<SEC-DOCUMENT>0001104659-20-132908.txt : 20201207
<SEC-HEADER>0001104659-20-132908.hdr.sgml : 20201207
<ACCEPTANCE-DATETIME>20201207165133
ACCESSION NUMBER:		0001104659-20-132908
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20201207
DATE AS OF CHANGE:		20201207
GROUP MEMBERS:		VOLKSWAGEN AKTIENGESELLSCHAFT
GROUP MEMBERS:		VOLKSWAGEN GROUP OF AMERICA, INC.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QuantumScape Corp
		CENTRAL INDEX KEY:			0001811414
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				850796578
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91548
		FILM NUMBER:		201373253

	BUSINESS ADDRESS:	
		STREET 1:		1730 TECHNOLOGY DRIVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
		BUSINESS PHONE:		(408) 452-2000

	MAIL ADDRESS:	
		STREET 1:		1730 TECHNOLOGY DRIVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kensington Capital Acquisition Corp.
		DATE OF NAME CHANGE:	20200505

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Volkswagen Group of America Investments, LLC
		CENTRAL INDEX KEY:			0001834694
		IRS NUMBER:				831001918
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		2200 FERDINAND PORSCHE DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		703-364-7290

	MAIL ADDRESS:	
		STREET 1:		2200 FERDINAND PORSCHE DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>tm2037814d1_sc13d.htm
<DESCRIPTION>SC 13D
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF
1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>QUANTUMSCAPE
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 0.75pt solid">(Name of
Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class&nbsp;A Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class&nbsp;B Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 0.75pt solid">(Title of
Class&nbsp;of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 0.75pt solid"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>74767V 109</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 55%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dr.&nbsp;Sebastian Pl&auml;ster</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Volkswagen Aktiengesellschaft<BR>
Brieffach/Letter Box 011/1884/4<BR>
38436 Wolfsburg<BR>
Deutschland/Germany</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+49 (0)173 2765039</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>with copy to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dominic Lange</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Volkswagen Aktiengesellschaft</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brieffach/Letter Box 011/1884/4<BR>
38436 Wolfsburg<BR>
Deutschland/Germany</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+49 (0) 151 14298611</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address
and Telephone Number of Person Authorized to Receive Notices<BR>
 and Communications)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>November&nbsp;25, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of
Event Which Requires Filing of This Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the filing person has previously filed
a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of &sect;&sect; 240.13d-1(e), 240.13d-1(f)&nbsp;or 240.13d-1(g), check the following box: <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Note</I>: Schedules filed in paper format
shall include a signed original and five copies of the schedule, including all exhibits. See &sect;240.13d-7 for other parties
to whom copies are to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The remainder of this cover page&nbsp;shall
be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information required on the remainder
of this cover page&nbsp;shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section&nbsp;18 of the Securities Exchange
Act of 1934 (&ldquo;<U>Act</U>&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, <I>see</I> the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border: Black 1pt solid; width: 35%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">CUSIP
No.&nbsp;<B>74767V 109</B></P></TD>
    <TD STYLE="padding: 2pt 5pt; width: 30%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; text-align: right; padding: 2pt 5pt; width: 35%; font-size: 10pt">Page&nbsp;1 of 10</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD STYLE="width: 93%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Volkswagen Group of America Investments, LLC</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the Appropriate Box if a Member of a Group</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">SEC Use Only</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Source of Funds (See Instructions)<BR>
<BR>
AF</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check if Disclosure of Legal Proceedings Is Required Pursuant
        to Items 2(d)&nbsp;or 2(e)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Citizenship or Place of Organization&nbsp;&nbsp;<BR>
<BR>
<B>United States</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shares</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beneficially </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Each </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reporting</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Person With</B></P></TD>
    <TD STYLE="vertical-align: top; width: 7%; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 73%; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD STYLE="width: 7%; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD STYLE="width: 93%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check Box If the Aggregate Amount in Row (11) Excludes Certain
        Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class&nbsp;Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31.05% of Class&nbsp;A Common Stock and 11.36% of Class&nbsp;B
        Common Stock (2)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&#8239;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&nbsp; Holders of Class&nbsp;A Common
Stock are entitled to one vote for each share held as of the record date for the determination of the stockholders entitled to
vote on such matters and holders of Class&nbsp;B Common Stock are entitled to ten votes for each share held at the record date
for the determination of the stockholders entitled to vote on such matters, except as otherwise required by law. The holders of
Class&nbsp;A Common Stock and Class&nbsp;B Common Stock will vote together as a single class, unless otherwise expressly provided
in the certificate of incorporation of the Issuer or required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&nbsp;Based on a total of 377,983,177
shares of Common Stock, consisting of 189,269,223 shares of Class&nbsp;A Common Stock and 158,271,286 shares of Class&nbsp;B Common
Stock of the Issuer outstanding as of November&nbsp;25, 2020, as well as 15,221,334 shares of Class&nbsp;A Common Stock issued
on December&nbsp;1, 2020 pursuant to the Series&nbsp;F Preferred Stock Purchase Agreement (as described below) and 15,221,334 shares
of Class&nbsp;A Common Stock that VWGoAI has the right to acquire, and that may subsequently be issued, subject to the achievement
of a specified technical milestone pursuant to the Series&nbsp;F Preferred Stock Purchase Agreement. The shares of Class&nbsp;A
Common Stock and Class&nbsp;B Common Stock beneficially owned by Volkswagen Group of America Investments, LLC represent 22.81%
of the outstanding capital stock of the Issuer and 13.76% of the outstanding voting power of the Issuer&rsquo;s capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; width: 35%; font-size: 10pt"></TD>
    <TD STYLE="padding: 2pt 5pt; width: 30%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; text-align: right; padding: 2pt 5pt; width: 35%; font-size: 10pt">Page&nbsp;2 of 10</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD STYLE="width: 93%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Volkswagen Group of America,&nbsp;Inc.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the Appropriate Box if a Member of a Group</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&#9;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">SEC Use Only</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Source of Funds (See Instructions)<BR>
<BR>
AF</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check if Disclosure of Legal Proceedings Is Required Pursuant
        to Items 2(d)&nbsp;or 2(e)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Citizenship or Place of Organization&nbsp;&nbsp;<BR>
<BR>
<B>United States</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shares</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beneficially </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Each </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reporting</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Person With</B></P></TD>
    <TD STYLE="vertical-align: top; width: 7%; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 73%; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD STYLE="width: 7%; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD STYLE="width: 93%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check Box If the Aggregate Amount in Row (11) Excludes Certain
        Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class&nbsp;Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31.05% of Class&nbsp;A Common Stock and 11.36% of Class&nbsp;B
        Common Stock (2)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HC, CO</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&nbsp; Holders of Class&nbsp;A Common
Stock are entitled to one vote for each share held as of the record date for the determination of the stockholders entitled to
