QuantumScape and ChargePoint: Two EV High-Flyers That Crashed to Earth—Which One Still Has Juice?

Both stocks soared in the 2020 hype wave. Now they’re down more than 95%. But only one looks ready to rise again.

QuantumScape and ChargePoint were once the darlings of the electric vehicle revolution. In late 2020, they hitched a ride on the meme-stock rocket ship, reaching nosebleed valuations with barely any revenue to show for it. That party ended quickly. Fast forward to today—both are trading at just a sliver of their former highs.

Yet beneath the wreckage lies an interesting question. If you had to place a bet today—solid-state batteries or EV charging infrastructure—where would you put your money?

Solid Promises, But Still Vaporware

QuantumScape has been in R&D mode for what feels like forever. Over 15 years and counting, and still, not a single battery has made it to mass production.

To be fair, what they’re attempting isn’t trivial. Their solid-state lithium-metal battery tech promises a theoretical energy density of 800 Wh/L. That’s significantly higher than the 300–700 Wh/L range of current lithium-ion batteries. And it charges faster, too—10% to 80% in under 15 minutes, if it all works as promised.

But promises don’t pay the bills.

Volkswagen has been a strategic partner since 2012, yet production remains stuck at the low-volume testing stage. The company is now transitioning to a newer “Cobra” separator process. Great. More testing. Mass production? Not until 2026 at the earliest.

Investors are growing tired.

ChargePoint’s Fade Came Faster Than Expected

At its peak, ChargePoint looked like a can’t-miss pick-and-shovel play for the EV boom. Instead, it got steamrolled by macroeconomic headwinds.

Its network of 342,000 charging ports across North America and Europe sounds impressive—until you look at recent numbers. Revenue fell 18% in fiscal 2025 after barely growing in 2024. That’s a brutal reversal from the 65% and 93% growth rates it posted in 2022 and 2023.

The culprit? Rising interest rates. Suddenly, businesses and homeowners weren’t in a rush to install pricey charging stations.

To its credit, ChargePoint didn’t stand still:

• It trimmed its workforce.

• Launched a more flexible pricing model.

• Narrowed its net loss.

These weren’t cosmetic moves. They bought time. Enough, maybe, to outlast the downturn.

Crunching the Numbers: Which One Looks Cheaper?

Let’s talk valuation, because for beaten-down stocks like these, it’s everything.

The difference is stark. ChargePoint trades like a deeply distressed asset. QuantumScape trades like a moonshot biotech startup—huge payoff or zero.

In 2027, ChargePoint expects to be EBITDA-positive with $80M in adjusted earnings. QuantumScape, meanwhile, will just be starting to generate meaningful sales.

Numbers don’t lie. They just whisper, if you’re listening.

Risk vs. Hope: What’s Really Being Priced In?

Let’s say you’re not allergic to risk. Which company gives you better odds?

QuantumScape is a bet on a breakthrough that hasn’t happened yet. And even if it does, competitors like Toyota, Nio, and Solid Power are hot on its tail. First-mover advantage? Not guaranteed.

Also, no revenue. Still. That’s not an oversight—it’s the whole point.

Meanwhile, ChargePoint is already selling. Already deploying. Already adapting to real-world demand cycles.

Sure, it’s not sexy tech. It’s infrastructure. But it’s infrastructure that businesses actually use—and might soon need more of again.

Even Tesla’s Supercharger network, often seen as competition, doesn’t operate the same way. Tesla’s ecosystem is closed. ChargePoint’s is open—and monetizable.

The market may have punished both companies for overpromising. But only one has something tangible to offer today.

Bottom Line: One’s a Dream, the Other’s a Discount

This isn’t to say QuantumScape can’t win big someday. If it commercializes its solid-state batteries and secures major deals, the stock could rip.

But that’s a lot of “ifs”—and a lot of years.

ChargePoint, on the other hand, might simply need a return to normal. Interest rates drop, EV sales pick up, companies resume charging station rollouts… and suddenly, 1.1x sales doesn’t look so crazy anymore.

Some may call it boring. Others might call it predictable. For beaten-down investors, predictable might be just what the doctor ordered.