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  "notes": "The slide uses a screenshot of a Quantumscape presentation to contrast the 'black box' nature of the company with the public marketing of the VW partnership.",
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      "text": "Quantumscape hypes VW’s involvement at every opportunity.",
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      "text": "Slide #7 from hr. QS December 8th “Battery Showcase”",
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      "text": "Quantumscape is a “black box” to investors, and investors appear to have turned to VW for validation, assuming that if a major automaker is involved, it must have seen and blessed the science as real. VW is Quantumscape’s largest investor.",
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      "text": "Volkswagen has become the largest shareholder of QuantumScape. Our US$100 million investment is a key building block in the Group’s battery strategy. One of the long-term targets is to establish a production line for solid-state batteries by 2025. — Herbert Diess, Volkswagen AG CEO; The Volkswagen Group has established a joint venture with QuantumScape, a manufacturer of solid-state batteries. The shared goal of the companies is large-scale production... — Oliver Blume, Porsche CEO",
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      "text": "Given Quantumscape’s secrecy and scant details, investors appear to be leaning on Volkswagen’s involvement as “validation” that the science is real. We spoke with two current employees involved in VW’s EV battery efforts, both of whom noted their interactions with QS staff/leadership and involvement with the partnership.",
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      "text": "2) VW employees indicate internal skepticism of Quantumscape’s claims",
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