vote on such matters and holders of Class&nbsp;B Common Stock are entitled to ten votes for each share held at the record date
for the determination of the stockholders entitled to vote on such matters, except as otherwise required by law. The holders of
Class&nbsp;A Common Stock and Class&nbsp;B Common Stock will vote together as a single class, unless otherwise expressly provided
in the certificate of incorporation of the Issuer or required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&nbsp;Based on a total of 377,983,177
shares of Common Stock, consisting of 189,269,223 shares of Class&nbsp;A Common Stock and 158,271,286 shares of Class&nbsp;B Common
Stock of the Issuer outstanding as of November&nbsp;25, 2020, as well as 15,221,334 shares of Class&nbsp;A Common Stock issued
on December&nbsp;1, 2020 pursuant to the Series&nbsp;F Preferred Stock Purchase Agreement (as described below) and 15,221,334 shares
of Class&nbsp;A Common Stock that VWGoAI has the right to acquire, and that may subsequently be issued, subject to the achievement
of a specified technical milestone pursuant to the Series&nbsp;F Preferred Stock Purchase Agreement. The shares of Class&nbsp;A
Common Stock and Class&nbsp;B Common Stock beneficially owned by Volkswagen Group of America,&nbsp;Inc. represent 22.81% of the
outstanding capital stock of the Issuer and 13.76% of the outstanding voting power of the Issuer&rsquo;s capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; width: 35%; font-size: 10pt"></TD>
    <TD STYLE="padding: 2pt 5pt; width: 30%; font-size: 10pt; text-align: center">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="width: 93%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Name of Reporting Person</FONT></P>
                                                                                                                                                                  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Volkswagen Aktiengesellschaft</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Check the Appropriate
        Box if a Member of a Group</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a)&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b)&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>&#9;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">SEC Use Only</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Source
    of Funds (See Instructions)<BR>
<BR>
    WC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Check if Disclosure of
        Legal Proceedings Is Required Pursuant to Items 2(d)&nbsp;or 2(e)</FONT></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;<BR>
        <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Citizenship
    or Place of Organization&nbsp;&nbsp;<BR>
    <BR>
    <B>Germany</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shares</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beneficially </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Each </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reporting</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Person With</B></P></TD>
    <TD STYLE="vertical-align: top; width: 7%; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 73%; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD STYLE="width: 7%; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD STYLE="width: 93%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436
        shares of Class&nbsp;B Common Stock (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check Box If the Aggregate Amount in Row (11) Excludes Certain
        Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class&nbsp;Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31.05% of Class&nbsp;A Common Stock and 11.36% of Class&nbsp;B
        Common Stock (2)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HC, CO</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&nbsp; Holders of Class&nbsp;A Common
Stock are entitled to one vote for each share held as of the record date for the determination of the stockholders entitled to
vote on such matters and holders of Class&nbsp;B Common Stock are entitled to ten votes for each share held at the record date
for the determination of the stockholders entitled to vote on such matters, except as otherwise required by law. The holders of
Class&nbsp;A Common Stock and Class&nbsp;B Common Stock will vote together as a single class, unless otherwise expressly provided
in the certificate of incorporation of the Issuer or required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&nbsp;Based on a total of 377,983,177
shares of Common Stock, consisting of 189,269,223 shares of Class&nbsp;A Common Stock and 158,271,286 shares of Class&nbsp;B Common
Stock of the Issuer outstanding as of November&nbsp;25, 2020, as well as 15,221,334 shares of Class&nbsp;A Common Stock issued
on December&nbsp;1, 2020 pursuant to the Series&nbsp;F Preferred Stock Purchase Agreement (as described below) and 15,221,334 shares
of Class&nbsp;A Common Stock that VWGoAI has the right to acquire, and that may subsequently be issued, subject to the achievement
of a specified technical milestone pursuant to the Series&nbsp;F Preferred Stock Purchase Agreement. The shares of Class&nbsp;A
Common Stock and Class&nbsp;B Common Stock beneficially owned by Volkswagen AG represent 22.81% of the outstanding capital stock
of the Issuer and 13.76% of the outstanding voting power of the Issuer&rsquo;s capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 1.</B></TD><TD><B>SECURITY AND ISSUER</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The classes of equity
securities to which this Schedule 13D relates are Class&nbsp;A Common Stock, par value $0.0001 (the &ldquo;<U>Class&nbsp;A Common
Stock&rdquo;</U>) and Class&nbsp;B Common Stock, par value $0.0001 (the &ldquo;Class&nbsp;B Common Stock&rdquo; and together with
the Class&nbsp;A Common Stock, the &ldquo;<U>Common Stock&rdquo;)</U> of QuantumScape Corporation, a Delaware corporation (the
 &ldquo;<U>Issuer</U>&rdquo;). The principal executive office of the Issuer is located at 1730 Technology Dr., San Jose, CA 95110.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 2.</B></TD><TD><B>IDENTITY AND BACKGROUND</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Schedule 13D is being filed jointly and on behalf of Volkswagen Group of America Investments, LLC, a Delaware limited liability
company (&ldquo;<U>VWGoAI</U>&rdquo;), Volkswagen Group of America,&nbsp;Inc., a New Jersey corporation (&ldquo;<U>VWGoA</U>&rdquo;)
and Volkswagen Aktiengesellschaft, a public stock corporation organized under the laws of Germany (&ldquo;<U>Volkswagen</U>&rdquo;
and together with VWGoAI and VWGoA, the &ldquo;<U>Reporting Persons</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
business address and principal office of each of VWGoAI and VWGoA is 2200 Ferdinand Porsche Drive, Herndon, VA 20171 and the business
address of Volkswagen is Berliner Ring 2, 38440 Wolfsburg, Germany. The name, business address, present principal occupation or
employment (and the name, principal business and address of any corporation or other organization in which such employment is conducted)
and citizenship of each director and executive officer of the Reporting Persons are set forth on Schedule A and incorporated by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen
is one of the world&rsquo;s largest car manufacturers. Volkswagen, or other companies owned or controlled, directly or indirectly,
by Volkswagen, produces motor vehicles under the brand names Volkswagen passenger cars, Volkswagen light commercial vehicles, Porsche,
Audi, Bentley, Lamborghini, Bugatti, Ducati, Skoda, SEAT, MAN and Scania. VWGoA is a wholly-owned subsidiary of Volkswagen, and
VWGoAI is a wholly-owned subsidiary of VWGoA. VWGoA and subsidiaries import and distribute Volkswagen, Audi, Lamborgini, Bentley
and Bugatti vehicles. VWGoAI operates as a special purpose entity, which holds certain U.S. investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the last five years, none of the Reporting Persons nor, to the best of their knowledge, any of the persons listed on Schedule
A have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) except that on
January&nbsp;11, 2017, Volkswagen waived indictment and entered a plea agreement with the United States under
Rule&nbsp;11(c)(1)(C)&nbsp;of the Federal Rules&nbsp;of Criminal Procedure. A copy of the plea agreement can be found at:
https://www.justice.gov/opa/press-release/file/924436/download [justice.gov]. The plea agreement concerns conduct related to
the introduction into the United States of diesel vehicles with defeat devices as defined under U.S. law. Neither VWGoA,
VWGoAI nor any of the persons listed on Schedule A, is a party to the plea agreement. On March&nbsp;10, 2017, Volkswagen
entered, and the presiding court, the United States District Court for the Eastern District of Michigan, accepted, a guilty
plea to conspiracy to commit fraud, obstruction of justice and entry of goods by false statement charges. At the sentencing
on April&nbsp;21, 2017, the Court entered the plea agreement, which provides for payment of a criminal fine of $2.8 billion
and the appointment of an independent compliance monitor (the &ldquo;Monitor&rdquo;) for a period of three years. The Monitor
has been tasked with assessing, overseeing and monitoring Volkswagen&rsquo;s compliance with the terms of the plea agreement,
including measures to further strengthen its compliance, reporting and monitoring mechanisms and implementation of an
enhanced ethics program. On October&nbsp;17, 2019, Volkswagen announced that it was granted a 90-day extension by the U.S.
Department of Justice and the Monitor to demonstrate that it has met its commitments under the terms of the plea agreement.
