0001213900-21-044069 | S-1 | XBRL Viewer

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Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2021
Document Information Line Items
Entity Registrant Name	Microvast Holdings, Inc.
Document Type	S-1
Amendment Flag	false
Entity Central Index Key	0001760689
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 13,367	$ 21,496	$ 27,978
Restricted cash	20,460	19,700	13,806
Accounts receivable	65,253	76,298	67,641
Notes receivable	17,693	20,839	33,356
Short-term investments			958
Inventories, net	55,400	44,968	57,304
Prepaid expenses and other current assets	8,192	6,022	3,948
Amount due from related parties			1,856
Total Current Assets	180,365	189,323	206,847
Property, plant and equipment, net	217,686	198,017	191,323
Land use rights, net	13,987	14,001	13,422
Acquired intangible assets, net	2,067	2,279	2,657
Other non-current assets	710	890	1,571
Total Assets	414,815	404,510	415,820
Current liabilities:
Accounts payable	43,814	42,007	35,580
Advance from customers	2,636	2,446	3,675
Accrued expenses and other current liabilities	35,597	60,628	34,995
Income tax payables	665	664	657
Short-term bank borrowings	16,572	12,184	11,922
Notes payable	32,173	35,782	35,166
Bonds payable	29,915	29,915	73,803
Total Current Liabilities	161,372	183,626	195,798
Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”)	21,792	21,792	21,792
Long-term bonds payable	137,490	73,147	29,259
Long-term bank borrowings	9,886
Other non-current liabilities	114,362	110,597	130,952
Total Liabilities	444,902	389,162	377,801
Mezzanine Equity (Note 15 and Note 17)
Series C1 convertible redeemable preferred shares (“Series C1 Preferred”)	82,587	80,581	76,684
Series C2 convertible redeemable preferred shares (“Series C2 Preferred”)	86,528	81,966	73,100
Series D1 convertible redeemable preferred shares (“Series D1 Preferred”)	156,101	146,583	127,935
Redeemable noncontrolling interests	96,003	90,820	80,561
Total Mezzanine Equity	421,219	399,950	358,280
Commitments and contingencies
Shareholders’ Deficit
Ordinary shares value	6	6	6
Additional paid-in capital			3,727
Statutory reserves	6,032	6,032	6,032
Accumulated deficit	(465,457)	(397,996)	(320,760)
Accumulated other comprehensive deficit	8,113	7,356	(9,266)
Total Shareholders’ Deficit	(451,306)	(384,602)	(320,261)
Total Liabilities, Mezzanine Equity and Shareholders’ Deficit	$ 414,815	$ 404,510	$ 415,820

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Net of allowance for doubtful accounts (in Dollars)	$ 4,743	$ 5,047	$ 5,537
Ordinary shares, per share (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Ordinary shares, authorized	1,500,000	1,500,000	1,500,000
Ordinary shares, issued	617,880	617,880	617,880
Ordinary shares, outstanding	617,880	617,880	617,880
Series C1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Convertible redeemable preferred shares, authorized	166,950	166,950	166,950
Convertible redeemable preferred shares, issued	166,950	166,950	166,950
Convertible redeemable preferred shares, outstanding	166,950	166,950	166,950
Series C2 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Convertible redeemable preferred shares, authorized	126,345	126,345	126,345
Convertible redeemable preferred shares, issued	126,345	126,345	126,345
Convertible redeemable preferred shares, outstanding	126,345	126,345	126,345
Series D1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Convertible redeemable preferred shares, authorized	139,186	139,186	139,186
Convertible redeemable preferred shares, issued	139,186	139,186	139,186
Convertible redeemable preferred shares, outstanding	139,186	139,186	139,186

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 33,372	$ 21,698	$ 48,310	$ 28,647	$ 107,518	$ 76,434	$ 174,235
Cost of revenues	(40,146)	(18,144)	(56,321)	(23,875)	(90,378)	(76,665)	(153,386)
Gross profit/(loss)	(6,774)	3,554	(8,011)	4,772	17,140	(231)	20,849
Operating expenses:
General and administrative expenses	(6,178)	(3,760)	(10,752)	(7,949)	(18,849)	(15,166)	(34,229)
Research and development expenses	(5,895)	(4,242)	(9,681)	(7,960)	(16,637)	(25,995)	(32,448)
Selling and marketing expenses	(3,706)	(2,686)	(6,862)	(6,008)	(13,761)	(15,712)	(13,398)
Total operating expenses	(15,779)	(10,688)	(27,295)	(21,917)	(49,247)	(56,873)	(80,075)
Subsidy income	213	650	2,131	841	3,000	3,243	9,538
Loss from operations	(22,340)	(6,484)	(33,175)	(16,304)	(29,107)	(53,861)	(49,688)
Other income and expenses:
Interest income	111	125	207	436	571	884	2,007
Interest expense	(1,537)	(1,357)	(3,383)	(2,837)	(5,738)	(6,352)	(3,979)
Loss on changes in fair value of convertible notes	(3,243)		(6,843)
Other (expense)/income, net	49	(4)	44	(5)	650	(145)	(2,606)
Loss before provision for income taxes	(26,960)	(7,720)	(43,150)	(18,710)	(33,624)	(59,474)	(54,266)
Income tax expense	(109)	(137)	(218)	(275)	(1)	(189)	(6,425)
Net loss	(27,069)	(7,857)	(43,368)	(18,985)	(33,625)	(59,663)	(60,691)
Less: Net loss attributable to noncontrolling interest						(2,123)	(5,799)
Net loss attributable to Microvast, Inc.	(27,069)	(7,857)	(43,368)	(18,985)	(33,625)	(57,540)	(54,892)
Less: Accretion of Series A1/C1 Preferred					3,897	4,102	10,025
Less: Accretion of Series B1/C2 Preferred					8,866	7,948	8,391
Less: Accretion of Series EEL/D1 Preferred					18,648	30,839	13,223
Less: Accretion of Series C1 Preferred	1,003	974	2,006	1,948
Less: Accretion of Series C2 Preferred	2,281	2,217	4,562	4,434
Less: Accretion of Series D1 Preferred	4,759	4,662	9,518	9,324
Less: Accretion for noncontrolling interests	4,036	3,961	8,007	7,922	15,927	15,050	13,502
Net loss attributable to ordinary shareholders of Microvast, Inc.	$ (39,148)	$ (19,671)	$ (67,461)	$ (42,613)	$ (80,963)	$ (115,479)	$ (100,033)
Net loss per share attributable to ordinary shareholders of Microvast, Inc.
Basic and diluted (in Dollars per share)	$ (63.36)	$ (31.84)	$ (109.18)	$ (68.97)	$ (131.03)	$ (186.90)	$ (161.90)
Weighted average shares used in calculating net loss per ordinary share
Basic and diluted (in Shares)	617,880	617,880	617,880	617,880	617,880	617,880	617,880

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (27,069)	$ (7,857)	$ (43,368)	$ (18,985)	$ (33,625)	$ (59,663)	$ (60,691)
Foreign currency translation adjustment	3,670	(432)	757	(4,644)	16,622	(3,949)	(28,029)
Comprehensive loss	(23,399)	(8,289)	(42,611)	(23,629)	(17,003)	(63,612)	(88,720)
Less:
Comprehensive loss attributable to noncontrolling interests						(2,107)	(3,740)
Total comprehensive loss attributable to Microvast, Inc.	$ (23,399)	$ (8,289)	$ (42,611)	$ (23,629)	$ (17,003)	$ (61,505)	$ (84,980)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit - USD ($) $ in Thousands	Ordinary shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Statutory reserve	Total Microvast, Inc. Shareholders’ Deficit	Noncontrolling interest	Total
Balance at Dec. 31, 2017	$ 6		$ (166,282)	$ 24,787	$ 6,032	$ (135,457)	$ 59,505	$ (75,952)
Balance (in Shares) at Dec. 31, 2017	617,880
Net loss			(54,892)			(54,892)	(5,799)	(60,691)
Accretion for Series A1 Preferred			(10,025)			(10,025)		(10,025)
Accretion for Series B1 Preferred			(8,391)			(8,391)		(8,391)
Accretion for Series EEL Preferred		(5,828)	(7,395)			(13,223)		(13,223)
Accretion for the noncontrolling interests to be redeemed			(9,497)			(9,497)		(9,497)
Transfer from liability to noncontrolling interests due to redemption ratio change							18,841	18,841
Noncontrolling investors’ compensation for performance guarantee			(1,168)			(1,168)	1,168
Foreign currency translation adjustments				(30,088)		(30,088)	2,059	(28,029)
Reclassification of noncontrolling interests to redeemable noncontrolling interests							(81,438)	(81,438)
Accretion for redeemable noncontrolling interests – before extinguishment			(2,505)			(2,505)		(2,505)
Fair value change of redeemable noncontrolling interests due to extinguishment		5,828				5,828		5,828
Accretion for redeemable noncontrolling interests – after extinguishment			(1,500)			(1,500)		(1,500)
Balance at Dec. 31, 2018	$ 6		(261,655)	(5,301)	6,032	(260,918)	(5,664)	(266,582)
Balance (in Shares) at Dec. 31, 2018	617,880
Net loss			(57,540)			(57,540)	(2,123)	(59,663)
Accretion for Series A1/C1 Preferred		(4,102)				(4,102)		(4,102)
Accretion for Series B1/C2 Preferred		(7,948)				(7,948)		(7,948)
Accretion for Series EEL/D1 Preferred		(30,839)				(30,839)		(30,839)
Accretion for the exiting noncontrolling interests		(5,805)				(5,805)		(5,805)
Foreign currency translation adjustments				(3,965)		(3,965)	16	(3,949)
Cumulative effect adjustment related to opening retained earnings for adoption of ASC 606			(1,565)			(1,565)		(1,565)
Fair value change of preferred shares due to extinguishment		61,138				61,138		61,138
Fair value change of redeemable noncontrolling interests due to extinguishment		8,299				8,299		8,299
Accretion for redeemable noncontrolling interests		(9,245)				(9,245)		(9,245)
Acquisition of noncontrolling interest		(7,771)				(7,771)	7,771
Balance at Dec. 31, 2019	$ 6	3,727	(320,760)	(9,266)	6,032	(320,261)		(320,261)
Balance (in Shares) at Dec. 31, 2019	617,880
Net loss			(18,985)					(18,985)
Accretion for Series C1 Preferred		(974)	(974)					(1,948)
Accretion for Series C2 Preferred		(2,217)	(2,217)					(4,434)
Accretion for Series D1 Preferred		(536)	(8,788)					(9,324)
Accretion for the exiting noncontrolling interests			(2,818)					(2,818)
Foreign currency translation adjustments				(4,644)				(4,644)
Accretion for redeemable noncontrolling interests			(5,104)					(5,104)
Balance at Jun. 30, 2020	$ 6		(359,646)	(13,910)	6,032			(367,518)
Balance (in Shares) at Jun. 30, 2020	617,880
Balance at Dec. 31, 2019	$ 6	3,727	(320,760)	(9,266)	6,032	$ (320,261)		(320,261)
Balance (in Shares) at Dec. 31, 2019	617,880
Net loss			(33,625)					(33,625)
Accretion for Series C1 Preferred		(3,727)	(170)					(3,897)
Accretion for Series C2 Preferred			(8,866)					(8,866)
Accretion for Series D1 Preferred			(18,648)					(18,648)
Accretion for the exiting noncontrolling interests			(5,668)					(5,668)
Foreign currency translation adjustments				16,622				16,622
Accretion for redeemable noncontrolling interests			(10,259)					(10,259)
Balance at Dec. 31, 2020	$ 6		(397,996)	7,356	6,032			(384,602)
Balance (in Shares) at Dec. 31, 2020	617,880
Balance at Mar. 31, 2020	$ 6		(339,975)	(13,478)	6,032			(347,415)
Balance (in Shares) at Mar. 31, 2020	617,880
Net loss			(7,857)					(7,857)
Accretion for Series C1 Preferred			(974)					(974)
Accretion for Series C2 Preferred			(2,217)					(2,217)
Accretion for Series D1 Preferred			(4,662)					(4,662)
Accretion for the exiting noncontrolling interests			(1,409)					(1,409)
Foreign currency translation adjustments				(432)				(432)
Accretion for redeemable noncontrolling interests			(2,552)					(2,552)
Balance at Jun. 30, 2020	$ 6		(359,646)	(13,910)	6,032			(367,518)
Balance (in Shares) at Jun. 30, 2020	617,880
Balance at Dec. 31, 2020	$ 6		(397,996)	7,356	6,032			(384,602)
Balance (in Shares) at Dec. 31, 2020	617,880
Net loss			(43,368)					(43,368)
Accretion for Series C1 Preferred			(2,006)					(2,006)
Accretion for Series C2 Preferred			(4,562)					(4,562)
Accretion for Series D1 Preferred			(9,518)					(9,518)
Accretion for the exiting noncontrolling interests			(2,824)					(2,824)
Foreign currency translation adjustments				757				757
Accretion for redeemable noncontrolling interests			(5,183)					(5,183)
Balance at Jun. 30, 2021	$ 6		(465,457)	8,113	6,032			(451,306)
Balance (in Shares) at Jun. 30, 2021	617,880
Balance at Mar. 31, 2021	$ 6		(426,309)	4,443	6,032			(415,828)
Balance (in Shares) at Mar. 31, 2021	617,880
Net loss			(27,069)					(27,069)
Accretion for Series C1 Preferred			(1,003)					(1,003)
Accretion for Series C2 Preferred			(2,281)					(2,281)
Accretion for Series D1 Preferred			(4,759)					(4,759)
Accretion for the exiting noncontrolling interests			(1,430)					(1,430)
Foreign currency translation adjustments				3,670				3,670
Accretion for redeemable noncontrolling interests			(2,606)					(2,606)
Balance at Jun. 30, 2021	$ 6		$ (465,457)	$ 8,113	$ 6,032			$ (451,306)
Balance (in Shares) at Jun. 30, 2021	617,880

