Battery developer QuantumScape (NYSE:QS) announced a new CEO while delivering quarterly results on Feb. 14.

Dr. Siva Sivaram was named to lead “the next phase” of growth, the company’s press release said.

QuantumScape remains a pre-revenue company. During the fourth quarter, it lost $110 million, 23 cents per share. It finished the quarter with $1.08 billion in cash and marketable securities. Losses were narrower than previously.

QS stock opened this morning at about $7.50 per share, a market capitalization of about $3.7 billion.

New Leadership: Dr. Sivaram Takes the Helm

Sivaram replaces founder Jagdeep Singh but the latter remains with the company. Joining from Western Digital (NYSE:WDC), Sivaram brings expertise in scaling up production volume. Investors keen on a production announcement were appeased with Sivaram’s appointment, signaling progress in this direction.

QuantumScape’s solid-state battery design promises an impressive 600-mile range per charge, a 30-minute recharge time, and 1,000 discharge cycles. Moreover, it boasts triple the energy density of Tesla (NASDAQ:TSLA) batteries.

Backed by Volkswagen (OTCMKTS:VWAGY), QuantumScape has however absorbed $350 million over the past year without a product delivery, straining investor patience and causing a 79% stock price dip since going public in 2020.

Amidst skepticisms, hope for the company still exists, with many investors anticipating a shift towards becoming a manufacturing enterprise with Sivaram’s leadership.

Future Outlook for QS Stock

While Sivaram enjoys confidence from QuantumScape’s external stakeholders, the pressure is mounting. The company is expected to materialize its pledges beyond mere media announcements.

As of this writing, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.