In September&nbsp;2020, the term of the Monitor retained pursuant to the plea agreement expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A regulatory offense
proceeding that was opened against Volkswagen in April&nbsp;2016 has been terminated by the administrative fine order issued against
Volkswagen by the Braunschweig Office of the Public Prosecutor on June&nbsp;13, 2018. The administrative fine order is based on
a negligent breach in the Powertrain Development department of the obligation to supervise, relating to the period from mid-2007
to 2015 and a total of 10.7 million vehicles with diesel engines of types EA 189 worldwide and EA 288 (Generation 3) in the USA
and Canada. The administrative order imposes a total fine of &euro;1.0 billion, consisting of a penalty payment of &euro;5 million
and the forfeiture of economic benefits in the amount of &euro;995 million. After thorough examination, the fine has been accepted
and paid in full by Volkswagen, rendering the administrative fine order legally final. The administrative fine order terminates
the regulatory offense proceeding against Volkswagen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify; background-color: white">In December&nbsp;2019, the Canadian federal
environmental regulator filed charges against Volkswagen in respect of 2.0l and 3.0l Volkswagen and Audi vehicles at the conclusion
of its criminal enforcement-related investigation into the diesel emissions matter. Volkswagen cooperated with the investigation
and agreed to a plea resolution addressing all of the charges. In January&nbsp;2020, Volkswagen pleaded guilty to the charges and
agreed to pay a penalty of C$196.5 million, which was approved by the court. Following this approval, the Ontario provincial environmental
regulator withdrew its action against Volkswagen charging a quasi-criminal enforcement-related offense with respect to certain
Volkswagen and Audi 2.0l diesel vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the last five years, none of the Reporting Persons nor, to the best of their knowledge, any of the persons listed on Schedule A
have been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 3.</B></TD><TD STYLE="text-align: justify"><B>SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Since
2012, and most recently in May&nbsp;2020, VWGoAI and other affiliates of Volkswagen have entered into several stock purchase agreements
and related agreements and amendments thereto with the entity that was previously known as QuantumScape Corporation, a privately
held Delaware corporation (after the Closing (as defined below), &ldquo;<U>Original QuantumScape</U>&rdquo;), pursuant to which
Original QuantumScape agreed to sell, and VWGoAI and other Volkswagen affiliates agreed to purchase, shares of convertible preferred
stock in Original QuantumScape. All such stock purchases were funded out of working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Separately, on September&nbsp;2,
2020, Original QuantumScape entered into a business combination agreement (the &ldquo;<U>Business Combination Agreement</U>&rdquo;),
with the Issuer, which at the time was named Kensington Capital Acquisition Corp., and Kensington Capital Merger Sub Corp., a Delaware
corporation (&ldquo;<U>Merger Sub</U>&rdquo;). The Business Combination Agreement provided for, among other things, (i)&nbsp;the
merger of Merger Sub with and into Original QuantumScape, with Original QuantumScape surviving the merger and becoming a wholly-owned
direct subsidiary of the Issuer and the security holders of Original QuantumScape becoming security holders of the Issuer (the
 &ldquo;<U>Merger</U>&rdquo;), and (ii)&nbsp;the exchange of all of the outstanding share capital of Original QuantumScape by the
shareholders of Original QuantumScape, including the Reporting Persons, for Common Stock of the Issuer (together with the Merger,
the &ldquo;<U>Business Combination</U>&rdquo;). At the closing of the Business Combination (the &ldquo;<U>Closing</U>&rdquo;),
each outstanding share of Original QuantumScape Class&nbsp;A common stock, together with each share of Original QuantumScape preferred
stock that was outstanding immediately prior to the Closing and convertible into a share of Original QuantumScape Class&nbsp;A
common stock pursuant to the provisions of Original QuantumScape&rsquo;s certificate of incorporation, and each outstanding share
of Original QuantumScape Class&nbsp;B common stock, together with each share of Original QuantumScape preferred stock that was
outstanding immediately prior to the Closing and convertible into a share of Original QuantumScape Class&nbsp;B common stock pursuant
to the provisions of Original QuantumScape&rsquo;s certificate of incorporation, was cancelled and automatically converted into
the right to receive a number of shares of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock, as applicable, determined in
each case by reference to an &ldquo;Exchange Ratio,&rdquo; calculated in accordance with the Business Combination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 4.</B></TD><TD><B>PURPOSE OF TRANSACTION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November&nbsp;25, 2020, the Closing occurred and VWGoAI became the beneficial owner of 86,216,539 shares of Common Stock, consisting
of 68,236,103 shares of Class&nbsp;A Common Stock and 17,980,436 shares of Class&nbsp;B Common Stock in connection with the Business
Combination. Shares of Class&nbsp;B Common Stock will convert into shares of Class&nbsp;A Common Stock, among other events, at
VWGoAI&rsquo;s option or will convert automatically into shares of Class&nbsp;A Common Stock upon a sale to a third party, in each
case, on a one-for-one basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Included
in the paragraph above and the calculation of Volkswagen&rsquo;s, VWGoA&rsquo;s and VWGoAI&rsquo;s beneficial ownership are 15,221,334
shares of Class&nbsp;A Common Stock, which VWGoAI has the right to acquire subject to the achievement of a specified technical
milestone pursuant to the Series&nbsp;F Preferred Stock Purchase Agreement (as defined below), but of which VWGoAI does not currently
have record ownership or possession. VWGoAI has the right to waive satisfaction of the condition to achieve such technical milestone
pursuant the Series&nbsp;F Stock Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth
in this Item 4 of Schedule 13D, none of the Reporting Persons has any present plans or proposals that relate to or would result
in any of the actions specified in clauses (a)&nbsp;through (j)&nbsp;of the instructions to Item 4 of Schedule 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Reporting Persons
intend to continuously review their investment in the Issuer, and may in the future determine (i)&nbsp;to acquire additional securities
of the Issuer, through open market purchases, private agreements or otherwise, (ii)&nbsp;to dispose of all or a portion of the
securities of the Issuer owned by them, (iii)&nbsp;to undertake an extraordinary corporate transaction such as a tender offer or
exchange offer for some or all of the shares of Common Stock not held by the Reporting Persons or a merger, acquisition, consolidation
or other business combination or reorganization involving the Issuer or (iv)&nbsp;to take any other available course of action.
Notwithstanding anything contained herein, the Reporting Persons specifically reserve the right to change their intention with
respect to any or all of such matters. In reaching any decision as to their course of action (as well as to the specific elements
thereof), the Reporting Persons currently expect that they would take into consideration a variety of factors, including, but not
limited to, the following: the Issuer&rsquo;s business and prospects; other developments concerning the Issuer and its businesses
generally; other business opportunities available to the Reporting Persons; developments with respect to the business of the Reporting
Persons; changes in law and government regulations; general economic conditions; and money and stock market conditions, including
the market price of the securities of the Issuer and currency fluctuations. Notwithstanding the above, any course of action taken
by the Reporting Persons will be subject to the restrictions described in Item 6 of this Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information set
forth in Items 3, 5 and 6 is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 5.</B></TD><TD STYLE="text-align: justify"><B>INTEREST IN SECURITIES OF THE ISSUER</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a), (b)&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in or incorporated by reference in Items 2, 3 and 4 and on the cover pages&nbsp;of this Schedule 13D is incorporated
by reference in its entirety into this Item&nbsp;5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise described in Item 4 and Item 6 and elsewhere in this Schedule 13D, no transactions in the Common Stock of the Issuer
were effected by the Reporting Persons during the past 60 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth herein, to the knowledge of the Reporting Persons, no other person has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, any Common Stock of the Issuer beneficially owned by the Reporting
Persons as described in this Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 6.</B></TD><TD STYLE="white-space: nowrap"><B>CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth below are
the contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and any other persons
with respect to any securities of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Registration
Rights and&nbsp;Lock-Up&nbsp;Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
September&nbsp;2, 2020, the Issuer and VWGoAI entered into a Registration Rights and Lock-Up Agreement (the &ldquo;<U>Registration
Rights and Lock-Up Agreement</U>&rdquo;), which took effect at the Closing. Pursuant to the terms of the Registration Rights and
Lock-Up Agreement, the Issuer will be obligated to file a registration statement to register the resale of certain shares of the
Issuer&rsquo;s Common Stock held by the holders, including VWGoAI, after the Closing. In addition, pursuant to the terms of the
Registration Rights and Lock-Up Agreement and subject to certain requirements and customary conditions, including with regard to
the number of demand rights that may be exercised, the holders may demand at any time or from time to time, that the Issuer file
a registration statement on Form&nbsp;S-3 (or on Form&nbsp;S-1 if Form&nbsp;S-3 is not available) to register the securities of
the Issuer held by such holders, and the Issuer is separately required at all times to maintain an effective resale registration
statement for the benefit of the holders. The Registration Rights and Lock-Up Agreement will also provide the holders with &ldquo;piggy-back&rdquo;
registration rights, subject to certain requirements and customary conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Registration Rights and Lock-Up Agreement further provides for the securities of the Issuer held by the holders, including VWGoAI,
to be locked-up for a period of time following the Closing, as described below, subject to certain exceptions. The securities held
by VWGoAI, including both tranches of shares acquired or to be acquired pursuant to the Series&nbsp;F Preferred Stock Purchase
Agreement (as described below), will be locked-up for 180 days after the Closing, subject to earlier release if (i)&nbsp;the reported
last sale price of Class&nbsp;A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
days after the Closing or (ii)&nbsp;if the Issuer consummates a liquidation, merger, stock exchange or other similar transaction
after the Closing which results in all of the Issuer&rsquo;s stockholders having the right to exchange their shares of common stock
for cash, securities or other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>VWGoAI Letter
Agreement on Board Representation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
December&nbsp;7, 2020, the Issuer, Original QuantumScape and VWGoAI entered into a letter agreement, which supersedes the prior
letter agreement entered into on September&nbsp;2, 2020 (the &ldquo;<U>Letter Agreement</U>&rdquo;) pursuant to which, subject
to the terms of the Letter Agreement, the Issuer shall cause to be nominated up to two designees of VWGoAI for election to the
Issuer&rsquo;s board (each a &ldquo;<U>VWGoAI Board Member</U>&rdquo; and together, the &ldquo;<U>VWGoAI Board Members</U>&rdquo;).
