大众汽车，近10亿元投资固态电池

Core Viewpoint - QuantumScape Corporation (QS) is expanding its strategic partnership with Volkswagen Group's PowerCo SE to accelerate the development of solid-state lithium metal batteries, with a focus on scaling up the QSE-5 battery pilot line in San Jose [1]. Group 1: Partnership and Funding - The updated agreement allows PowerCo to provide up to $131 million (approximately 956 million RMB) in funding over the next two years, contingent on achieving several key milestones [1]. - The initial milestones have been successfully met, and QS expects to start receiving related payments in 2025 [1]. - This partnership enables PowerCo to engage early in the production and automation processes of the QSE-5 battery, facilitating rapid scaling and technology transfer [1]. Group 2: Financial Performance - As of the end of Q2 2025, QS reported $797.5 million in liquid assets and extended its cash flow forecast to 2029, six months longer than previously anticipated [6]. - The capital expenditure for Q2 was $8.3 million, primarily for facility and equipment procurement to support higher production of QSE-5 B1 samples [6]. - The full-year capital expenditure guidance has been narrowed to a range of $45 million to $65 million [6]. Group 3: Operational Metrics - In Q2, GAAP operating expenses were $123.6 million, with a GAAP net loss of $114.7 million [7]. - Adjusted EBITDA loss for the quarter was $63 million, aligning with expectations, and the full-year adjusted EBITDA loss guidance has been narrowed to $250 million to $270 million [7]. - PowerCo's solid-state battery production capacity could expand to 85 GWh annually based on QS's technology licensing [7]. Group 4: Technological Advancements - The new Cobra process has replaced the Raptor process, achieving significant efficiency improvements, with B1 samples expected to be delivered within the year and field testing planned for 2026 [8]. - High-capacity production line equipment is being deployed rapidly to support these advancements [8].