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net loss	$ (43,368)	$ (18,985)	$ (33,625)	$ (59,663)	$ (60,691)
Adjustments to reconcile net income to net cash used in operating activities:
Loss (gain) on disposal of property, plant and equipment	6	56	207	(458)	1,204
Depreciation of property, plant and equipment	9,475	7,207	16,097	14,676	12,180
Amortization of land use right and intangible assets	376	352	695	711	566
Changes in fair value of convertible notes	6,843
Reversal of doubtful accounts	(196)	(863)	(240)	(4,250)	10,142
Provision for obsolete inventories	6,098	646	1,343	4,233	13,622
Impairment loss from property, plant and equipment	258	644	567	2,908	1,239
Product warranty	9,057	951	3,477	3,501	8,342
Changes in operating assets and liabilities:
Notes receivable	3,352	14,167	13,940	31,834	16,453
Accounts receivable	11,813	13,451	(3,599)	46,928	20,627
Inventories	(16,134)	4,269	13,611	10,446	7,108
Prepaid expenses and other current assets	175	(821)	(1,693)	1,424	10,696
Deferred tax assets, net					5,887
Amount due from/to related parties			1,872	(1,158)	(423)
Other non-current assets	33	94	(139)	280	747
Notes payable	(3,989)	(15,094)	(1,643)	(25,896)	(25,630)
Accounts payable	1,390	(4,747)	3,818	(12,880)	(28,380)
Advance from customers	167	(1,058)	(1,395)	2,296	579
Accrued expenses and other liabilities	(381)	(9)	2,256	(1,480)	213
Income tax payables			7	(81)	27
Net cash generated from (used in) operating activities	(15,025)	260	15,556	13,371	(5,492)
Cash flows from investing activities
Purchases of property, plant and equipment	(29,858)	(11,914)	(18,645)	(20,260)	(29,812)
Purchase of intangible assets					(551)
Proceeds on disposal of property, plant and equipment		(48)	13	24	35
Purchase of short-term investments		(1,999)	(4,635)	(20,353)	(17,997)
Proceeds from maturity of short-term investments		2,522	5,593	36,635	204,373
Net cash used in investing activities	(29,858)	(11,439)	(17,674)	(3,954)	156,048
Cash flows from financing activities
Proceeds from borrowings	26,603	9,473	17,308	17,735	62,432
Repayment of loan				(14,475)
Repayment of bank borrowings	(12,265)	(11,894)	(17,815)	(71,674)	(41,913)
Loans borrowing from related parties	8,426	10,456	18,889	15,142	53,110
Repayment of related party loans	(8,426)	(10,033)	(18,889)	(15,142)	(53,110)
Repurchase of Series B2 Preferred					(3,728)
Repurchase shares from exiting noncontrolling interests	(33,047)			(32,700)	(211,566)
Issuance of convertible notes	57,500
Payment for transaction fee in connection with the merger transaction	(2,327)
Issuance of convertible bonds				48,934	24,869
Net cash (used in)/generated from financing activities	36,464	(1,998)	(507)	(52,180)	(169,906)
Effect of exchange rate changes	1,050	(1,539)	2,037	(994)	(12,623)
Decrease in cash, cash equivalents and restricted cash	(7,369)	(14,716)	(588)	(43,757)	(31,973)
Cash, cash equivalents and restricted cash at beginning of the period	41,196	41,784	41,784	85,541	117,514
Cash, cash equivalents and restricted cash at end of the period	33,827	27,068	41,196	41,784	85,541
Reconciliation to amounts on consolidated balance sheets
Cash and cash equivalents	13,367	21,759	21,496	27,978	60,880
Restricted cash	20,460	5,309	19,700	13,806	24,661
Total cash, cash equivalents and restricted cash	33,827	27,068	41,196	41,784	85,541
Supplemental disclosure of cash flow information
Interest paid	1,376	1,032	1,969	2,487	2,020
Income tax paid				58	511
Non-cash investing and financing activities
Payable for redemption of noncontrolling interest	97,979	119,567	124,316	114,870	137,896
Payable for purchase of property, plant and equipment	$ 14,103	$ 17,096	$ 15,122	$ 23,515	$ 33,842

Organization and Principal Activities

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Accounting Policies [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Microvast, Inc. (the “Company” or “Microvast”) was incorporated under the laws of the State of Texas in the United States of America (“USA”) on October 12, 2006 and re-domiciled to the State of Delaware on December 31, 2015. The Company and its subsidiaries (collectively, the “Group”) are primarily engaged in developing, manufacturing, and selling electronic power products for electric vehicles primarily in the People’s Republic of China (“PRC”) and Europe.

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Microvast, Inc. (the “Company” or “Microvast”) was incorporated under the laws of the State of Texas in the United States of America (“USA”) on October 12, 2006 and re-domiciled to the State of Delaware on December 31, 2015. The Company, its subsidiaries and variable interest entity (“VIE”) (collectively, the “Group”) are primarily engaged in developing, manufacturing, and selling electronic power products for electric vehicles primarily in the People’s Republic of China (“PRC”) and Europe.

As of December 31, 2020, details of the Company’s subsidiaries are as follows:

Subsidiaries	Place of incorporation	Date of incorporation or acquisition	Percentage of ownership
Microvast Power Solutions, Inc (“MP Solutions”)	Texas, USA	July 2013	100%
Microvast Power Systems Co., Ltd. (“MPS”)	Huzhou, PRC	December 2006	91.97%
Microvast Power Systems UK Limited (“MP UK”)	Cardiff, United Kingdom (“UK”)	September 2014	100% owned by MPS
Microvast GmbH (“MV GmbH”)	Germany	May 2016	100%
Huzhou Microvast Electric Vehicle Sales Service, Ltd. (“MV E-Vehicle”)	Huzhou, PRC	July 2017	100% owned by MPS
Huzhou Hong Yang Taxi Co., Ltd. (“MV Taxi”)	Huzhou, PRC	October 2017	100% owned by MPS
Microvast APAC PTE. LTD. (“MV Singapore”)	Singapore	May 2017	100% owned by MPS
Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”)	Huzhou, PRC	December 2016	100% owned by MPS

Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and use of estimates

The accompanying unaudited condensed consolidated financial statements include the financial information of Microvast Inc. and its subsidiaries. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Security and Exchange Commission and U.S. generally accepted accounting standards for interim financial reporting. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these interim financial statements. The results of operations for the three months and six months periods ended June 30, 2020 and 2021 are not necessarily indicative of the results for the full years.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements for each of the three years in the period ended December 31, 2020 included in the definitive proxy statement relating to merger or acquisition between Microvast, Inc. and Tuscan Holding Corp. In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (which include normal recurring adjustments) necessary for a fair statement of financial results for the interim periods presented. The Group believes that the disclosures are adequate to make the information presented not misleading.

The financial information as of December 31, 2020 presented in the unaudited condensed financial statements is derived from the Group’s audited consolidated financial statements for the year ended December 31, 2020.

The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Group’s consolidated financial statements for each of the three years in the period ended December 31, 2020.

Significant accounting estimates reflected in the Group’s financial statements include allowance for doubtful accounts, provision for obsolete inventories, impairment of long-lived assets, valuation allowance for deferred tax assets, product warranties, fair value measurement of the convertible promissory notes, share based compensation and going concern assumption.

The unaudited condensed consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business is dependent on, among other things, the Group’s ability to generate sufficient cash flows from operations, and the Group’s ability to arrange adequate financing arrangements.

Revenue recognition

Nature of Goods and Services

The Group’s sales revenue consists primarily of sales of lithium batteries. The obligation of the Group is providing the electronic power products. Revenue is recognized at the point of time when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods or services.

Disaggregation of revenue

For the three months ended June 30, 2020 and 2021, the Group derived revenues of $14,802 and $29,084 from Asia&Pacific, $6,890 and $4,231 from Europe and $6 and $57 from other geographic regions where the customers are located, respectively.

For the six months ended June 30, 2020 and 2021, the Group derived revenues of $18,687 and $41,568 from Asia&Pacific, $9,930 and $6,558 from Europe and $30 and $184 from other geographic regions where the customers are located, respectively.

Contract balances

Contract balances include accounts receivable and advance from customers. Accounts receivable represent cash not received from customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheet, represents payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period. During the three months ended June 30, 2020 and 2021, the Group recognized $206 and $135 of revenue previously included in advance from customers as of April 1, 2020 and April 1, 2021, respectively. During the six months ended June 30, 2020 and 2021, the Group recognized $446 and $1,321 of revenue previously included in advance from customers as of January 1, 2020 and January 1, 2021, respectively, which consist of payments received in advance related to its sales of lithium batteries.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”).

Basis of consolidation

The consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries and VIE. All intercompany transactions and balances have been eliminated upon consolidation.

The accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business is dependent on, among other things, the Group’s ability to generate sufficient cash flows from operations, and the Group’s ability to arrange adequate financing arrangements.

The Group had recurring losses in the past three years and had total shareholders’ deficits of $384,602 and working capital totaled at $5,697 as of December 31, 2020 which may raise substantial doubt about the Group’s ability to continue as a going concern for the foreseeable future prior to the consideration of the management’s plans articulated below.

The Group has generated positive cash flows from operations in 2019 and 2020, of $13,371 and $15,556, respectively, and expects to be in positive operating cash flows position for year 2021. In addition, the Group obtained proceeds totaled at $57,500 from the issuance of convertible notes in January and February 2021 and obtained $9,921 bank loans in subsequent period (Note 25).

Therefore, as of the issuance date of these financial statements, management is of the opinion that the Group will be able to satisfy its liabilities as they become due in the next twelve months, and accordingly, these consolidated financial statements are prepared on a going concern basis.

Consolidation of Variable Interest Entity

The Group determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Group consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE.

The Group and a third party established Hongwei of which they each subscribed 20% and 80% equity interest, respectively. In 2017, the Group made contributions of cash and intangible assets to Hongwei; whereas the other equity interest holder did not make capital contributions. Hongwei met the definition as a VIE. The Group concluded that Hongwei, since its inception, was a VIE and the Group was its primary beneficiary. Accordingly, Hongwei has been consolidated by the Group. The Group became the sole equity interest owner of Hongwei in October 2019 (Note 15).

For the year ended December 31, 2018, net revenues and net loss of the Company’s VIE were $509 and $5,492, respectively, which were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions amongst the Company, its subsidiaries and VIE in the Group. For the year ended December 31, 2018, the net cash used in operating activities and investing activities by the Company’s VIE were $6,796 and $1,290, respectively. The Group consolidated Hongwei under voting interest model when the Group became the sole equity interest owner in October 2019.