Frank Blome was previously appointed to the Issuer&rsquo;s board on November&nbsp;25, 2020 and a second VWGoAI Board Member is
expected to be appointed by VWGoAI in December&nbsp;2020. The Letter Agreement further provides that one VWGoAI Board Member will
be appointed to the Nominating and Governance Committee, provided that such VWGoAI Board Member is determined to be an &ldquo;independent&rdquo;
director by the Issuer&rsquo;s board under applicable NYSE general independence rules, and in the absence of any VWGoAI Board
Members that are determined to be &ldquo;independent&rdquo;, one VWGoAI Board Member will have the right to attend Nominating
and Governance Committee meetings as a non-voting observer. One VWGoAI Board Member shall further have the right to attend meetings
of the Audit Committee as a non-voting observer. Such VWGoAI Board Member, in his/her capacity as a non-voting observer of the
Audit Committee or the Nominating and Governance Committee, as applicable, shall be entitled to receive the board materials provided
to the members of such committee. VWGoAI Board Members shall also have the right to speak with and request information from the
chair of the Compensation Committee and to receive the notices, minutes, consents and other materials provided to the members
of the Compensation Committee, subject to certain limitations. Pursuant to the Letter Agreement, the Issuer has also waived any
claims to corporate opportunities that a VWGoAI Board Member does not present to the Issuer or its stockholders with respect to
any knowledge of a potential transaction or matter that may be a corporate opportunity for both the Issuer and Volkswagen or its
affiliates, unless the opportunity was presented to such VWGoAI Board Member solely in his or her capacity as a director of the
Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>VWGoAI Letter
Agreement on Earmarked Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
September&nbsp;2, 2020, the Issuer, Original QuantumScape and VWGoAI entered into a letter agreement pursuant to which, subject
to the terms of such letter agreement, the Issuer and Original QuantumScape agreed that following the Closing,&nbsp;Issuer will
reserve a certain portion of the proceeds from the Series&nbsp;F Preferred Stock financing and the capital obtained through the
Merger (including any concurrent &ldquo;PIPE&rdquo; financing) in a separate account to fully fund Original QuantumScape&rsquo;s
future contributions to QSV Operations, LLC (&ldquo;<U>QSV</U>&rdquo;), the 50-50 joint venture entity owned by Original QuantumScape
and VWGoAI, pursuant to Section&nbsp;3.6 of the Amended and Restated Limited Liability Company Agreement, dated as of May&nbsp;14,
2020, by and among Original QuantumScape, VWGoAI and QSV. The parties agreed that the amount to be held in the separate account
was $134 million as of the date of the letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Senior Employee Lock-Up Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September&nbsp;2,
2020, the Issuer and VWGoAI entered into separate Senior Employee Lock-Up Agreements with certain senior employees (the &ldquo;<U>Senior
Employee Lock-Up Agreements</U>&rdquo;), including Original QuantumScape&rsquo;s executive officers. The Senior Employee Lock-Up
Agreements provide that the lock-up shares owned of record or beneficially by the senior employees (including certain securities
that may be granted or issued to a senior employee after the Effective Time (as defined in the Business Combination Agreement and
which occurred on November&nbsp;25, 2020) may generally not be transferred during the initial lock-up period and up to four years
after the Closing, subject to certain exceptions. Following the initial lock-up period, senior employees may transfer lock-up shares
without restriction as follows: (i)&nbsp;during the first year after the Effective Time (as defined in the Business Combination
Agreement), up to 25% of the total number of lock-up shares, (ii)&nbsp;following the first anniversary of the Effective Time (as
defined in the Business Combination Agreement) until the earlier of four years after the Closing or the occurrence of an event
described below, up to 50% of the total number of lock-up shares (taking into account any transfers under clause (i)&nbsp;above),
and (iii)&nbsp;up to an additional 50% of the total number of lock-up shares following satisfaction of agreed delivery requirements
between the Issuer and VWGoAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These transfer restrictions
are subject to earlier release if (i)&nbsp;the Issuer completes a liquidation, merger, stock exchange or other similar transaction
after the Closing that results in all of the Issuer&rsquo;s stockholders having the right to exchange their shares of common stock
for cash, securities or other property; (ii)&nbsp;VWGoAI terminates for any reason the Amended and Restated Joint Venture Agreement,
dated as of May&nbsp;14, 2020, by and among Original QuantumScape, VWGoA, VWGoAI and QSV; (iii)&nbsp;VWGoAI issues a critical
or negative statement regarding the Issuer and its technology unless such statement is required to be made by VWGoAI under applicable
law and is truthful and accurate; or (iv)&nbsp;VWGoAI transfers certain securities of the Issuer in excess of the amounts set
forth in the Senior Employee Lock-Up Agreements. The Senior Employee Lock-Up Agreements also provide that, upon consummation of
the Merger, the Issuer or Original QuantumScape shall pay to each Senior Employee a one-time cash bonus equal to 20% of the Senior
Employee&rsquo;s then annual base salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Series&nbsp;F
Preferred Stock Financing and Amendment No.&nbsp;1 to the Series&nbsp;F Stock Purchase Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
May&nbsp;14, 2020, Original QuantumScape and VWGoAI entered into a Series&nbsp;F Preferred Stock Purchase Agreement (as amended,
the &ldquo;<U>Series&nbsp;F Preferred Stock Purchase Agreement</U>&rdquo;) and related agreements, pursuant to which Original QuantumScape
agreed to sell, and VWGoAI agreed to purchase, up to a total of 7,569,508 shares of convertible Series&nbsp;F preferred stock of
Original QuantumScape, par value $0.0001 (&ldquo;<U>Series&nbsp;F Preferred Stock</U>&rdquo;), at $26.4218 per share for an aggregate
purchase price of $200 million. Pursuant to the terms of the Series&nbsp;F Preferred Stock Purchase Agreement, the Series&nbsp;F
Preferred Stock was to be issued to VWGoAI and funded in two tranches: (1)&nbsp;3,784,754 shares of Series&nbsp;F Preferred Stock
in exchange for $100 million, and (2)&nbsp;3,784,754 shares of Series&nbsp;F Preferred Stock in exchange for $100 million subject
to certain conditions including the achievement of a specified technical milestone by March&nbsp;31, 2021, as set forth in such
agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
September&nbsp;3, 2020, VWGoAI and Original QuantumScape agreed to, among other things, amend the Series&nbsp;F Preferred Stock
Purchase Agreement to (i)&nbsp;join the Issuer as a party thereto, (ii)&nbsp;replace the applicable exhibits thereto with revised
versions of the transaction agreements to address the transactions contemplated by the Business Combination Agreement, (iii)&nbsp;increase
the number of shares of Series&nbsp;F Preferred Stock that Original QuantumScape was authorized to issue, and (iv)&nbsp;provide
for the Issuer&rsquo;s issuance and sale of shares of Class&nbsp;A Common Stock (instead of shares of Series&nbsp;F Preferred Stock
in Original QuantumScape) to VWGoAI if the closing of the Merger were to occur prior to the first closing and/or second closing
of the Series&nbsp;F Preferred Stock Purchase Agreement, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">VWGoAI
and the Issuer closed the purchase of the first tranche of 15,221,334 shares of Class&nbsp;A Common Stock on December&nbsp;1, 2020,
which represents the first tranche of Series&nbsp;F Preferred Stock as converted at the Exchange Ratio (as defined in the Business
Combination Agreement). The obligation to close on the second tranche remains subject to the satisfaction or waiver of a specified
technical milestone as described above. However, because the milestone can be waived by VWGoAI, the underlying 15,221,334 shares
of Class&nbsp;A Common Stock, as converted from Series&nbsp;F Preferred Stock at the Exchange Ratio (as defined in the Business
Combination Agreement), issuable upon the closing of the second tranche have been included in the Reporting Persons&rsquo; reported
beneficial ownership of Common Stock in the tables above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as described
above and elsewhere in this Schedule 13D, there are no other contracts, arrangements, understandings or relationships (legal or
otherwise) between the Reporting Persons and any person with respect to any securities of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 7.</B></TD><TD><B>MATERIAL TO BE FILED AS EXHIBITS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.1</TD><TD STYLE="text-align: justify">Registration Rights and Lock-up Agreement, dated as of September&nbsp;2, 2020, by and among, amongst
others, Kensington Capital Acquisition Corp. and Volkswagen Group of America Investments, LLC (filed as Exhibit&nbsp;10.3 to the
Issuer&rsquo;s Registration Statement on Form&nbsp;S-4&nbsp;as filed with the Commission on September&nbsp;21, 2020 (SEC File&nbsp;No.&nbsp;333-248930)&nbsp;and
incorporated herein by reference)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.2</TD><TD STYLE="text-align: justify">Third Letter Agreement, dated as of September&nbsp;2, 2020, by and among the Kensington Capital
Acquisition Corp, Original QuantumScape, and Volkswagen Group of America Investments, LLC (filed as Exhibit&nbsp;10.8 to the Issuer&rsquo;s
Registration Statement on Form&nbsp;S-4&nbsp;as filed with the Commission on September&nbsp;21, 2020 (SEC File&nbsp;No.&nbsp;333-248930)&nbsp;and
incorporated herein by reference)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.3</TD><TD STYLE="text-align: justify">Fourth Letter Agreement, dated as of December&nbsp;7, 2020, by and among the Issuer, Original QuantumScape,
and Volkswagen Group of America Investments, LLC*</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.4</TD><TD STYLE="text-align: justify">Form&nbsp;of Senior Employee Lock-Up Agreement (filed as Exhibit&nbsp;10.5 to the Issuer&rsquo;s
Registration Statement on Form&nbsp;S-4&nbsp;as filed with the Commission on September&nbsp;21, 2020 (SEC File&nbsp;No.&nbsp;333-248930)&nbsp;and
incorporated herein by reference)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.5</TD><TD STYLE="text-align: justify">Series&nbsp;F Preferred Stock Purchase Agreement, dated May&nbsp;14, 2020, by and among Original
QuantumScape and Volkswagen Group of America Investments, LLC (filed as Exhibit&nbsp;10.23 to the Issuer&rsquo;s Registration Statement
on Form&nbsp;S-4&nbsp;as filed with the Commission on September&nbsp;21, 2020 (SEC File&nbsp;No.&nbsp;333-248930)&nbsp;and incorporated
herein by reference)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.6</TD><TD STYLE="text-align: justify">Amendment No.&nbsp;1 to Series&nbsp;F Preferred Stock Purchase Agreement, dated September&nbsp;3,
2020, by and among Kensington Capital Acquisition Corp., Original QuantumScape and Volkswagen Group of America Investments, LLC
<FONT STYLE="font-size: 10pt">(filed as Exhibit&nbsp;10.24 to the Issuer&rsquo;s Registration Statement on Form&nbsp;S-4&nbsp;as
