EV batteries are expensive. They're also cumbersome, prone to fires, slow to charge, and limited in range.</p>
<div class="lb-trans"><p>然而，双方似乎都同意的一个挑战是电池技术。实际上，从开采原材料到建造制造工厂，目前的电动汽车电池都很昂贵。它们还笨重，易燃，充电缓慢，续航有限。</p>
</div><p>If transportation is going fully electric, it needs a better battery. <strong>QuantumScape</strong>(QS -0.81%) thinks it has built one: a solid-state battery that charges faster and could last longer than the typical lithium-ion.</p>
<div class="lb-trans"><p>如果交通运输要完全电动，就需要更好的电池。<strong>QuantumScape</strong>（QS -0.81%）认为它已经制造出了一种：一种固态电池，充电更快，使用寿命可能比典型的锂离子电池更长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4MjIvcXMtY2VsbC1pbWFnZS5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834822%2Fqs-cell-image.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: QuantumScape.</p>
<div class="lb-trans"><p>图片来源：QuantumScape。</p>
</div><p>The company has several prototypes, but it's struggled to commercialize a solid-state battery. Recent manufacturing developments, however, could be changing that -- and setting this stock up to soar over the next five years.</p>
<div class="lb-trans"><p>该公司有几个原型，但在商业化固态电池方面一直面临困难。然而，最近的制造进展可能正在改变这一局面，并使这只股票在未来五年内有望飙升。</p>
</div><h2>Scaling the Cobra separator could unlock commercial reality</h2>
<div class="lb-trans"><h2>扩大 Cobra 分离器的规模可能解锁商业现实</h2>
</div><p>In the past, QuantumScape's solid-state technology has worked in labs but has always been difficult to produce at a commercial level. It made investors bearish that the company would ever produce enough to become significantly profitable.</p>
<div class="lb-trans"><p>过去，QuantumScape 的固态技术在实验室中有效，但在商业层面上一直难以生产。这使得投资者对该公司能否生产足够的电池以实现显著盈利感到悲观。</p>
</div><p>That changed dramatically in the middle of the summer when QuantumScape announced a huge upgrade to its manufacturing technology.</p>
<div class="lb-trans"><p>这一局面在夏季中期发生了戏剧性的变化，当时 QuantumScape 宣布对其制造技术进行了重大升级。</p>
</div><p>In its second-quarter 2025 conference call, management announced it had successfully implemented its Cobra solid separator into its prototype manufacturing line. The upgrade can significantly improve productivity -- about 25 times more than its previous equipment -- and help it eventually produce batteries at scale.</p>
<div class="lb-trans"><p>在 2025 年第二季度的电话会议上，管理层宣布成功将其 Cobra 固体分离器应用于原型制造线。这一升级可以显著提高生产力——约是之前设备的 25 倍——并帮助其最终实现大规模生产电池。</p>
</div><p>Following on the heels of this upgrade came the first real-life demo of a solid-state battery in September. Although the battery wasn't in a car -- it was in a motorcycle -- it proved that its technology can exist outside of labs in real-world applications.</p>
<div class="lb-trans"><p>紧随这一升级之后，9 月首次在现实生活中演示了固态电池。尽管电池并不在汽车上——而是在摩托车上——但证明了其技术可以在现实应用中存在，而不仅仅是在实验室中。</p>
</div><p>The company isn't generating revenue, but it has enough cash to last until at least 2029. It could also have significant first-mover advantage if it can commercially market its solid-state battery before others.</p>
<div class="lb-trans"><p>该公司尚未产生收入，但有足够的现金可以持续到至少 2029 年。如果它能在其他公司之前商业化其固态电池，还可能获得显著的先发优势。</p>
</div><p>The stock is risky, so conservative investors may want to hold off. But for aggressive investors betting on EV adoption, holding it for the next five years could pay off.</p>
<div class="lb-trans"><p>这只股票风险较高，因此保守的投资者可能想要观望。但对于押注电动汽车普及的激进投资者来说，持有这只股票五年可能会有回报。</p>
</div>

预测：QuantumScape 将在未来五年内大幅上涨。以下是其中一个原因