It could also be that investers have found out that the QuantumScape cell is good for a little more that 400 charge cycles.

QuantumScape data indicates its solid-state batteries—after 400 cycles of 10 to 80 percent fast charging (the equivalent of covering 160,000 miles)—retain over 80 percent of their capacity.

https://news.yahoo.com/solid-state-ev-batteries-may-163900580.html

QuantumScape is targeting 2023 to produce battery samples that can be used in test cars, and 2024 to 2025 for commercialization, which it defines as cells that can be sold to a third party.

Solid Power

SolSolid Power said in an email that it is anticipating silicon EV cell production in 2025, with vehicles using those batteries coming out a year later in 2026.id Power also has designed its solid-state cells to be compatible with current lithium-ion manufacturing processes.

Solid Power tested its high content silicon anode cells with a regimen of fast charging every fifth cycle, and found 81 percent capacity retention after 650 cycles. The company said fast charging every fifth cycle “is more in line with consumer behavior.” Solid Power also expects its lithium metal anode solid-state batteries to last 369,000 miles and more than 1000 cycles.

Electrovaya

Electrovaya says in their new presentation that after 300 cycles of testing battery cell capacity about 93% taken from graph.  Neither Quantum Scape or Solid power have released energy density numbers.  Electrovaya says highest energy density > 350Wh/Kg and that is preliminary.

Electrovaya is now designing a piolt production line that is highly automated.  It doen not use the old high cost production process.  Electrovaya designed this environmentally friendly and very cost efficient process.  They are seeking patents now.

Conclusion---- If Electrovaya has a better cell that can be manufactured at less cost - then - they will be a sure winner.

JMHO biased as I am an EFLVF stock holder.