filed with the Commission on September&nbsp;21, 2020 (SEC File&nbsp;No.&nbsp;333-248930)&nbsp;and incorporated herein by reference)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">99.1</TD><TD STYLE="text-align: justify">Power of Attorney*</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">99.2</TD><TD STYLE="text-align: justify">Joint Filing Agreement*</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">*Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <TD STYLE="padding: 2pt 5pt; width: 35%; font-size: 10pt"></TD>
    <TD STYLE="padding: 2pt 5pt; width: 30%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; text-align: right; padding: 2pt 5pt; width: 35%; font-size: 10pt">Page&nbsp;10 of 10</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After reasonable inquiry
and to the best of my knowledge and belief,&nbsp;I certify that the information set forth in this statement is true, complete and
correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: December&nbsp;7, 2020</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><B>VOLKSWAGEN AKTIENGESELLSCHAFT</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Dominic Lange</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Dominic Lange</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Attorney-in-fact</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Dr.&nbsp;Angela-Kristina Speidel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Dr.&nbsp;Angela-Kristina Speidel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Attorney-in-fact</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp; &nbsp; &nbsp;</TD>
    <TD>&nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><B>VOLKSWAGEN GROUP OF AMERICA,&nbsp;INC</B>.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Kevin Duke</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Kevin Duke</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Secretary, Assistant General Counsel &ndash; Corporate Matters</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><B>VOLKSWAGEN GROUP OF AMERICA INVESTMENTS, LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Kevin Duke </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Kevin Duke</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">VP&nbsp;&amp; Secretary </TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The name, present principal occupation or employment, business
address and citizenship of each of the members of the Management Board and the Supervisory Board of Volkswagen and the executive
officers and directors of VWGoA and VWGoAI are set forth below. If no business address is given, the member&rsquo;s business address
is Berliner Ring 2, 38440 Wolfsburg, Germany for Volkswagen and 2200 Ferdinand Porsche Drive, Herndon, VA 20171 for VWGoAI and
VWGoA. Unless otherwise indicated below, all of the persons listed below are citizens of Germany for Volkswagen and the United
States for VWGoA and VWGoAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Volkswagen</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Board of Management</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 2pt; border: Black 1pt solid; width: 25%; font-size: 10pt"><B>Name</B></TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 75%; font-size: 10pt"><B>Present Principal Occupation or Employment </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Dr.&nbsp;Herbert Diess</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Chairman of the Board of Management </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Dr.&nbsp;Oliver Blume</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Member of the Board of Management, Brand Group
        &ldquo;Sport&nbsp;&amp; Luxury&rdquo;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Markus Duesmann </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Member of the Board of Management, Brand Group &ldquo;Premium&rdquo; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Gunnar Kilian </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Member of the Board of Management, Functional Responsibility &ldquo;Human Resources,&rdquo; Brand Group &ldquo;Truck&nbsp;&amp; Bus&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Hiltrud Dorothea Werner</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Member of the Board of Management, Functional Responsibility &ldquo;Integrity and Legal Affairs&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Frank Witter</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Member of the Board of Management, Functional Responsibility &ldquo;Finance and IT&rdquo; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Supervisory Board</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border: Black 1pt solid; width: 25%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Name,
(country of citizenship)</B></P></TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 75%; font-size: 10pt"><B>Present
    Principal Occupation or Employment</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Hans Dieter Potsch (Austria)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Chairman of the Supervisory Board</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Dr.&nbsp;Hussain Ali Al-Abdulla (Qatar)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Board Member of Qatar Investment Authority (P.O.&nbsp;Box 23224, Doha, Qatar)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Dr.&nbsp;Hessa
    Sultan Al-Jaber (Qatar)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Member of the Supervisory Board &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Dr.&nbsp;Bernd Althusmann</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Minister of Economic Affairs, Labor, Transport and Digitalization for the Federal State of Lower Saxony (Planckstra&szlig;e 2 30169 Hannover, Germany) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Kai Bliesener</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Head of Vehicle Construction (LPP) / Automotive and Supplier Industry Coordinator at IG Metall (Wilhelm-Leuschner-Str. 79, 60329 Frankfurt am Main, Germany) &nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border: Black 1pt solid; font-size: 10pt; width: 25%">Dr.&nbsp;Hans-Peter Fischer</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 75%">Chairman of the Board of Management of Volkswagen Management Association (VMA) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Marianne Hei&szlig; (Austria)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">CEO, BBDO Group Germany GmbH (K&ouml;nigsallee 92, 40212 D&uuml;sseldorf, Germany) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">J&ouml;rg Hofmann</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Chair of IG Metall (Wilhelm-Leuschner-Str. 79, 60329 Frankfurt am Main, Germany) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Ulrike Jakob</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Deputy Chairman of the Works Council, Volkswagen AG Kassel plant (Dr, Rudolf-Leiding-Platz 1, 34225 Baunatal, Germany) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Dr.&nbsp;Louise Kiesling (Austria)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Partner and Managing Director of Backhausen GmbH (Kolonie Backhausen 136, 3945 Hoheneich, Austria) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Peter Mosch</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Chairman of the General Works Council, AUDI AG (Auto-Union-Stra&szlig;e 1, 85045 Ingolstadt, Germany) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Bertina Maria Murkovic (Belgium)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Chairman of the Works Council of Volkswagen Commercial Vehicles</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Bernd Osterloh</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Chairman of the General and Group Works Councils of Volkswagen AG &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Dr.&nbsp;Hans Michel Pi&euml;ch (Austria)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Lawyer in private practice (Spiegelgasse 2/24, 1010 Wien, Austria)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Dr.&nbsp;Ferdinand Oliver Porsche (Austria)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Member of the Board of Management of Familie Porsche AG Beteiligungsgesellschaft (Giselakai 37, 5020 Salzburg, Austria) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Dr.&nbsp;Wolfgang Porsche (Austria)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Chairman of the Supervisory Board of Porsche AG and Porsche Automobil Holding SE (Dr.&nbsp;Ing. h.c. F. Porsche AG, Porscheplatz 1, D - 70435 Stuttgart, Germany) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Conny Sch&ouml;nhardt</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Trade Union Secretary for the IG Metall Board of Management in the unit for Strategic and Political Planning (Wilhelm-Leuschner-Str. 79, 60329 Frankfurt am Main, Germany) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Athanasios Stimoniaris</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Chairman of the Group Works Council of MAN SE and of TRATON SE &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Stephan Weil</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Minister-President of the Federal State of Lower Saxony (Planckstra&szlig;e 2, 30169 Hannover, Germany) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">Werner Weresch</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Chairman of the General Works Council and Group Works Council of Dr.&nbsp;Ing. h.c. F. Porsche AG (Dr.&nbsp;Ing. h.c. F. Porsche AG, Porscheplatz 1, D - 70435 Stuttgart, Germany)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VWGoA</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Executive Officers</U></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 25%; font-size: 10pt"><B>Name</B></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 75%; font-size: 10pt"><B>Present
    Principal Occupation or Employment</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Scott Keogh</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">President&nbsp;&amp; CEO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Johan de Nysschen (South Africa)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Chief Operating Officer, VWGoA and Volkswagen NAR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Elmar-Marius Licharz (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President&nbsp;&amp; Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Daniel Weissland (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President and President, Audi of America</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">David Detweiler</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President&nbsp;&amp; General Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Stefan Baier (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President, Human Resources</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Anurag Goel</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President, Group After Sales and Services</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Thomas DuPlessis (South Africa)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President, Chattanooga Operations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Andreas Krepp (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President, Group&nbsp;&amp; NAR Volkswagen Quality</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Wolfgang Demmelbauer-Ebner (Austria)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President and Chief Engineering Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Duncan Movassaghi (England)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President, VW Sales and Marketing</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Lawrence Tolep</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Treasurer, Vice President, Regional Treasury Center</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Kevin Duke</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Secretary, Assistant General Counsel - Corporate Matters</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 25%; font-size: 10pt"><B>Name</B></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 75%; font-size: 10pt"><B>Present
