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  "documentTitle": "QuantumScape (QS)",
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  "presentationDate": "2021-04-15 00:00:00",
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  "notes": "The slide uses a quote-heavy format to build credibility through an external expert's voice.",
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      "text": "If you plot the data like this, that means they don't want us to see the statistical variations.",
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      "text": "Zooming into low temperature cycle life trend on previous chart shows huge variation across 4 samples",
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      "text": "The expert – a highly published leader in solid-state research – indicated that researchers often cheat by making a batch of 10 cells and cherry-picking the one with the best data. Understanding cell to cell variations is critical in understanding what representative cell performance looks like. The expert believes that the QS samples show massive variation from cell to cell and problems with their battery life under low temperature conditions.",
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      "text": "That data would show you reproducibility and variation from cell to cell. This is a publicly-listed company. They're going for production. I tell students that if you make 10 cells, I want to see the cell to cell variations because I don't want them to report the best data. Pick something that's representative. For a commercial company, we want to see the cell to cell variations. We cannot see from this data whether the cells shown are all excellent. Actually, I'm pretty sure they're not. Replot this data from 95 to 100 and I'm pretty sure it's not all the same.",
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      "text": "When you show something in the 99% efficiency rage, you should never plot a graph from 0 to 100 because people cannot see the variations. We need to see the statistical distribution of the different cells, where they plot between 95% to 100%, so we can actually see the statistical variations of the data. If you plot the data like this, that means they don't want us to see the statistical variations.",
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      "text": "“We cannot see from this data whether the cells shown are all excellent. Actually, I’m pretty sure they’re not.” — Solid state expert",
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      "text": "Source: Scorpion Capital consultation calls with experts; chart excerpt https://s26.q4cdn.com/263384136/files/doc_presentation/2021/1/Data-Launch-Updated-Post-Presentation-20210107-2.pdf",
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      "text": "Red flag 4 (cont'd): Solid-state expert believes QS is cherry-picking and hiding “reproducibility and variation” problems across cells, by using a misleading chart scale – “We cannot see from this data whether the cells shown are all excellent. Actually, I’m pretty sure they’re not.”",
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      "text": "3) Phony claim E: Battery life in low temperatures",
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