Noncontrolling interests and redeemable noncontrolling interests

For the Company’s consolidated subsidiaries and VIE, noncontrolling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Noncontrolling interests are classified as a separate line item in the equity section of the Company’s Consolidated Balance Sheets and have been separately disclosed in the Company’s Consolidated Statements of Operations and Comprehensive Loss to distinguish the interests from that of the Company.

Noncontrolling interests in subsidiaries that are redeemable at the option of the holder and not solely within the control of the Company for cash or other assets are classified outside of permanent equity at redemption value as redeemable noncontrolling interests. If the redemption event is probable to occur, the Company records the redeemable noncontrolling interests at the redemption value on each balance sheet date with the changes recognized as an adjustment to equity.

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue, costs and expenses in the consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include allowance for doubtful accounts, provision for obsolete inventories, impairment of long-lived assets, valuation allowance for deferred tax assets, product warranties, fair value measurement of the redeemable preferred shares, redeemable noncontrolling interests, share based compensation, consolidation of variable interest entity and going concern assumption.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have maturities of three months or less.

Restricted cash

Restricted cash represents deposits made to banks to secure bank acceptance notes (or Notes Payable) and letter of credit issued by the Group. It’s common in PRC that the banks require the Group to pledge notes received from its customers, up to 111%, or make a deposit for up to 100% of the face amount of the bank acceptance notes the Group issued as collateral. The deposits and the matured bank acceptance notes from its customers are recorded as restricted cash in the consolidated balance sheets.

Accounts receivable

Accounts receivable represents those receivables derived in the ordinary course of business, net of allowance for doubtful accounts. The Group maintains an allowance for doubtful accounts for estimated losses on accounts receivable. Management considers the following factors when determining the collectability of specific accounts: creditworthiness of customers, aging of the receivables, past transaction history with customers and their current financial condition, changes in customer payment terms, specific facts and circumstances, and the overall economic climate in the industries the Group operates.

Notes receivable and payable

The Group accepts bank acceptance notes (“notes”) from customers in the PRC in the normal course of business. The Group may present these notes with banks in the PRC for cash payment or endorse these notes to its suppliers to settle its accounts payable. When the notes are endorsed by the Company, the Company is jointly liable with other endorsers in the note. Notes that have been presented with banks or endorsed to suppliers are derecognized from the consolidated balance sheets when the notes are settled with banks or the obligations as endorser are discharged. Notes receivable and payable are typically non-interest bearing and have maturities of one year or less.

As of December 31, 2019 and 2020, the balance of notes receivable were $33,356 and $20,839, respectively while certain notes receivable was pledged in the bank to secure the issuance of the bank acceptance notes by the Group.

Short-term investments

The Group’s short-term held-to-maturity investments are classified based on their contractual maturity dates which are less than one year and are recorded at their amortized costs. The Company recognized $366 and $37 interest income from the short-term investments for the years ended December 31, 2019 and 2020, respectively.

The Group reviews its held-to-maturity investments for other-than-temporary impairment (“OTTI”) based on the specific identification method. The Group considers available quantitative and qualitative evidence in evaluating the potential impairment of its short-term investments. If the cost of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, expected future performance of the instruments, the duration and the extent to which the fair value of the investment is less than the cost, and the Group’s intent and ability to hold the investments. OTTI is recognized as a loss in the consolidated statements of operations.

Inventories, net

Inventories of the Group consist of raw materials, work in process and finished goods. Inventories are stated at the lower of cost or net realizable value. Inventory costs include expenses that are directly or indirectly incurred in the acquisition, including shipping and handling costs charged to the Group by suppliers, and production of manufactured product for sale. Such as the cost of materials and supplies used in production, direct labor costs and allocated overhead costs are all included in the inventory costs. The allocated overhead cost includes the depreciation, insurance, employee benefits, and indirect labor. Cost is determined using the weighted average method. Inventories are written down to net realizable value taking into consideration of estimates of future demand, technology developments, market conditions and reasonably predicative costs of completion or disposal.

Prepaid expenses and other current assets

Prepaid expenses and other current assets primarily consist of advances to suppliers, deposits and value-added tax receivables.

Property, plant and equipment, net

Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:

Buildings		20 years
Machineries and equipment		10 years
Fixtures and electronic equipment		4 – 5 years
Motor vehicles		5 years
Leasehold improvements		Shorter of the lease term or estimated useful lives

Construction in progress represents manufacturing facilities and equipment under construction, and is stated at cost. The capitalization of these costs is ceased when construction in progress is transferred to property, plant and equipment and substantially ready for its intended use. No depreciation is recorded for construction in progress. Repair and maintenance costs are charged to expenses as incurred.

Land use rights, net

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives, which are generally 50 years and represent the shorter of the estimated usage periods or the terms of the land use rights agreements.

Acquired intangible assets, net

Acquired intangible assets with definite lives are amortized on a straight-line basis over their expected useful economic lives.

Impairment of long-lived assets

The Company reviews long-lived assets with finite lives, including identifiable intangible assets with determinable useful lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2019 and 2020, the Group recognized impairment losses of $2,908 and $567 related to long-lived assets.

Fair value of financial instrument

Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, notes receivable, short-term investments, amount due from/to related parties, accounts payable, short-term bank borrowings, notes payable, bonds payable, and long-term bank borrowings. The Group carries its long-term bank borrowings at amortized cost. The carrying values of other current financial instruments approximate their fair values reported in the consolidated balance sheets due to their short-term maturity.

Fair value

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Measured fair value on a recurring basis

The Group measured its financial assets and liabilities at fair value on a recurring basis as of December 31, 2019 and 2020.

Measured fair value on a nonrecurring basis

The Group measured the fair value of the Company’s convertible redeemable preferred share and the redeemable noncontrolling interests of a subsidiary on each of the date when there are changes in the terms of shareholding rights and preferences. The fair value was determined using models with significant unobservable inputs (Level 3 inputs), among which, the Group applied a Discounts For Lack of Marketability (“DLOM”) of 20% in the fair value measurement for the convertible redeemable preferred share and redeemable noncontrolling interests in 2019, since there was no readily available market for shares in a closely-held company similar to the Company. The Black-Scholes option pricing model was used.

The Group measured the long-lived assets using the income approach — discounted cash flow method, when events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable.

Revenue recognition

On January 1, 2019, the Group adopted ASU 2014-09, Revenue Contracts with Customers (Topic 606), “Topic 606” applying the modified retrospective method to all contracts that were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Group adjusted the retained earnings and deferred revenue at amount of $1,565 on January 1, 2019 for the cumulative impact of adopting Topic 606.

Nature of Goods and Services

Disaggregation of revenue

For the years ended December 31, 2019 and 2020, the Group derived revenues of $65,437 and $82,655 from Asia & Pacific, $10,679 and $24,314 from Europe, and $318 and $549 from other geographic regions where the customers are located, respectively.

Sales Incentive

In 2018, the Group provides sales incentives to some of its customers, which mainly relates the reduced sales prices. The sales incentives are discounts to be applied to future sales to the customer which cannot be exchanged for cash. To the extent that the sales incentive represents a material right or options to acquire additional goods or services at a discount in the future period, the material right is recognized as a separate performance obligation at

the outset of the arrangement based on the most likely amount of incentive to be provided to the customer. Amounts allocated to a material right are recognized as revenue when those future goods are sold to the customers. During 2019 and 2020, no such sales incentives were granted to customers.

Contract balances

Contract balances include accounts receivable and advance from customers. Accounts receivable represent cash not received from customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheet, represents payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period. During the year ended December 31, 2019 and 2020, the Group recognized $556 and $582 of revenue previously included in advance from customers as of January 1, 2019 and 2020, respectively, which consist of payments received in advance related to its sales of lithium batteries.

Value added taxes

Value added tax (“VAT”) on sales was calculated at 17% and changed to 16% since May 1, 2018 on revenue from products then to 13% starting from April 1, 2019 and 6% on services. The Group reports revenue net of VAT. Entities in PRC that are VAT general tax payers are allowed to offset qualified VAT paid against their output VAT liabilities.

Cost of revenues

Cost of revenues primarily consists of the cost of the products ultimately sold to customers, shipping and handling costs charged to the Group in the sales, the direct labor costs, product warranty expense, provision for the inventories and other related expenses that are directly attributable to the production of products.

Product Warranty

The Group provides product warranties, which entail repair or replacement of non-conforming items, in conjunction with sales of products. Estimated costs related to warranties are recorded in the period in which the related product sales occur. The warranty liability recorded at each balance sheet date reflects management’s best estimates of its product warranties based on historical information and other currently available evidence.

The Group’s product warranties generally range from one to eight years. The Group establishes a reserve for the estimated cost of the product warranty at the time revenue is recognized. The portion of the warranties is expected to incur within the next 12 months is recorded in accrued expenses and other current liabilities, while the remaining is recorded in other non-current liabilities on the consolidated balance sheets. Warranty reserves are recorded as a cost of revenue.

Research and development expenses

Research and development expenses primarily consist of salaries and benefits for research and development personnel, materials, office rental expense, general expenses and depreciation expenses associated with research and development activities.

Subsidy income

Government subsidies represent government grants received from local government authorities.

Government subsidies related to the investment in production facilities initially records as other current or other non-current liabilities and amortized on a straight-line basis to offset the cost of revenue over the lives of relevant production assets or amortized on an effective interest method over the term of the loan.

The Group amortized the deferred subsidy at $1,904, $2,304 and $166 during the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the carrying amount of the current portion of the deferred subsidy income was $127 and $215, and the non-current portion was $1,389 and $1,221, respectively.

Government subsidies are recognized as subsidy income when no conditions are imposed. The Group received and recognized $9,538, $3,243 and $3,000 of government subsidy income during the years ended December 31, 2018, 2019 and 2020, respectively.

Income taxes

Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized.

The Group accounts for uncertain tax positions by reporting a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Group believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Group recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.

Share-based payment

Equity-settled share-based payments to employees is measured at the fair value of the equity instruments at the grant date. Fair value excludes the effect of non-market based vesting conditions. At each balance sheet date, the Group assesses the number of equity instruments expected to vest based on the estimate on the probability of meeting non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in the income statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity.

For cash-settled share-based payments to employees, a liability is recognized for the services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured with any changes in fair value recognized in consolidated statements of operations for the year.

Equity-settled share-based payment to nonemployees are measured at fair value at the earlier of the commitment date or the date the services was completed and recognized over the period the service is provided.

Comprehensive loss

Comprehensive loss includes net loss and foreign currency translation adjustments. Comprehensive loss is reported in the Consolidated Statements of Comprehensive Loss.

Net loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. Net loss is not allocated to participating securities when the participating securities do not have a contractual obligation to share losses.

The Company’s preferred shares are participating securities as they participate in undistributed earnings on an as-if-converted basis. The preferred shares have no contractual obligation to fund or otherwise absorb the Company’s losses. Accordingly, any undistributed net income is allocated on a pro rata basis to the ordinary shares and preferred shares; whereas any undistributed net loss is allocated to ordinary shares only.

Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares and convertible bonds using the if-converted method, and ordinary shares issuable upon the vesting of non-vested shares or exercise of outstanding share option (using the treasury stock method). Ordinary equivalent shares are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.

Foreign currencies

The functional currency of the Company and MP Solutions is the United States dollar (“U.S. dollar”). For the Company’s subsidiaries located in the PRC, the functional currency is the Chinese Renminbi (“RMB”); the Company’s UK subsidiary, MP UK, the functional currency is the Great British Pound (“Pound”); the Company’s Germany subsidiary, MV GmbH, the functional currency is the Euro, and the Company’s Singapore subsidiary, MV Singapore, the functional currency is the Singapore Dollar (“SGD”).

In preparing the consolidated financial statements of each individual group subsidiary, transactions in currencies other than the subsidiary’s functional currency (foreign currencies) are converted into the functional currency at the rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on the monetary items are recognized in the consolidated statements of operations in the period in which they arise.

For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into the reporting currency of the Group (i.e. US$) at the prevailing exchange rate at the end of the reporting period, and their income and expenses are translated at the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive loss.