    Principal Occupation or Employment</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Arno Antlitz (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">(Chairman of the Board) Chief Financial Officer, Audi AG (Ettinger Str. 70, 85057 Ingolstadt, Germany)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">David Detweiler</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President&nbsp;&amp; General Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Scott Keogh</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">President&nbsp;&amp; CEO, VWGoA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Anthony Bandmann</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">President&nbsp;&amp; CEO, VW Credit,&nbsp;Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Giovanni Palazzo (Italy)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Chief Executive Officer, Electrify America, LLC (2003 Edmund Halley Drive Reston, VA 20191 USA)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Elmar-Marius Licharz (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Daniel Weissland (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">President, Audi of America</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Stefan Baier (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President, Human Resources</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VWGoAI</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Executive Officers</U></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 25%; font-size: 10pt"><B>Name</B></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 75%; font-size: 10pt"><B>Present Principal Occupation or Employment </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Reinhard Fischer</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">(President) Senior Vice President, Group Strategy, VWGoA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Kevin Duke </TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">(Vice President&nbsp;&amp; Secretary) Assistant General Counsel - Corporate Matters, VWGoA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Lawrence Tolep</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">(Treasurer) Vice President Regional Treasury Center, VWGoA</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>Directors</U></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 25%; font-size: 10pt"><B>Name</B></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 75%; font-size: 10pt"><B>Present
    Principal Occupation or Employment</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">Scott Keogh</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">President&nbsp;&amp; Chief Executive Officer, VWGoA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Elmar-Marius Licharz (Germany)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President&nbsp;&amp; Chief Financial Officer, VWGoA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">Wolfgang
    Demmelbauer-Ebner (Austria)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President&nbsp;&amp; Chief Engineering Officer, VWGoA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">David Detweiler</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">Executive Vice President&nbsp;&amp; General Counsel, VWGoA</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>tm2037814d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">December&nbsp;7,
2020</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Volkswagen Group of America Investments, LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">220 Ferdinand Porsche Dr.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Herndon, VA 20171&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Kevin Duke</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Re: <U>QuantumScape Corporation &ndash; Board Designees
and Committee Representation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
(a)&nbsp;that certain Business Combination Agreement dated as of September&nbsp;2, 2020 (as the same may be amended from time to
time, the &ldquo;<B>BCA</B>&rdquo;), by and among QuantumScape Corporation, a Delaware corporation then known as &ldquo;Kensington
Capital Acquisition Corp.&rdquo; (the &ldquo;<B>Company</B>&rdquo;), Kensington Merger Sub Corp., and QuantumScape Subsidiary,&nbsp;Inc.,
a Delaware corporation then known as &ldquo;QuantumScape Corporation&rdquo; (the &ldquo;<B>Subsidiary</B>&rdquo;), (b)&nbsp;that
certain Stockholder Support Agreement dated as of September&nbsp;2, 2020 (the &ldquo;<B>Support Agreement</B>&rdquo;), by and between
the Company and Volkswagen Group of America Investments, LLC (&ldquo;<B>VWGoAI</B>&rdquo;) and (c)&nbsp;that certain Amended and
Restated Voting Agreement, dated as of September&nbsp;11, 2018 (as the same may be amended from time to time, the &ldquo;<B>Voting
Agreement</B>&rdquo;), by and among the Subsidiary, VWGoAI, and the other persons and entities listed on the signature pages&nbsp;thereto.
Capitalized terms used but not defined herein shall have the meanings assigned to them in the Voting Agreement unless the context
otherwise clearly requires, other than capitalized terms used in Section&nbsp;4 or 5 which shall have the meanings assigned to
them in the Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter agreement
amends and supersedes that certain letter agreement dated September&nbsp;2, 2020, regarding board designees, by and among the Company,
the Subsidiary and VWGoAI. In consideration of the mutual promises and covenants set forth herein and in the Support Agreement,
the Company, the Subsidiary and VWGoAI (collectively, the &ldquo;<B>Parties</B>&rdquo;) hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>VWGoAI
Designee(s)&nbsp;Post-Closing</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Promptly
following the later of (x)&nbsp;the execution and delivery of this letter agreement, and (y)&nbsp;VWGoAI&rsquo;s written request,
the Company and the Subsidiary shall cause up to two representatives designated by VWGoAI in writing to be included on the Company&rsquo;s
board of directors (the &ldquo;<B>Board</B>&rdquo; and each such representative, a &ldquo;<B>VW Board Member</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Section&nbsp;1(c), in connection with any annual or special meeting of the stockholders of the Company at
which directors will be elected (unless VWGoAI declines in writing to designate a nominee), the Company shall cause to be nominated,
for election to the Board as part of the Company&rsquo;s slate two (2)&nbsp;designees of VWGoAI (to be selected by VWGoAI).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s obligations pursuant to Section&nbsp;1(b)&nbsp;shall automatically terminate:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">with
respect to one designee of VWGoAI, upon the earliest to occur of (x)&nbsp;VWGoAI and its affiliates collectively holding any less
than all the shares of the Company&rsquo;s common stock that VWGoAI (A)&nbsp;received in the exchange for its capital stock of
the Subsidiary in connection with the Merger (as defined under the BCA) and (B)&nbsp;purchased under that certain Series&nbsp;F
Preferred Stock Purchase Agreement, dated May&nbsp;14, 2020, by and between the Subsidiary and VWGoAI (as amended and as the same
may be further amended from time to time, the &ldquo;<B>VGA Purchase Agreement</B>&rdquo;) and any common stock into which such
capital stock is convertible or exchangeable (as adjusted for any stock dividend, stock split, consolidation of shares, reorganization,
recapitalization, reclassification or other similar event), (y)&nbsp;the termination of the Joint Venture Agreement (as defined
in the &ldquo;VGA Purchase Agreement&rdquo;), and (z)&nbsp;a Change in Control (as defined below) of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">with
respect to the remaining designee of VWGoAI, upon the earliest to occur of (x)&nbsp;VWGoAI and its affiliates collectively ceasing
to hold at least 50% of the shares of the Company&rsquo;s common stock that VWGoAI (A)&nbsp;received in the exchange for its capital
stock of the Subsidiary in connection with the Merger (as defined under the BCA) and (B)&nbsp;purchased under the VGA Purchase
Agreement and any common stock into which such capital stock is convertible or exchangeable (as adjusted for any stock dividend,
stock split, consolidation of shares, reorganization, recapitalization, reclassification or other similar event), (y)&nbsp;the
termination of the Joint Venture Agreement (as defined in the VGA Purchase Agreement), and (z)&nbsp;a Change in Control (as defined
below) of the Company (each, a &ldquo;<B>VW Board Triggering Event</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>provided,</I> that
a restatement of the Joint Venture Agreement or a termination of the Joint Venture Agreement in conjunction with the substantially
concurrent execution and delivery of a new joint venture agreement with respect to a German JV Entity (as defined in the Joint
Venture Agreement) shall not be deemed a termination of the Joint Venture Agreement for purposes of this Section&nbsp;1(c); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">with
respect to either or both designees of VWGoAI, as the case may be, at such other time as VWGoAI and the Company may agree in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Committee
Representation and Materials</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Parties hereby agree as follows with respect to service on committees of the Board and materials received by any VW Board Member:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">promptly
following the execution and delivery of this letter agreement, the Company and the Subsidiary shall cause one VW Board Member,
as designated by VWGoAI in writing, to be appointed to the Nominating and Governance Committee of the Board, provided that such
VW Board Member is determined to be an &ldquo;independent&rdquo; director by the Board under applicable NYSE general independence
rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">one
VW Board Member may attend, as a non-voting observer, meetings of the Audit Committee of the Board and, to the extent no VW Board
Member is determined to be an &ldquo;independent&rdquo; director by the Board as set forth above, one VW Board Member may attend,
as a non-voting observer, meetings of the Nominating and Governance Committee of the Board, as described further below. The Company
further agrees that it shall provide any such VW Board Member, in his or her capacity as a non-voting observer of the applicable
Committee, with copies of all notices, minutes, consents and other materials that it provides to members of such Committee, except
as may be otherwise provided herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">no
VW Board Members shall have the right to participate in the activities of the Compensation Committee of the Board, other than the
