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  "documentTitle": "QuantumScape (QS)",
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  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-15 00:00:00",
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  "pageNumber": 113,
  "pageCount": 188,
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  "nDataPoints": 4,
  "notes": "The slide uses a 'red flag' framing to attack the credibility of the company's battery performance claims.",
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      "text": "These differences appear to get even larger at more cycles, suggesting that the QS prototype cells have instable and unpredictable lifespans.",
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      "text": "Slide #22 from QS December 8th “Battery Showcase” – enlargement of cycle life trendlines",
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      "text": "Coulombic efficiency: 98-99%",
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      "text": "We enlarged the trend lines in the low temperature cycle life chart. Each of the 4 colored lines appears to be a different prototype cell. The enlarged section below captures the trend to ~30 charge and discharge cycles. Two issues jump out. First, the data reinforces the expert's conclusion that the Coulombic efficiency is low – after only ~30 cycles, the samples are only retaining about 98-99% of their discharge energy. We note the expert's comments on the previous page that standard Li-ion Coulombic efficiencies are 99.9%. The difference between 98% and 99.9% in Coulombic efficiency terms is night and day in terms of battery life. Second, after a mere ~30 cycles – which we estimate is equal to about 9,000 cumulative miles* - the individual samples already begin to show significant variations in discharge energy. These differences appear to get even larger at more cycles, suggesting that the QS prototype cells have instable and unpredictable lifespans.",
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      "text": "Source: https://s26.q4cdn.com/263384136/files/doc_presentation/2021/1/Data-Launch-Updated-Post-Presentation-20210107-2.pdf * X-axis scales on Slide 20 of QS Battery Day presentation indicate that 30 cycles is equal to about 9000 cumulative miles",
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      "text": "Red flag 5 (cont'd): Massive variations in QS cycle life data suggest that its cells have disastrous and instable Coulombic efficiencies and cycle lives, which explains why they fail to disclose this basic metric of battery life.",
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      "text": "3) Phony claim E: Battery life in low temperatures",
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