Foreign currency risk

RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting

supply and demand in the China Foreign Exchange Trading System market. Cash, cash equivalents and restricted cash of the Group included aggregate amounts of $32,844 and $35,194 as of December 31, 2019 and 2020, respectively, which were denominated in RMB.

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, notes receivable and short-term investments. The Group places its cash and cash equivalents with financial institutions with high credit ratings and quality. The Group conducts credit evaluations of customers and generally does not require collateral or other security from its customers.

The following table summarizes net revenues from customers that accounted for 10% or more of the Group’s net revenues for 2018, 2019 and 2020:

	December 31, 2018		December 31, 2019		December 31, 2020
Percentage of revenue contributed by Customer A	16	%	11	%	—
	16	%	11	%	—

The following table summarizes accounts receivable from customers that accounted for 10% or more of the Group’s accounts receivable:

	December 31, 2019	December 31, 2020
Percentage of accounts receivable from Customer B	—	10	%
	—	10	%

Supplier Concentration

The Group relies on third parties for the supply of raw materials. In instances where these parties fail to perform their obligations, the Group may find alternative suppliers in the open market. For the years ended December 31, 2018, 2019 and 2020, 26%, 17% and 12% of its raw materials were purchased through company C and D, respectively, but numerous alternate sources of supply are readily available on comparable terms.

Newly adopted accounting pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Updates (“ASU”) 2014-09, “Revenue from Contracts with Customers”. ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years beginning after December 15, 2018 for non-public companies, and for interim periods within those years beginning after December 15, 2019. The Group adopted ASU 2014-09 and all related ASUs beginning January 1, 2019 and recorded $1,565 adjustment to retained earnings for the cumulative impact upon adoption of Topic 606.

In January 2016, the FASB issued a new pronouncement ASU 2016-01 Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The ASU also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 was further amended in February 2018 by ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 and ASU 2018-03 are effective for non-public business entities for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Adoption of the amendment must be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, except for amendments related to equity instruments that do not have readily determinable fair values which should be applied prospectively. The Group adopted this ASU beginning January 1, 2019 and the adoption did not have a material impact on the Group’s financial position or results of operations.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. For non-public entity, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Group adopted this ASU beginning January 1, 2019 and the adoption did not have a material impact on the Group’s financial position or results of operations.

In November 2016, the FASB issued ASU 2016-18: Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this Update require that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update are effective for non-public business entities for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The Group adopted this standard on January 1, 2019 and applied a retrospective transition method on its consolidated statements of cash flows for the year ended December 31, 2018, 2019 and 2020, respectively.

In August 2018, the FASB issued ASU 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. For non-public business entities, the ASU’s amendments are effective for annual and interim periods within those years, beginning after December 15, 2019. The Group adopted this ASU beginning January 1, 2020 and the adoption did not have a material impact on the Group’s financial statements.

Recent accounting pronouncements not yet adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value

of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. Non-public business entities should apply the amendments to annual periods beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, ASU 2016-02 was updated with ASU No. 2018-11, Targeted Improvements to ASC 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. Before ASU 2018-11 was issued, transition to the new lease standard required application of the new guidance at the beginning of the earliest comparative period presented in the consolidated financial statements. In November 2019 and June 2020, the FASB issued ASU 2019-10 and ASU 2020-05 to defer the effective date. Therefore, Leases (Topic 842) is effective for private entities to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Group is in the process of evaluating the impact of the adoption of this standard.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. For non-public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Group is evaluating the impact of the adoption of this standard on its consolidated financial statements.

Accounts Receivable

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Receivables [Abstract]

ACCOUNTS RECEIVABLE

3. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:

	December 31, 2020			June 30, 2021
Accounts receivable	$	81,345		$	69,996
Allowance for doubtful accounts		(5,047	)		(4,743	)
Accounts receivable, net	$	76,298		$	65,253

Movement of allowance for doubtful accounts was as follows:

	Three months ended June 30,					Six months ended June 30,
	2020		2021			2020			2021
Balance at beginning of the period	$	4,524	$	4,416		$	5,537		$	5,047
Charge to expenses		—		318			(863	)		(196	)
Write off		—		(28	)		—			(131	)
Exchange difference		10		37			(140	)		23
Balance at end of the period	$	4,534	$	4,743		$	4,534		$	4,743

3. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:

	December 31, 2019			December 31, 2020
Accounts receivable	$	73,178		$	81,345
Allowance for doubtful accounts		(5,537	)		(5,047	)
Accounts receivable, net	$	67,641		$	76,298

Movement of allowance for doubtful accounts was as follows:

	December 31, 2019			December 31, 2020
Balance at beginning of year	$	10,111		$	5,537
Charge to expenses		(4,250	)		(240	)
Write off		(233	)		(493	)
Exchange difference		(91	)		243
Balance at end of year	$	5,537		$	5,047

Inventories, Net

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES, NET

4. INVENTORIES, NET

Inventories consisted of the following:

	December 31, 2020		June 30, 2021
Work in process	$	22,167	$	21,090
Raw materials		17,451		20,223
Finished goods		5,350		14,087
Total	$	44,968	$	55,400

Provision for obsolete inventory at nil and $5,880 were recognized for the three months ended June 30, 2020 and 2021, respectively. Provision for obsolete inventory at $646 and $6,098 were recognized for the six months ended June 30, 2020 and 2021, respectively.

4. INVENTORIES, NET

Inventories consisted of the following:

	December 31, 2019		December 31, 2020
Work in process	$	27,854	$	22,167
Raw materials		17,201		17,451
Finished goods		12,249		5,350
Total	$	57,304	$	44,968

Provision for obsolete inventory at $13,622, $4,233 and $1,343 were recognized for the years ended December 31, 2018, 2019 and 2020, respectively.

Prepaid Expenses and Other Current Assets

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Prepaid Expenses And Other Current Assets [Abstract]

Prepaid Expenses And Other Current Assets

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

	December 31, 2020		June 30, 2021
Advances to suppliers	$	2,117	$	4,857
Other receivables		688		1,242
VAT receivables		2,471		1,342
Deposits		746		751
Total	$	6,022	$	8,192

The balance of the VAT receivables represented the amount available for future deduction against VAT payable.

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

	December 31, 2019		December 31, 2020
VAT receivables	$	1,748	$	2,471
Advances to suppliers		1,038		2,117
Other receivables		627		688
Deposits		535		746
Total	$	3,948	$	6,022

The balance of the VAT receivables represented the amount available for future deduction against VAT payable.

Property, Plant And Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

6. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:

	December 31, 2019			December 31, 2020
Machineries and equipment	$	73,535		$	123,889
Buildings		37,479			39,988
Leasehold improvements		22,571			26,627
Fixtures and electronic equipment		7,459			9,086
Motor vehicles		4,641			8,073
Total		145,685			207,663
Less: accumulated depreciation		(46,243	)		(67,043	)
Construction in progress		91,881			57,397
Property, plant and equipment, net	$	191,323		$	198,017

The Group recorded depreciation expenses of $12,180, $14,676 and $16,097 for the years ended December 31, 2018, 2019 and 2020, respectively. $1,239, $2,908 and $567 impairment losses were recognized for the years ended December 31, 2018, 2019 and 2020, respectively, primarily related to the obsolete machineries and equipment as a result of technology development or product upgrade.

Land Use Rights, Net

12 Months Ended

Dec. 31, 2020

Land Use Rights Net [Abstract]

LAND USE RIGHTS, NET

7. LAND USE RIGHTS, NET

Land use rights consisted of the following:

	December 31, 2019			December 31, 2020
Cost of land use rights	$	15,002		$	16,007
Less: accumulated amortization		(1,580	)		(2,006	)
Land use rights, net	$	13,422		$	14,001

The land use rights were acquired for the use of the Group’s production facilities. Land use rights are amortized on a straight-line basis for 50 years or shorter of the estimated usage periods or the terms of the land use rights agreements. The Group recorded amortization expenses of $316, $302 and $303 for the years ended December 31, 2018, 2019 and 2020, respectively. Future amortization expense is $302 per year for each of the next five years through December 31, 2025 and thereafter.

Acquired Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED INTANGIBLE ASSETS, NET

8. ACQUIRED INTANGIBLE ASSETS, NET

Intangible assets consisted of the following:

	December 31, 2019			December 31, 2020
Cost of acquired intangible assets	$	3,968		$	4,051
Less: accumulated amortization		(1,311	)		(1,772	)
Acquired intangible assets, net	$	2,657		$	2,279

The Group recorded amortization expense of $250, $409 and $392 for the years ended December 31, 2018, 2019 and 2020, respectively. No impairment losses were recognized for the years ended December 31, 2018, 2019 and 2020.

The annual amortization expense for each of the five succeeding fiscal years and thereafter are as follows:

2021	$	394
2022		233
2023		233
2024		233
2025		233
Thereafter		953
Total	$	2,279

Accrued Expenses and Other Current Liabilities

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Accrued Expenses and Other Current Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

	December 31, 2020		June 30, 2021
Payables to exiting investors	$	30,000	$	—
Payables for purchase of property, plant and equipment		15,122		14,103
Product warranty		4,296		10,299
Other current liabilities		3,959		4,148
Accrued payroll and welfare		2,704		2,789
Interest payable		1,379		2,239
Accrued expenses		1,696		1,713
Other tax payable		1,472		306
Total	$	60,628	$	35,597

The payables to exiting investors represents the amount due in a year for the redemption of the shares owned by certain noncontrolling shareholders of a subsidiary. See Note 12.

9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

	December 31, 2019		December 31, 2020
Payable to exiting Investors	$	—	$	30,000
Payables for purchase of property, plant and equipment		23,515		15,122
Product warranty		3,723		4,296
Accrued payroll and welfare		2,577		2,704
Accrued expenses		2,103		1,696
Deferred subsidy income-current		127		215
Deposits received from the contractors		275		102
Other tax payable		494		1,472
Other current liabilities		2,181		5,021
Total	$	34,995	$	60,628

The payable for exiting Investors represents the amount to be paid for the redemption of the shares owned by certain noncontrolling shareholders of a subsidiary. See Note 15.

Product Warranty

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

7. PRODUCT WARRANTY

Movement of product warranty was as follows:

	Three months ended June 30,						Six months ended June 30,
	2020			2021			2020			2021
Balance at beginning of the period	$	17,299		$	19,105		$	18,416		$	19,356
Provided during the period		842			8,148			951			9,057
Utilized during the period		(783	)		(1,710	)		(2,009	)		(2,870	)
Balance at end of the period	$	17,358		$	25,543		$	17,358		$	25,543

	December 31, 2020		June 30, 2021
Product warranty – current	$	4,296	$	10,299
Product warranty – non-current		15,060		15,244
Total	$	19,356	$	25,543

10. PRODUCT WARRANTY

Movement of product warranty was as follows:

	December 31, 2019			December 31, 2020
Balance at beginning of the year	$	16,565		$	18,416
Provided during the year		3,501			3,477
Utilized during the year		(1,650	)		(2,537	)
Balance at end of the year	$	18,416		$	19,356
Product warranty – current	$	3,723		$	4,296
Product warranty – non-current		14,693			15,060

The warranty costs recorded were $8,342, $3,501 and $3,477 during the years ended December 31, 2018, 2019 and 2020, respectively.

Bank Borrowings

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Bank Borrowings [Abstract]

BANK BORROWINGS

8. BANK BORROWINGS

The Group entered into loan agreements and bank facilities with Chinese banks and a German bank.

The original terms of the loans from Chinese banks range from 6 to 12 months and the interest rates range from 5.00% to 6.00% per annum. As of June 30, 2021, the balance of the loans from Chinese bank was $16,572.

The bank facility agreement with the German bank includes a $13.0 million (EUR11 million) 8-year maturity term loan and a $4.7 million (EUR4 million) revolving facility (“German Bank Facility Agreement”). The interest rate of the 8-year maturity term loan is EURIBOR plus a margin rate determined by the financial leverage ratio of the Group. The $4.7 million (EUR4 million) revolving facility at 6% annual interest, needs to be renewed every year (60 days in advance). During the six months ended June 30, 2021, the Group drew down the 8-year maturity term loan at the amount of $9,886. The German Bank Facility Agreement contains financial covenants on the equity ratio, leverage ratio and profit distribution, and also it has acceleration clauses about the occurrence of failure to comply with the financial covenants. As of June 30, 2021, the Group’s Germany subsidiary was not in compliance with the financial covenants. The Company obtained a waiver for the covenant violation through September 30, 2021, and subsequently cured the default in August 2020 by capital injection. The Group is and expects to be able to remain fully in compliance with the covenants.