right to (A)&nbsp;speak with the chair of the Compensation Committee and request information from him or her and the Company that
would be helpful in understanding decisions made or to be made by the Compensation Committee or Board and (B)&nbsp;except as may
be otherwise provided herein, receive copies of all notices, minutes, consents and other materials that the Company provides to
members of the Compensation Committee. The Company agrees to use reasonable best efforts to make the chair of the Compensation
Committee and its other personnel available to the VW Board Member(s)&nbsp;and to respond to, and cause the chair of the Compensation
Committee to respond to, reasonable requests for information made by such VW Board Member(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Parties acknowledge and agree that the Company and the chairpersons of the Audit Committee and the Compensation Committee and,
if Section&nbsp;2(a)(ii)&nbsp;applies, the chairperson of the Nominating and Governance Committee shall have the right, in their
reasonable discretion, to limit the disclosure of committee materials and, if applicable, to recuse or exclude the VW Board Member
from all or portions of such Committee&rsquo;s meetings (i)&nbsp;if the Board or such Committee reasonably determines that such
access could adversely affect the attorney-client privilege, work product doctrine or any other applicable privilege between the
Company and its counsel, or (ii)&nbsp;if the Board or such Committee reasonably determines that such access by a VW Board Member
constitutes, or could reasonably be expected to constitute, a conflict of interest, or (iii)&nbsp;to the extent necessary to conduct
routine executive sessions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Parties agree that the Company will send all Board and Committee materials to which a VW Board Member is entitled pursuant to the
terms of this Agreement or otherwise directly to the applicable VW Board Member(s)&nbsp;or designated outside counsel, and each
VW Board Member agrees to safeguard such materials consistent with its duty of care and loyalty to the Company, subject to the
other terms and conditions of this Section&nbsp;2(c). VWGoAI acknowledges and agrees that VW Board Members may only share information
provided to the Board, any Committee or any member(s)&nbsp;of any of the foregoing by the Company or the Subsidiary (i)&nbsp;to
the extent necessary to enable the VW Board Member to exercise their fiduciary duties as a member of the Board or applicable Committee,
as applicable, or (ii)&nbsp;to provide VWGoAI and its affiliates with information and updates to enable such persons to evaluate
their investment in the Company and indirectly in the Subsidiary. The Company acknowledges and agrees that the VW Board Members
may share such information in accordance with this Section&nbsp;2(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
the extent that any information shared in connection with this letter agreement may include material subject to the attorney-client
privilege, work product doctrine or any other applicable privilege between the Company or the Subsidiary and its respective counsel
concerning pending or threatened legal proceedings or governmental investigations, the Parties understand and agree that they have
common legal interests with respect to such matters and it is their desire, intention and mutual understanding that the sharing
of such material is not intended to, and shall not, waive or diminish in any way the confidentiality of such material or its continued
protection under the attorney-client privilege, work product doctrine or other applicable privilege. All information provided by
the Company or the Subsidiary that is entitled to protection under the attorney-client privilege, work product doctrine or other
applicable privilege shall remain entitled to such protection under these privileges and under the joint defense doctrine. Nothing
in this letter agreement obligates any party to reveal material subject to the attorney-client privilege, work product doctrine
or any other applicable privilege to any person who is not a member of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Parties acknowledge and agree that, in the event a VW Board Member acquires knowledge of a potential transaction or matter in such
person&rsquo;s capacity as a director, officer or employee of Volkswagen AG or its affiliates (an &ldquo;<B>Industry Participant</B>&rdquo;)
and that may be a corporate opportunity for both the Company and such Industry Participant, such director shall to the fullest
extent permitted by law have fully satisfied and fulfilled such director&rsquo;s fiduciary duty to the Company and its stockholders
with respect to such corporate opportunity, and the Company to the fullest extent permitted by law waives any claim that such business
opportunity constituted a corporate opportunity that should have been presented to the Company or any of its stockholders, if such
director acts in good faith in a manner consistent with the following policy: a corporate opportunity offered to any person who
is a director of the Company, and who is also a director, officer or employee of an Industry Participant shall belong to such Industry
Participant, unless such opportunity was expressly offered to such person solely in his or her capacity as a director of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">VWGoAI
acknowledges and agrees that information provided to the Board may constitute material, non-public information regarding the Company
or the Subsidiary (&ldquo;<B>MNPI</B>&rdquo;). VWGoAI hereby acknowledges and agrees that it is aware, and that it will advise
the VW Board Members, that the United States securities laws prohibit any person or entity who has received from an issuer (including
the Company) MNPI from purchasing or selling securities of such issuer or from communicating such information to any other person
or entity under circumstances in which it is reasonably foreseeable that such person or entity is likely to purchase or sell such
securities. VWGoAI agrees that it and its affiliates will not use or communicate the confidential information of the Company or
the Subsidiary, including any MNPI or other information that it receives in connection with the VW Board Member&rsquo;s participation
on the Board or pursuant to this letter agreement, in violation of these laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
rights set forth in Section&nbsp;2(a)&nbsp;shall terminate upon the earliest to occur of: (i)&nbsp;a VW Board Triggering Event;
or (ii)&nbsp;a material breach of this letter agreement by VWGoAI or its affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Voting
Agreement</U>. The Parties hereby confirm that, effective as of the Closing, the Voting Agreement has been terminated in its entirety.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of the Company</U>. The Company hereby represents and warrants to VWGoAI as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
execution and delivery by the Company of this letter agreement does not, and the performance of this letter agreement by the Company
will not, (i)&nbsp;conflict with or violate the governing documents of the Company, (ii)&nbsp;conflict with or violate any Law
applicable to the Company, (iii)&nbsp;result in any breach of, or constitute a default (or an event which, with notice or lapse
of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, or result in the creation of a Lien (other than a Permitted Lien) on any property or asset of the Company pursuant to, any
note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which
the Company is a party or by which the Company is bound or (iv)&nbsp;require any consent, approval, authorization or permit of,
or filing with or notification to, any Governmental Authority, except, with respect to clauses (ii), (iii)&nbsp;and (iv), for any
such conflicts, violations, breaches, defaults, consents, approvals, authorizations, permits or filings or other occurrences that,
individually or in the aggregate, are not reasonably expected to prevent, materially delay or materially impede the performance
by the Company of its obligations under this letter agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has all necessary power and authority to execute and deliver this letter agreement, to perform its obligations hereunder
and to consummate the transactions contemplated hereby. The execution and delivery by the Company of this letter agreement, the
performance by the Company of its obligations hereunder and the consummation by the Company of the transactions contemplated hereby,
have been duly and validly authorized by all necessary corporate action and no other corporate actions on the part of the Company
are necessary to authorize this letter agreement or to consummate the transactions contemplated hereby. This letter agreement has
been duly and validly executed and delivered by the Company and, assuming due authorization, execution and delivery by the other
Parties hereto, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms subject to the Remedies Exceptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of the Subsidiary</U>. The Subsidiary hereby represents and warrants to VWGoAI as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
execution and delivery by the Subsidiary of this letter agreement does not, and the performance of this letter agreement by the
Subsidiary will not, (i)&nbsp;conflict with or violate the governing documents of the Subsidiary, (ii)&nbsp;conflict with or violate
any Law applicable to the Subsidiary, (iii)&nbsp;result in any breach of, or constitute a default (or an event which, with notice
or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, or result in the creation of a Lien (other than a Permitted Lien) on any property or asset of the Subsidiary pursuant
to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation
to which the Subsidiary is a party or by which the Subsidiary is bound or (iv)&nbsp;require any consent, approval, authorization
or permit of, or filing with or notification to, any Governmental Authority, except, with respect to clauses (ii), (iii)&nbsp;and
(iv), for any such conflicts, violations, breaches, defaults, consents, approvals, authorizations, permits or filings or other
occurrences that, individually or in the aggregate, are not reasonably expected to prevent, materially delay or materially impede
the performance by the Subsidiary of its obligations under this letter agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Subsidiary has all necessary power and authority to execute and deliver this letter agreement, to perform its obligations hereunder
and to consummate the transactions contemplated hereby. The execution and delivery by the Subsidiary of this letter agreement,
the performance by the Subsidiary of its obligations hereunder and the consummation by the Subsidiary of the transactions contemplated
hereby, have been duly and validly authorized by all necessary corporate action and no other corporate actions on the part of the
Subsidiary are necessary to authorize this letter agreement or to consummate the transactions contemplated hereby. This letter
agreement has been duly and validly executed and delivered by the Subsidiary and, assuming due authorization, execution and delivery
by the other Parties hereto, constitutes a legal, valid and binding obligation of the Subsidiary, enforceable against the Subsidiary
in accordance with its terms subject to the Remedies Exceptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definitions</U>.
