illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: QuantumScape’s shares surged 52% following a $130 million payment from Volkswagen for technology royalties
• This comes as a positive development amid a challenging market for electric vehicle (EV) manufacturers
• QuantumScape, specializing in solid-state batteries, aims to enhance EV range and charging times, addressing competition from Chinese suppliers

🔭 The context: The EV market has seen fluctuating demand, with valuations of battery makers falling from their 2021 peaks
• Despite concerns, North American EV sales rose 10% in the first half of 2024 compared to last year
• Major companies like Ford have also reported significant increases in EV sales, signaling sustained interest in electric transportation

🌍 Why it matters for the planet: Advancements in battery technology are crucial for accelerating the adoption of EVs, which are essential for reducing greenhouse gas emissions from the transportation sector
• Improved battery performance can make EVs more attractive to consumers, contributing to broader climate goals

⏭️ What's next: The deal with Volkswagen provides QuantumScape with short-term financial stability
• The future focus will be on overcoming commercial challenges to bring solid-state batteries to mass production
• Market watchers are looking for continued investment and technological breakthroughs to sustain the growth of the EV sector

💬 One quote: “Yes, there is surely a blip. We just have to ride out these blips,” said Siva Sivaram, QuantumScape’s chief executive, regarding the current market fluctuations

📈 One stat: North American EV sales increased by 10% in the first six months of 2024 compared to the previous year

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