Changes in bank borrowings were are as follows:

	Three months ended June 30,					Six months ended June 30,
	2020		2021			2020			2021
Beginning balance	$	5,649	$	13,156		$	11,922		$	12,184
Proceeds from bank borrowings		3,714		13,158			9,473			26,603
Repayments of principal		—		—			(11,894	)		(12,265	)
Exchange difference		22		(144	)		(89	)		(64	)
Ending balance	$	9,412	$	26,458		$	9,412		$	26,458

	December 31, 2020		June 30, 2021
Current	$	12,184	$	16,572
Non-current		—		9,886
Total	$	12,184	$	26,458

Certain assets of the Group had been pledged to secure the above banking facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of December 31, 2020 and June 30, 2021 are as follows:

	December 31, 2020		June 30, 2021
Buildings	$	22,732	$	31,877
Machinery and equipment		19,297		17,835
Land use rights		2,789		4,466
Total	$	44,818	$	54,178

In addition, the Group’s related parties Ochem Chemical Co., Ltd (“Ochem”) and Ochemate Material Technologies Co., Ltd (“Ochemate”) provided $20,874 and $21,838 of guarantees to secure certain bank facilities granted to the Group as of December 31, 2020 and June 30, 2021, respectively.

11. BANK BORROWINGS

The Group entered into various loan agreements, i.e. banking facilities, with certain Chinese banks. The original terms of the loans range from 2 to 12 months and the interest rates range from 4.68% to 5.66% per annum. Changes in bank borrowings for the years ended December 31, 2019 and 2020 are as follows:

	December 31, 2019			December 31, 2020
Beginning balance as of January 1	$	66,267		$	11,922
Proceeds from bank borrowings		17,735			17,308
Repayments of principal during the year		(71,674	)		(17,815	)
Exchange difference		(406	)		769
Ending balance as of December 31	$	11,922		$	12,184

Including:
Current	$	11,922		$	12,184
Total	$	11,922		$	12,184

	December 31, 2019		December 31, 2020
Buildings	$	22,414	$	22,732
Machinery and equipment		20,936		19,297
Land use rights		2,672		2,789
Total	$	46,022	$	44,818

In addition, the Group’s related parties Ochem Chemical Co., Ltd (“Ochem”) and Ochemate Material Technologies Co., Ltd (“Ochemate”) provided $32,607 and $20,874 of guarantees to secure certain bank facilities granted to the Group as of December 31, 2019 and 2020, respectively.

Other Non-Current Liabilities

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Other Non-Current Liabilities [Abstract]

OTHER NON-CURRENT LIABILITIES

9. OTHER NON-CURRENT LIABILITIES

	December 31, 2020		June 30, 2021
Payable to exiting investors	$	94,316	$	97,979
Product warranty – non-current		15,060		15,244
Deferred subsidy income- non-current		1,221		1,139
Total	$	110,597	$	114,362

The payable to exiting investors represent the amount to be paid for the redemption of the shares owned by certain noncontrolling interests holders of a subsidiary. See Note 12.

12. OTHER NON-CURRENT LIABILITIES

	December 31, 2019		December 31, 2020
Deferred subsidy income – non-current	$	1,389	$	1,221
Payable to exiting Investors		114,870		94,316
Product warranty		14,693		15,060
Total	$	130,952	$	110,597

The payable for exiting Investors represent the amount to be paid for the redemption of the shares owned by certain noncontrolling interests holders of a subsidiary. See Note 15.

Bonds Payable

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Bonds Payable [Abstract]

BONDS PAYABLE

10. BONDS PAYABLE

	December 31, 2020		June 30, 2021
Bonds payable
Third-party investors	$	29,915	$	29,915
Total	$	29,915	$	29,915

Long-term bonds payable
Huzhou Saiyuan	$	73,147	$	73,147
PIPE investors		—		64,343
Total	$	73,147	$	137,490

Convertible Bonds issued to Huzhou Saiyuan

On December 29, 2018, Microvast Power Systems Co., Ltd. (“MPS”) signed an agreement with Huzhou Saiyuan, an entity established by the local government, to issue convertible bonds to Huzhou Saiyuan for a total consideration of $87,776 (RMB600 million), of which $29,259 (RMB200 million) was converted from the existing non-interest-bearing loan with Huzhou Saiyuan as of December 31, 2018. The Company pledged its 12.39% equity holding over MPS to Huzhou Saiyuan to facilitate the issuance of convertible bonds. Besides the previous converted bond $29,259 (RMB200 million), Huzhou Saiyuan further subscribed $14,629 (RMB100 million) on January 9, 2019 and $29,259 (RMB200 million) on February 1, 2019, respectively.

If the subscribed bonds are not repaid by the maturity date, Huzhou Saiyuan has the right to dispose the equity interests pledged by the Company in proportion to the amount of matured bonds, or convert the bond to the equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds to equity interests of MPS, the equity interests pledged should be released and the convertible bonds should be converted to the equity interest of MPS based on the entity value of MPS at $950,000.

On September 28, 2020, MPS signed a supplemental agreement for extension on repayment of convertible bonds to Huzhou Saiyuan, and the terms on repayments and interests were agreed as below:

Issuance Date	Subscribed Amount	Maturity Date	Repayment Amount	Annual Interest Rate
February 1, 2019	$29,259 (RMB200 million)	June 30, 2023	$29,259 (RMB200 million)	3%~4%
December 31, 2018	$29,259 (RMB200 million)	April 28, 2024	$14,629 (RMB100 million)	0%~4%
		July 11, 2024	$7,315 (RMB50 million)	0%~4%
		October 1, 2024	$7,315 (RMB50 million)	0%~4%
January 1, 2020	$14,629 (RMB100 million)	April 13, 2026	$14,629 (RMB100 million)	3%~4%

An additional one-year extension could be granted to the Group if the Group submits a written application before the extended maturity date. As of June 30, 2021, the outstanding balance of the convertible bonds to Huzhou Saiyuan totaled at $73,147 (RMB500 million).

Convertible Bonds issued to third-party investors

On November 2, 2018, MPS signed a convertible bond agreement with two third-party investors (the “Bond Holders”), through which the Bond Holders agreed to provide a non-interest bearing loan in an aggregate amount of $58,516 (RMB400 million) or up to $73,147 (RMB500 million) to MPS, and the Bond Holders could convert the bonds into a number of Series D2 preferred shares of the Company (the “Series D2 Preferred”) once approvals from the PRC and US government were obtained. As of December 31, 2020 and June 30, 2021, $29,915 (RMB204.5 million) was subscribed by the Bond Holders.

On July 23, 2021, upon the completion of the merger between Microvast and Tuscan Holdings Corp., the convertible bonds were settled and converted into 6,719,845 common shares of the combined company as disclosed in Note 21.

Convertible Notes at Fair Value

On January 4, 2021, the Company entered into a note purchase agreement to issue $57,500 convertible promissory notes to certain investors, fully due and payable on the third anniversary of the initial closing date. The notes bear no interest, provided, however, if a liquidity event has not occurred prior to June 30, 2022, an interest rate of 6% shall be applied retrospectively from the date of initial closing. The conversion of the promissory notes are contingent upon the occurrence of a Private Investment in Public Equity (“PIPE”) financing, a liquidity event (“Liquidity Event”) or a new financing after June 30, 2022 but before the maturity date (“Next Financing”). The first tranche and second tranche of the convertible promissory notes were issued in January 2021 and February 2021 at amount of $25,000 and $32,500, respectively. A discounted rate of 80% or 90% would be applied to the then share issuance price upon conversion, depending on the circumstances of PIPE financing, Liquidity Event or Next Financing.

The fair value option was elected for the measurement of the convertible notes. As of June 30, 2021, the fair value of the convertible notes was $64,343. Changes in fair value, a loss of $3,243 and $6,843 were recorded in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2021, respectively.

On July 23, 2021, upon the completion of the merger between Microvast and Tuscan Holdings Corp., the convertible promissory notes were converted into 6,736,106 common shares of the combined company.

13. BONDS PAYABLE

	December 31, 2019		December 31, 2020
Bonds payable
Huzhou Saiyuan Equity Investment Partnership Firm (Limited Partnership) (“Huzhou Saiyuan”)	$	43,888	$	—
Third-party investors		29,915		29,915
Total	$	73,803	$	29,915

Long-term bonds payable
Huzhou Saiyuan	$	29,259	$	73,147
Total	$	29,259	$	73,147

Convertible Bonds issued to Huzhou Saiyuan

On December 29, 2018, MPS signed an agreement with Huzhou Saiyuan, an entity established by the local government, to issue convertible bonds to Huzhou Saiyuan for a total consideration of $87,776 (RMB600 million), of which $29,259 (RMB200 million) was converted from the existing non-interest-bearing loan with Huzhou Saiyuan as of December 31, 2018. The Company pledged its 12.39% equity holding over MPS to Huzhou Saiyuan to facilitate the issuance of convertible bonds. Besides the previous converted bond $29,259 (RMB200 million), Huzhou Saiyuan further subscribed $14,629 (RMB100 million) on January 9, 2019 and $29,259 (RMB200 million) on February 1, 2019, respectively. As of December 31, 2019, the outstanding balance of the convertible bonds to Huzhou Saiyuan was $73,147 (RMB500 million), of which $43,888 (RMB300 million) will be due within 1 year.

On September 28, 2020, MPS signed a supplemental agreement for extension on repayment of convertible bonds to Huzhou Saiyuan, and agreed to effect the issuance of the unsubscribed RMB100 million bonds by replacing the bonds issued on January 9, 2019 and extend the maturity of the previously subscribed RMB400 million bonds for two and a half years. An additional one-year extension could be granted to the Group if the Group submits a written application before the extended maturity date. Pursuant to the extension agreement in September 2020, the terms on repayments and interests were agreed as below:

Issuance Date	Subscribed Amount		Maturity Date	Repayment Amount		Annual Interest Rate
February 1, 2019	$	29,259 (RMB200 million)	June 30, 2023	$	29,259 (RMB200 million)	3% ~ 4%

December 31, 2018	$	29,259 (RMB200 million)	April 28, 2024	$	14,629 (RMB100 million)	0% ~ 4%
			July 11, 2024	$	7,315 (RMB50 million)	0% ~ 4%
			October 1, 2024	$	7,315 (RMB50 million)	0% ~ 4%

January 1, 2020	$	14,629 (RMB100 million)	April 13, 2026	$	14,629 (RMB100 million)	3% ~ 4%

As of December 31, 2020, the outstanding balance of the convertible bonds to Huzhou Saiyuan totaled at $73,147 (RMB500 million).

Convertible Bonds issued to third-party investors

On November 2, 2018, MPS signed a convertible bond agreement with two third-party investors (the “bond holders”), through which the bond holders agreed to provide a non-interest bearing loan in an aggregate amount of $58,516 (RMB400 million) or up to $73,147 (RMB500 million) to MPS, and the bond holders could convert the bonds into a number of Series D2 preferred shares of the Company (the “Series D2 Preferred”) once approvals from the PRC and US government were obtained.

On November 2, 2018, $24,869 (RMB170 million) cash proceed was received by MPS. On January 14, 2019, one of the bond holders transferred part of its subscription quota at the amount of $4,388 (RMB30 million) to a new investor who completed the subscription of $3,730 (RMB25.5 million) and $658 (RMB4.5 million) in January and June 2019, respectively. While the other bond holders subscribed $658 (RMB4.5 million) on January 28, 2019. As of December 31, 2019 and 2020, $29,915 (RMB204.5 million) was subscribed by the bond holders.