As used herein, &ldquo;<B>Change in Control</B>&rdquo; means the occurrence, on a date after the Closing, of a change in the ownership
of the Company which occurs on the date that any one person, or more than one person acting as a group, other than VWGoAI or its
affiliates (any such person or group, a &ldquo;<B>Person</B>&rdquo;), acquires, directly or indirectly, ownership of stock of the
Company that, together with the stock already held by such Person, constitutes more than fifty percent (50%) of the total voting
power of the stock of the Company; provided, however, that for purposes of this definition, (a)&nbsp;the acquisition of additional
stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company
will not be considered a Change in Control, and (b)&nbsp;if the stockholders of the Company immediately before such change in ownership
continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares
of the Company&rsquo;s voting stock immediately prior to the change in ownership, the direct or indirect beneficial ownership of
fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company,
such event will not be considered a Change in Control. For this purpose, indirect beneficial ownership will include, without limitation,
an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own
the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For purposes of this
definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar business transaction with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notwithstanding the
foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within
the meaning of Section&nbsp;409A of the U.S. Internal Revenue Code of 1986, as amended, as it has been and may be amended from
time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or
may be promulgated thereunder from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further and for the
avoidance of doubt, a transaction will not constitute a Change in Control if: (i)&nbsp;its sole purpose is to change the jurisdiction
of the Company&rsquo;s incorporation, or (ii)&nbsp;its sole purpose is to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company&rsquo;s securities immediately before such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Miscellaneous</U>.
Notwithstanding termination of the Voting Agreement as contemplated by Section&nbsp;3 of this letter agreement, Section&nbsp;7
of the Voting Agreement is incorporated herein by reference, <I>mutatis mutandis</I>. The Company, the Subsidiary and VWGoAI expressly
acknowledge and agree that each VW Board Member shall be a third party beneficiary of this Agreement entitled to the rights and
benefits in favor of VW Board Members hereunder and to enforce this letter agreement as if he or she were a party hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page&nbsp;follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">QUANTUMSCAPE SUBSIDI<FONT STYLE="font-size: 10pt">ARY,&nbsp;INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">/s/
                                         Michael O. McCarthy</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Michael O. McCarthy</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Legal Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Agreed and Accepted:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">QUANTUMSCAPE CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 38%"><FONT STYLE="font-size: 10pt">/s/ Mike McCarthy</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Mike McCarthy </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Legal Officer</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">VOLKSWAGEN GROUP OF AMERICA INVESTMENTS,
LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="font-size: 10pt; vertical-align: bottom"><TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 38%"><FONT STYLE="font-size: 10pt">/s/ Kevin Duke</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Kevin Duke</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">VP &amp; Secretary</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">[Signature
Page&nbsp;to Side Letter Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2037814d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Power of Attorney</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Volkswagen Aktiengesellschaft (the &ldquo;<U>Principal</U>&rdquo;)
a stock corporation incorporated pursuant to the laws of Germany, with its business address at Berliner Ring 2, 38440 Wolfsburg,
Germany and registered with the commercial register of the local court of Braunschweig under no. HRB100484, has acquired and may
in the future acquire shares in QuantumScape Corporation, a Delaware corporation (&ldquo;<U>QuantumScape</U>&rdquo;), through Volkswagen
Group of America Investments, LLC, a Delaware limited liability company (&ldquo;<U>VWGoAI</U>&rdquo;) pursuant to both that certain
business combination agreement dated September&nbsp;3, 2020 and that certain Series&nbsp;F Preferred Stock Purchase Agreement dated
May&nbsp;14, 2020, as amended (together, the &ldquo;<U>Transaction</U>&rdquo;). Principal hereby grants a power of attorney to
Gudrun Letzel, Madelene Maria Helene Kr&uuml;ger, Dr.&nbsp;Angela-Kristina Speidel, Dr.&nbsp;Eike Bleckwenn, Dr.&nbsp;Sebastian
Pl&auml;ster and Dominic Lange (each an &ldquo;<U>Attorney in Fact</U>&rdquo; and jointly the &ldquo;<U>Attorneys in Fact</U>&rdquo;),
in each case two of them acting jointly, to prepare, execute on the Principal&rsquo;s behalf, and file with the U.S. Securities
and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) the following in connection with the Principal&rsquo;s ownership, acquisition,
or disposition of shares in QuantumScape:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt; text-align: justify">a)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">a joint filing agreement between the Principal and Volkswagen Group of America,&nbsp;Inc. and VWGoAI;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt; text-align: justify">b)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Schedule 13D filings and any amendments thereto with the SEC; and</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt; text-align: justify">c)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Forms 3, 4 and 5 filings and any amendments thereto with the SEC.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Attorneys in Fact are authorized to
make all necessary or expedient declarations and carry out all such legal actions in connection with the above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This power of attorney is subject to substantive German law
under exclusion of the international conflict of law rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This power of attorney expires on December&nbsp;31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 49%">ppa.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 49%">ppa.</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt">/s/ Dr.&nbsp;Jesko Rosenm&uuml;ller</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt">/s/ Alfred Str&ouml;hlein</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt">Dr.&nbsp;Jesko Rosenm&uuml;ller</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt">Alfred Str&ouml;hlein</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt">for Volkswagen Aktiengesellschaft</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt">for Volkswagen Aktiengesellschaft</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>tm2037814d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
Rule&nbsp;13d-1(k)(1)&nbsp;under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing of
a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock of QuantumScape Corporation, a Delaware
corporation, and further agree that this Joint Filing Agreement be included as an Exhibit&nbsp;thereto. In evidence thereof, the
undersigned, being duly authorized, have executed this Joint Filing Agreement this 7<SUP>th</SUP> day of December, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif">VOLKSWAGEN AKTIENGESELLSCHAFT</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Dominic Lange</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Dominic Lange</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Attorney-in-fact</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 45%"> /s/ Dr.&nbsp;Angela-Kristina Speidel</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Dr.&nbsp;Angela-Kristina Speidel</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Attorney-in-fact</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif">VOLKSWAGEN GROUP OF AMERICA,&nbsp;INC.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="padding-left: 0.125in; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"> /s/ Kevin Duke</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Kevin Duke</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Secretary, Assistant General Counsel &ndash; Corporate Matters</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif">VOLKSWAGEN GROUP OF AMERICA INVESTMENTS, LLC</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Kevin Duke</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Kevin Duke</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> VP&nbsp;&amp; Secretary</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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