Upon issuance of the convertible bond to these third-party investors, the Company signed a contribution and issuance agreement with the existing preferred shareholders on November 2, 2018, in which all preferred shareholders of the Company agreed that when contribution conditions are met, the existing shareholders will exchange their respective Series A1, Series B1 and Series EEL Preferred for Series C1 Preferred shares (“Series C1 Preferred”) for Series A1 shareholders, Series C2 Preferred shares (“Series C2 Preferred”) for Series B1 shareholders and Series D1 Preferred shares(“Series D1 Preferred”) for EEL, respectively, with rights and obligations amended. The key contribution conditions is that the third party convertible bond holders shall have paid MPS an aggregate amount of $29,259 (RMB200 million). As cash contribution of $29,259 was received by MPS on January 30, 2019, the Series C1, C2 and D1 Preferred were issued on the same day. See Note 17.

In addition, all parties agreed on the possible scenarios for the conversion as follows:

• Scenario I: Government approvals obtained and convert to Series D2 Preferred of the Company

If the government approvals are obtained before the due date, the convertible bonds will be converted to Series D2 Preferred of the Company.

• Scenario II: Government approvals not obtained and convert to equity interests of MPS

If the bond holders fail to obtain the government approvals, the convertible bonds will be converted to equity interests of MPS and the bond holders shall be entitled to the same rights as those with respect to the most senior and recently issued series of preferred shares at the Company as if the bond holders have become shareholders of the Company. Under this scenario, the Group should issue a warrant to the bond holders, through which the bond holders have the right to exchange their equity interest of MPS for the Company’s preferred shares.

• Scenario III: Government approvals not obtained and fail to convert to the Company’s or MPS’ equity interest

If the bond holders fail to convert the bonds to the Company’s or MPS’ equity interest, all parties agreed that the bonds are not interest-free debts owed by MPS to the bond holders; instead, the bonds are equity investment in MPS as an alternative to a direct investment in the Company. MPS shall not repay the loans to the bond holders and the bond holders shall not request MPS to repay the loans. Also, if the conversion fails to occur due to other reasons, the bond holders are entitled to the economic rights as if their aggregate participation in the bonds has been converted into the shares of MPS (“MPS deemed equity”). All parties shall take all actions to the extent permitted by applicable law to ensure that the bond holders shall receive the economic rights at MPS equal to the amounts that would have been received by the bond holders as if, for the purpose of determining and paying such amounts, Series D2 Preferred of the Company had been issued to the bond holders.

• Scenario IV: Government approvals not obtained, fail to convert to the Company’s or the MPS’ equity interest, and fail to exchange equity interest for Series D2 Preferred through MPS deemed equity

If the bond holders cannot directly exchange their equity interest obtained pursuant to the conversion or its MPS deemed equity for Series D2 Preferred of the Company under the applicable law, the bond holders shall be entitled to request (i) (a) MPS to redeem or the Company to purchase the conversion shares or (b) MPS to repay the loans whether or not the conversion actually takes place, so long as (ii) the holder of the warrant shall deliver as contemplated by the warrant an amount equal to the exchange price and the Series D2 Preferred of the Company shall be issued to such holder pursuant to the terms of the warrant.

• Conversion Price

The number of shares to be issued to each holder upon the conversion shall be such RMB amount of the registered capital of MPS determined as:

A = B x C / D

Where:

A: the RMB amount (rounded downwards to the nearest RMB) of the registered capital of MPS to be issued to the holder upon conversion;

B: the registered capital of MPS as of the due date of obtaining the government approval;

C: the aggregate participation of that holder in the bond outstanding on the due date of obtaining the government approval; and

D: the lower of (i) the RMB equivalent of $950,000; or (ii) the pre-money valuation of MPS or the Company in any subsequent equity financing completed after the first date of the bond was issued and prior to the conversion.

During 2019, consensus was reached that obtaining the approvals was extended to November 1, 2020. As of December 31, 2020, the approvals from PRC and US government were not yet obtained thus the bond holders could not convert the bond into Series D2 Preferred.

On February 1, 2021, the Company, Tuscan Holdings Corp. (“Holdings”), a special purpose acquisition company (“SPAC”), and TSCN Merger Sub Inc. (“Merger Sub”), a Delaware corporation wholly owned subsidiary of Holdings, entered in to an Agreement and Plan of Merger (“Merger Agreement”) for the proposed business combination (the “Merger” or “SPAC Transaction”). In connection with the SPAC Transaction, the bond holders (“CB Investors”) entered into a framework agreement with Holdings, MPS and the Company on February 1, 2021.

Pursuant to the framework agreement,

(a) Effective at the closing, each CB Investor’s overseas affiliate (“CB SPV”) shall subscribe for the applicable shares issued by Holdings. The aggregate number of shares that will be issued shall equal the aggregate number of Holdings shares that would have been issued collectively to the CB Investors with respect to the convertible loan agreement pursuant to the SPAC Transaction had such CB Investors held Microvast shares prior to the consummation of the Merger.

(b) Effective as of the closing, the convertible loan agreement shall be amended to waive the repayment rights and conversion rights.

(c) CB Investors shall obtain relevant approvals required for their investment in its CB SPV. Once CB Investors received the required approvals, MPS shall repay in full any remaining amount held by CB Investors; and concurrently therewith, CB Investor shall use the same proceeds received from such repayment to repay in full of the subscription amount.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

14. INCOME TAXES

The Company is incorporated in the U.S. and is subject to the U.S. state and federal income tax.

On December 22, 2017, the U.S. government enacted a comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code including, but not limited to, (1) reducing the U.S. federal corporate tax rate, (2) requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years if an election is made, and (3) bonus depreciation that will allow for full expensing of qualified property. The impact of the Tax Act is not material to the Group’s operation and resulted in a decrease in income tax rate from 35% before January 1, 2018 to 21% after January 1, 2018 for tax and income earned as determined in accordance with the relevant tax rules and regulations. Also the Tax Act eliminates the net operating loss carryback period and makes carry forward period indefinite. The amount of the net operating loss deduction allowed is limited to 80% of taxable income computed without regard to the net operating loss deduction. Net operating loss incurred in taxable years beginning after December 31, 2017 are permitted to be carried forward indefinitely but may not be carried back.

On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES ACT”). The CARES Act, among other things, includes provisions relating to net operating loss carryback periods. The CARES Act does not have a material impact on the Company’s operations, financial position, and liquidity.

PRC

Under the Enterprise Income Tax Law of the PRC (the “EIT Law”), PRC enterprise income tax is generally calculated at 25% of the Company’s subsidiaries located in the PRC as determined in accordance with the EIT Law, except for certain subsidiaries which enjoy tax rates substantially lower than 25% due to incentive policies.

MPS was recognized as a “New and High Tech Enterprises” (“NHTE”) by relevant PRC government authorities in 2012 and received renewal of its NHTE status in 2015 and 2018. Therefore, MPS, as the NHTE, is entitled to a rate of 15% for 2018, 2019 and 2020.

Hongwei was recognized as a NHTE by relevant PRC government authorities in 2020 and it is entitled to a rate of 15% for 2020, 2021 and 2022.

The withholding tax of 10% under the EIT Law is imposed on dividends declared to foreign investors with respect to profit earned by PRC subsidiaries from January 1, 2008 onward. Deferred tax liability was not provided with respect to undistributed profits of relevant PRC subsidiaries for the years ended December 31, 2018 and 2019, as the Group concluded that profits generated by the relevant PRC subsidiaries are considered to be permanently reinvested, because the Group does not have any present plan to pay any cash dividends on its ordinary shares in the foreseeable future and intends to retain all of its available funds and any future earnings for use in the operation and expansion of its business.

UK corporation tax is calculated at an average tax rate of 19% for the years ended December 31, 2018, 2019 and 2020, respectively. The estimated assessable profit generated by the Company’s subsidiary located in UK would be imposed the enterprise income tax at such rate, in accordance with the Corporation Tax Acts. The Company did not have taxable profit and no corporation tax expense was recorded for the years ended December 31, 2018, 2019 and 2020.

Germany

Germany enterprise income tax which is a combination of corporate income tax and trade tax is calculated at an average tax rate of 31.9% for the years ended December 31, 2018, 2019 and 2020 for the Company’s subsidiary located in Germany in accordance with relevant tax rules and regulations in Germany.

A provision for income tax of $6,425, $189 and $1 has been recognized for the years ended December 31, 2018, 2019 and 2020, respectively, related primarily to the domestic company. Loss before provision for income taxes for the years ended December 31, 2018, 2019 and 2020 was as follows:

	Year Ended December 31,
	2018			2019			2020
Domestic	$	(4,965	)	$	(3,030	)	$	(3,584	)
Foreign		(49,301	)		(56,444	)		(30,040	)
Loss before income tax	$	(54,266	)	$	(59,474	)	$	(33,624	)

The current and deferred components of the income tax expense in the consolidated statements of operations were as follows:

	Year Ended December 31,
	2018		2019		2020
Current tax expenses:
Domestic	$	453	$	—	$	—
Foreign		85		189		1
Total current tax expense		538		189		1
Deferred tax expense:
Domestic		2,856		—		—
Foreign		3,031		—		—
Total deferred tax expense		5,887		—		—
Total provision for income taxes	$	6,425	$	189	$	1

The components of the Group’s deferred tax assets are as follows:

	December 31, 2019			December 31, 2020
Deferred tax assets:
Net operating loss carry-forwards	$	22,521		$	28,484
Allowance for doubtful accounts and inventory provision		3,323			3,443
Product warranty		2,762			2,903
Impairment of property, plant and equipment		673			821
Deferred income		227			216
Accrued expense		736			805
Others		615			615
Less: valuation allowance		(30,857	)		(37,287	)
Net deferred tax assets	$	—		$	—

The movements of valuation allowance for the years end December 31, 2018, 2019 and 2020 are as follows:

	Year Ended December 31,
	2018			2019			2020
Balance at beginning of the period	$	1,822		$	19,503		$	30,857
Additions		18,102			11,649			7,402
Reversal		(421	)		(295	)		(972	)
Balance at end of the period	$	19,503		$	30,857		$	37,287

Reconciliation between the income tax expense computed by applying the U.S. federal corporate income tax rate of 21% to loss before income tax and actual provision is as follows:

	Year Ended December 31,
	2018			2019			2020
Loss before income tax	$	(54,266	)	$	(59,474	)	$	(33,624	)
Tax credit at the U.S. federal corporate income tax rate of 21%		(11,396	)		(12,490	)		(7,061	)
Tax effect of permanent differences		(4,033	)		(2,961	)		(2,152	)
Tax effect of income tax rate difference in other jurisdictions		3,417			4,076			2,511
Changes in valuation allowance		17,943			11,669			6,702
Others		494			(105	)		1
Income tax expense	$	6,425		$	189		$	1

As of December 31, 2020, the Group had $179,995 operating loss carried forward. The operating loss carried forward for the Company’s PRC subsidiaries amounted to $153,413, which will expire on various dates from 2023 to 2030. For the remaining operating loss, $20,205 will expire on various dates from 2021 to 2039 and $6,377 will be carried forward indefinitely. The Group determined the valuation allowance on an entity by entity basis and assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. The valuation allowance, which is primarily related to entities with net operating loss carry-forwards for which the Group does not believe it will ultimately be realized, was recognized by the Group with the amount of $17,943, $11,669 and $6,702 for the years ended December 31, 2018, 2019 and 2020, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Noncontrolling Interests

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

12. NONCONTROLLING INTERESTS

Noncontrolling interests of MPS

In March 2017, the Company sold 17.39% equity interest of its wholly-owned subsidiary, MPS, to eight third-party investors (the “Investors”) for total cash consideration of $400,000, which was received in 2017.

In February 2018, the Company signed a series of repurchase and redemption agreements with 6 out of the 8 investors of MPS which requested to redeem in aggregate 14.05% equity interests in MPS (“exiting Investors”), at a redemption value equal to the initial capital contribution plus 6% simple annual interest. To facilitate the repurchase and redemption transaction, MPS and the exiting Investors entered into certain property mortgage agreements on May 30, 2018.

Pursuant to an extension agreement signed in September 2020, the Group paid $30,000 (RMB214.2 million) in March 2021. See Note 6. Further, if the Group completes a qualified financing before 2022 with total amount of $200,000, the Group would pay the exiting Investors $30,000 (RMB214.2 million) which shall be made no later than September 30, 2023. If the Group completes new round financing in 2022 or 2023, the Group will pay the exiting Investors an amount calculated based on the proceeds received in the financing, and in no case will the repayment be less than $30,000 (RMB214.2 million). The repayment amount should be calculated based on the following rules:

a) Minimum repayment of $30,000 (RMB214.2 million) should be paid if the proceeds received in the financing is up to $200,000.

b) 15% of the incremental proceeds should be paid if the proceeds received in the financing is between $200,000 and $400,000.

c) 20% of the incremental proceeds and up to a maximum of the overdue payable amount should be paid if the proceeds received in the financing is above $400,000.

On July 23, 2021, upon the completion of the merger between Microvast and Tuscan Holdings Corp., the equity interest held by the investors who remained as noncontrolling shareholders of MPS were converted into 17,253,182 common shares of the combined company as disclosed in Note 21.

15. NONCONTROLLING INTERESTS

Noncontrolling interests of MPS

The investors are entitled to receive dividend or distributable assets on a pro rata basis with ordinary shareholder and also enjoy certain preferential rights. The equity interest sold by MPS to the Investors are considered as ordinary shares with preferential rights, including equity compensation for performance guarantee in connection with 2017 and 2018 net profit and repurchase and redemption rights under circumstances of default conditions, as specified in the investment agreement.

The Group paid $211,566 to the exiting Investors in total, of which $200,000 was the capital and $11,566 was the interests during 2018. Given the actual payment was behind the schedule as agreed in the repurchase and redemption agreements, a standstill agreement was signed by MPS and the exiting Investors. The agreement separated the overdue amount into first and subsequent instalments, with the first instalment due by October 31, 2018 and the subsequent instalments due contingent on future financing. The agreement also defined overdue interest rates of 6% and 10% to the first and subsequent instalments, respectively. If the overdue amount and the associated interests are not paid in full by February 3, 2019 (“Cure Period”), the exiting Investors are entitled to require MPS and/or the Company to continue their conditions under the repurchase and redemption agreements defined above.

During 2019, the Group paid $32,700 to the exiting Investors in total, of which $28,986 was the capital and $3,714 was the interests. Given the balance outstanding was not fully paid before the Cure period, agreements were signed in October 2019 and April 2020 to extend the overdue payable to November 2020. In September 2020, the overdue payable was further extended to June 30, 2023. Given the negotiation for the extension started in 2019 and the final extension agreement was signed in September 2020, the Group recorded the exiting noncontrolling interests at redemption value of $114,870 held by the exiting Investors under other non-current liabilities as of December 31, 2019.

In the extension agreement signed in September 2020, all parties agreed that commencing on April 1, 2021, interest shall accrue on the outstanding principal at a compounded interest rate of 10% per annum, and the Company shall pay part of the interest in cash, equal to 5% of the principal, to the exiting Investors. For the remaining interest, it could be accrued and capitalized to principal of the payable to the exiting Investors for next interest period.

Pursuant to the extension agreement, the Group is required to pay $30,000 (RMB214.2 million) before March 31, 2021, and such amount is classified as accrued expenses and other current liabilities as of December 31, 2020. See Note 9. Further, if the Group completes a qualified financing before 2022 with total amount of $200,000, the Group would pay the exiting Investors $30,000 (RMB214.2 million) which shall be made no later than September 30, 2023. If the Group completes new round financing in 2022 or 2023, the Group will pay the exiting Investors an amount calculated based on the proceeds received in the financing, and in no case will the repayment be less than $30,000 (RMB214.2 million). The repayment amount should be calculated based on the following rules:

a) Minimum repayment of $30,000 (RMB214.2 million) should be paid if the proceeds received in the financing is up to $200,000.

b) 15% of the incremental proceeds should be paid if the proceeds received in the financing is between $200,000 and $400,000.

c) 20% of the incremental proceeds and up to a maximum of the overdue payable amount should be paid if the proceeds received in the financing is above $400,000.

• Agreements signed with remaining noncontrolling investors

In February 2018, a commitment letter was signed among the Group and the other two noncontrolling investors who chose to keep their noncontrolling interests holding in MPS and through which the Group granted these investors redemption right if the Company fails to complete an initial public offering in the U.S. by December 31, 2021. The redemption price is the total of the investment amount and a simple interest rate of 6%. Also, the Group agreed to issue a warrant to these investors under which the investors have the right to request the Company redeem their shares in MPS and exchange for 66,336 ordinary shares of the Company.

Accordingly, the Group recorded the redeemable noncontrolling interests as mezzanine equity due to the newly added substantive redemption feature. Before the noncontrolling interests became redeemable in February 2018, the net loss attributable to the noncontrolling shareholders was $1,016 for the year ended December 31, 2018.

In November 2018, another commitment letter was signed with investors who remained as noncontrolling shareholders in MPS, through which the annual interest rate for redemption changed from 6% to 12% and the liquidation preference was adjusted. The shares to be exchange under the warrant were also changed from 66,336 to 107,650 ordinary shares. The fair value difference resulted from the rights and terms change was determined to be an extinguishment of the original instrument and replaced by another instrument with different rights and terms. The Group remeasured the redeemable noncontrolling interests at their fair value at the date of the extinguishment. The fair value is calculated by using the Black Scholes Model with the inputs below:

		November 2, 2018
Expected liquidation date		December 31, 2021
Length of Holding Period Restriction in years		3.16
Volatility per year		48%
Dividend Yield expressed as % of stock price		0.00

Additionally, given the performance guarantee target was not achieved, the Group recorded $1,168 accrual for the performance guarantee compensation for the investors who held the investments on MPS as of December 31, 2018.

The noncontrolling interests of MPS for the year ended December 31, 2018 are summarized below:

	Amounts USD
Balances as of December 31, 2017	$	60,571
Transferred from liabilities(i)		18,841
Accrual for performance guarantee compensation		1,168
Net loss attributable to noncontrolling interests shareholders		(1,016	)
Foreign currency translation adjustment attributed to noncontrolling interest shareholders		1,874
Reclassification to redeemable noncontrolling interests(ii)		(81,438	)
Balances as of December 31, 2018	$	—

____________

(i) The transfer is due to one of the exiting Investors subsequently in February 2018 decided to redeem only half of his holding.

(ii) The reclassification is due to the substantial redemption right granted to the exiting Investors, thus the noncontrolling interests shall be accounted for redeemable noncontrolling interests when the change occurred in 2018.

In connection with the SPAC Transaction, the redeemable noncontrolling interests’ holders (“NCI Investors”) entered into a framework agreement with Holdings, MPS and the Company on February 1, 2021.

Pursuant to the framework agreement,

(a) Holdings will form MVST SPV as a wholly-owned subsidiary of Holdings to facilitate the transaction with NCI Investors.

(b) Prior to the closing, Holdings shall issue an aggregate of 17,253,182 Holdings Shares to MVST SPV to be held on behalf of the NCI Investors.

(c) Effective from such date that the registration statement first becomes effective, each NCI Investor irrevocably and unconditionally waives (A) any and all rights that such NCI Investor has by virtue of its investment in MPS or ownership of MPS equity and (B) any and all rights and/or claims that such NCI Investor has, or may have, against the Group or properties and assets of the Group under the previous agreements; (C) Effective from the closing, the previous agreements shall terminate and cease be in effect.

(d) If requested by one or more NCI Investors, MVST SPV shall effect one or more dispositions of the SPV shares held on behalf of the NCI Investors through one or more underwriters. MVST SPV shall use all of the net cash proceeds received to purchase a proportionate amount of the MPS equity held by the NCI Investors. MVST SPV will own all of the MPS equity held by the NCI Investors and the NCI Investors will have received all of the net proceeds generated from the sale of all such SPV shares.

Noncontrolling interests of Hongwei

Noncontrolling interests represents interests held by third parties in Hongwei, the Groups’ consolidated VIE.

Noncontrolling interests are presented as a separate component of equity in the consolidated balance sheet. The amount of net loss attributable to noncontrolling interests was $4,783 and $2,123 for year ended December 31, 2018 and 2019, respectively.

In 2019, the Group settled an outstanding loan of $14,544 that the noncontrolling interest had made to Hongwei and became Hongwei’s sole owner in October 2019. As a result, the Group reclassified the outstanding balance of noncontrolling interest of $7,771 to additional paid in capital.

The noncontrolling interests of Hongwei for the years ended December 31, 2018 and 2019 are summarized below:

	Amounts USD
Balances as of December 31, 2017	$	(1,066	)
Net loss attributable to noncontrolling interests shareholders		(4,783	)
Foreign currency translation adjustment attributed to noncontrolling interest shareholders		185
Balances as of December 31, 2018	$	(5,664	)
Net loss attributable to noncontrolling interests shareholders		(2,123	)
Foreign currency translation adjustment attributed to noncontrolling interest shareholders		16
Acquisition of noncontrolling interests		7,771
Balances as of December 31, 2019	$	—

Ordinary Shares

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Ordinary Shares [Abstract]

ORDINARY SHARES

13. ORDINARY SHARES

The Company’s Amended and Restated Certificate of Incorporation authorizes 100,000,000 ordinary shares with a par value of $0.01 per share.

As of December 31, 2020 and June 30, 2021, the Company had 617,880 ordinary shares issued and outstanding.

On July 23, 2021, upon the completion of the merger between Microvast and Tuscan Holdings Corp., all of the ordinary shares were converted into common shares of the combined company at an exchange ratio of 160.3 as disclosed in Note 21.

16. ORDINARY SHARES

The Company’s Amended and Restated Certificate of Incorporation authorizes 100,000,000 ordinary shares with a par value of $0.01 per share. As of December 31, 2019 and 2020, the Company had 617,880 ordinary shares issued and outstanding.

Preferred Shares

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Disclosure of Preferred Shares [Abstract]

PREFERRED SHARES

14. PREFERRED SHARES

As of December 31, 2020 and June 30, 2021, the Company had preferred shares issued and outstanding as follows:

Preferred Shares	Number of Shares	Shareholders
Series C1 Preferred	166,950	Ashmore Global Special Situations Fund 4 Limited Partnership and Ashmore Global Special Situations Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”)
Series C2 Preferred	126,345	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series D1 Preferred	139,186	Evergreen Ever Limited (“EEL”)
Total	432,481

The changes in the balance of Series Preferred and redeemable noncontrolling interests included in the mezzanine equity for the six months ended June 30, 2020 and 2021 were as follows:

	Series C1 Preferred		Series C2 Preferred		Series D1 Preferred		Redeemable noncontrolling interests
Balance as of January 1, 2020	$	76,684	$	73,100	$	127,935	$	80,561
Accretion		974		2,217		4,662		2,552
Ending balance as of March 31, 2020	$	77,658	$	75,317	$	132,597	$	83,113
Accretion		974		2,217		4,662		2,552
Ending balance as of June 30, 2020	$	78,632	$	77,534	$	137,259	$	85,665

Balance as of January 1, 2021	$	80,581	$	81,966	$	146,583	$	90,820
Accretion		1,003		2,281		4,759		2,577
Ending balance as of March 31, 2021	$	81,584	$	84,247	$	151,342	$	93,397
Accretion		1,003		2,281		4,759		2,606
Ending balance as of June 30, 2021	$	82,587	$	86,528	$	156,101	$	96,003

On July 23, 2021, upon the completion of the merger between Microvast and Tuscan Holdings Corp., all preferred shares were converted into common shares of the combined company at an exchange ratio of 160.3 as disclosed in Note 21.

17. PREFERRED SHARES

As of January 1, 2018, the Company had preferred shares issued and outstanding as follows:

Preferred Shares Category	Number of Shares as of January 1, 2018	Shareholders
Series A1 Preferred	195,653	Ashmore Global Special Situations Fund 4 and Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”)
Series B1 Preferred	97,642	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series EEL Preferred	139,186	Evergreen Ever Limited (“EEL”)
Total	432,481

In 2018, upon issuance of the convertible bond to third-party investors, the Company signed a contribution and issuance agreement with the existing preferred shareholders, in which all the preferred shareholders of the Company agreed that when contribution conditions from bond holders are met, the existing shareholders will exchange their respective Series A1, Series B1 and Series EEL Preferred where Series C1 Preferred shares (“Series C1 Preferred”) is for Series A1 Preferred shareholders, Series C2 Preferred shares (“Series C2 Preferred”) is for Series B1 Preferred shareholders, and Series D1 Preferred shares (“Series D1 Preferred”) is for Series EEL Preferred, respectively, with amended preferential rights. In 2019, contribution conditions were met and the Series C1 (formerly A1), C2 (formerly B1) and D1 (formerly EEL) Preferred were issued.

As this transaction resulted in extinguishment of preferred shares, the Group re-measured the fair value of A1/C1, B1/C2 and EEL/D1 Preferred at the transaction date, which led to a decrease of $61,138 in fair value. The decrease in the fair value amount of the redeemable preferred shares was recorded as a change in additional paid-in capital.

The key terms of the Series C1, C2, D1 and D2 (the “Series Preferred”) issued or to be issued by the Company are as follows:

Conversion rights

Each of the Series Preferred shall be convertible, at the option of the holder thereof, at any time into fully-paid ordinary shares at various conversion rates.

Each Series Preferred shall automatically be converted into ordinary shares of the Company, based on the then-effective Series Preferred Conversion Rate, as applicable, immediately upon the closing of a qualified initial public offering (“IPO”).

The conversion price is subject to adjustment for dilution, including but not limited to share splits, subdivisions, combinations, consolidation of ordinary shares, reclassification and other dilutive events.

Voting rights

After the issuance of Series C1 Preferred and Series C2 Preferred (the “Series C Preferred”), and Series D1 Preferred and Series D2 Preferred (the “Series D Preferred”), each preferred shareholder is entitled to the number of votes equal to the number of preferred shares and has voting rights and powers equal to the ordinary shareholders.

Redemption rights

Redemption rights on Series A1/C1, B1/C2 and EEL/D1 Preferred

The Series A1/C1 and B1/C2 Preferred are redeemable at any time by the holder. The preferred shares owned by EEL shall be redeemable at the option of EEL in the event that a qualified IPO or qualified trade sale fails to occur on or prior to December 31, 2021. In the event that any investor exercises its redemption rights under this event after the Series EEL Preferred Shares are redeemable, the redemption right of the Series A1/C1 and B1/C2 Preferred Shares, as applicable, held by such Investor shall be pari passu with the redemption rights of the Series EEL Preferred Shares.

The redemption price for A1/C1, B1/C2 and EEL/D1 Preferred shall be equal to the aggregate amount of (i) the Series A1/C1, B1/C2 and EEL/D1 preferred shares per share purchase price paid or credited as fully paid on such preferred shares, (ii) all accrued, whether declared or not, but unpaid dividends and distributions on such preferred shares calculated up to and including the date of redemption, (iii) a premium which, together with items (i) and (ii) above, would give the holder of such preferred shares an internal rate of return of 15% for A1/C1 and B1/C2, and 6% (modified to 12% for D1 Preferred) to EEL per annum in respect of the series per share purchase price up to and including the date of redemption.

If Series A1/C1 Preferred and Series B1/C2 Preferred exercise the redemption rights after the Series EEL/D1 Preferred become redeemable, the redemption right of the Series A1/C1 Preferred and Series B1/C2 Preferred shall be pari passu with the redemption rights of Series EEL/D1 Preferred. If the Company does not have sufficient legally available funds to effect redemption, the redemption price for any shares not redeemed increases by 8% per annum with ultimate redemption required when the Company has sufficient legally available funds.

The Company has elected a policy to recognize changes in the redemption value immediately as they occur and adjust the carrying amount to equal the redemption value at end of each reporting period.

Redemption rights on Series B2 Preferred

The Series B2 Preferred were not redeemable, however the liquidation preference makes it redeemable upon certain deemed liquidation events, such as a reorganization or composition with creditors or other analogous insolvency proceeding of the Company. Such liquidation preference was removed upon the issuance of preferred share to EEL.

Dividends rights

Dividends on Series A1/C1, B1/C2 and EEL/D1 Preferred

All shareholders shall be entitled to receive, when and as declared by the Board, out of any assets of the Company legally available therefor, such dividends as may be declared from time to time by the Board.

Each share of Series A1/C1 Preferred, Series B1/C2 Preferred and Series EEL/D1 shall be entitled to receive dividends (‘‘Accruing Dividends’’) at the rate per annum of 6% of the Series A1/C1 Preferred, the Series B1/C2 Preferred and the Series EEL/D1 per share purchase price compounded annually.

The Accruing Dividends shall accrue from day to day, whether or not declared, and shall be cumulative. Such Accruing Dividends shall be payable only when, as, and if declared by the Company’s Board of Directors and the Company shall be under no obligation to pay such dividends until declared.

After the issuance of Series C and D1 Preferred, the dividends preference were amended as follows:

First, to the holders of Series D Preferred that have exercised their redemption rights on or prior to December 31, 2021 to the extent of any unpaid Series D Preferred accruing dividends.

Second, to the holders of Series D Preferred that have not exercised their redemption rights in accordance with the terms of the Shareholders Agreement on or prior to December 31, 2021 to the extent of any unpaid Series D Preferred accruing dividend.

Third, to the holders of Series C Preferred that have exercised their redemption rights on or prior to December 31, 2021 to the extent of any unpaid Series C Preferred accruing dividends.

Fourth, to the holders of Series C Preferred that have not exercised their redemption rights on or prior to December 31, 2021 to the extent of any unpaid Series C Preferred accruing dividend and.

Fifth, to the holders of ordinary shares.

Dividends on Series B2 Preferred

The Series B2 Preferred shall have no dividend preference and the dividend rights of the holders of Series B2 Preferred shall rank on parity with the ordinary shares of the Company.

Participating rights

The Series Preferred have the right to participate in any distributions made to junior securities on an as-converted basis, junior securities including but not limited to the ordinary shares of the Company.

No dividend was declared or paid to the Series Preferred shareholders during the years ended December 31, 2018, 2019 and 2020.

Liquidation preference

Upon the issuance of Series C Preferred and Series D1 Preferred, the liquidation preferences were amended as follows:

• First, to holders of Series D Preferred, on a pro rata basis, the initial investment plus accruing dividends and the additional amount necessary for holders to receive a return of 12% on the original investment.

• Second, to unredeemed holders of Series D Preferred, on a pro rata basis, the initial investment plus accruing dividends and the additional amount necessary for holders to receive a return of 12% on the original investment.

• Third, to holders of Series C Preferred, on a pro rata basis, the initial investment, plus accruing dividends and unpaid dividends.

• Fourth, to redeemed holders of Series C Preferred, the additional amount necessary for holders to receive a return of 12% on the original investment.

• Fifth, to unredeemed holders of Series C Preferred, on a pro rata basis, the initial investment plus accruing dividends

• Sixth, to unredeemed holders of Series C Preferred, the additional amount necessary for holders to receive a return of 12% on the original investment.

• Last, pari passu to all shareholders of the Company except the above shareholders.

The change in the balance of Series Preferred and redeemable noncontrolling interests included in the mezzanine equity for the years ended December 31, 2018, 2019 and 2020 are as follows:

	Series A1/C1 Preferred			Series B1/C2 Preferred			Series EEL/D1 Preferred			Redeemable noncontrolling interests
Balance as of January 1, 2018	$	66,839		$	57,490		$	140,000		$	—
Reclassification from noncontrolling interests		—			—			—			81,438
Accretion before the fair value change		—			—			—			2,505
Fair value change of redeemable noncontrolling interests due to extinguishment		—			—			—			(5,828	)
Accretion after the fair value change		10,025			8,391			13,223			1,500
Ending balance as of December 31, 2018	$	76,864		$	65,881		$	153,223		$	79,615
Accretion before the extinguishment		961			804			15,439			796
Conversion from Series A1 to C2 Preferred		(11,417	)		11,417			—			—
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment		7,135			(12,146	)		(56,127	)		(8,299	)
Accretion after the extinguishment		3,141			7,144			15,400			8,449
Ending balance as of December 31, 2019	$	76,684		$	73,100		$	127,935		$	80,561
Accretion		3,897			8,866			18,648			10,259
Ending balance as of December 31, 2020	$	80,581		$	81,966		$	146,583		$	90,820

Share-based payment

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED PAYMENT

15. SHARE-BASED PAYMENT

The share options, non-vested shares and non-vested share units may be vested only upon and after the occurrence of initial public offering, sale or transfer of all or substantially all of the business, operations or assets of the Company or its subsidiaries, taken as a whole, to a third party, or such other sale or transfer of ordinary shares in the Company as determined, in each case, by the Company pursuant to legal documents and other obligations binding upon it. As of June 30, 2021, it was not considered probable that the above performance condition would be achieved and accordingly no compensation expense was recorded.

Share options

Share options activity for the six months ended June 30, 2020 and 2021 was as follows:

Share options	Number of shares		Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual life
			(US$)		(US$)
Outstanding as of January 1, 2020	47,277		$	881.97	$	343.83	7.1
Forfeited	(4,462	)		366.00		285.11
Outstanding as of March 31, 2020	42,815		$	935.74	$	349.95	7.0
Outstanding as of June 30, 2020	42,815		$	935.74	$	349.95	6.8
Expected to vest and exercisable as of June 30, 2020	42,815		$	935.74	$	349.95	6.8

Outstanding as of January 1, 2021	216,706			991.99		468.60	9.0
Forfeited	(5,700	)		1005.85		475.71
Outstanding as of March 31, 2021	211,006		$	991.62	$	468.41	8.7
Forfeited	(800	)		1005.85		475.71
Outstanding as of June 30, 2021	210,206		$	991.57	$	468.38	8.5
Expected to vest and exercisable as of June 30, 2021	210,206		$	991.57	$	468.38	8.5

Non-vested share

No non-vested shares activity occurred for the six months ended June 30, 2021. The non-vested shares activity for the six months ended June 30, 2020 was as follows:

	Number of non-vested shares		Weighted average grant date fair value per share
			(US$)
Outstanding as of January 1, 2020	20,523		$	182.13
Transfer to non-vested share units	(20,523	)	$	182.13
Outstanding as of March 31, 2020	—		$	—
Outstanding as of June 30, 2020	—		$	—

Non-vested share units

The non-vested shares units will be settled in the form of cash payments. Most of them will be settled at price per unit equal to the fair market value on initial vesting date, and others will be settled at price per unit equal to the lesser of the fair market value on initial vesting date or the value of $1,005.85.

	Number of non-vested shares		Weighted average grant date fair value per share
			(US$)
Outstanding as of January 1, 2020	123,575		$	143.89
Forfeited	(446	)	$	227.24
Transfer from non-vested shares	20,523		$	182.13
Outstanding as of March 31, 2020	143,652		$	149.10
Outstanding as of June 30, 2020	143,652		$	149.10

Outstanding as of January 1, 2021	143,652		$	149.10
Forfeited	—		$	—
Outstanding as of June 30, 2021	143,652		$	149.10

Subsequent to the completion of the merger between Microvast and Tuscan Holdings Corp., the options granted under Microvast’s stock incentive plan were converted into options to purchase common stock of the combined company at exchange ratio of 160.3 with three-year vesting period starting from the first anniversary of the closing. And the non-vested share units granted under Microvast’s stock incentive plan will be settled in cash at price per unit determined by the fair value market of the common stock of the combined company, with three-year vesting period starting from the first anniversary of the closing. The Company is in the process of assessing the accounting impact.

Series B2 Preferred subscribed by employees

On October 30, 2015, the Company issued 79,107 Series B2 Preferred to certain employees of the Company. The Series B2 Preferred were issued for cash consideration of $366.00 per share and all the Series B2 Preferred were fully paid on the date of issuance. The Series B2 Award shall vest with respect to one-fourth of the total number of the Series B2 Award immediately upon the occurrence of a qualified IPO or initial vesting date, and on each of the first, second and third anniversaries of the initial vesting date; provided that through each applicable vesting date, the holder of the Series B2 Award remains employed with the Group.

As of December 31, 2020 and June 30, 2021, 53,319 shares were legally issued and outstanding and the Company recorded a deposit liability of $21,792 at the per share price equal to the original Series B2 Preferred subscription price.

Subsequent to the completion of the merger between Microvast and Tuscan Holdings Corp., the Series B2 Award were converted into options to purchase common stock of the combined company at exchange ratio of 160.3, with three-year vesting period starting from the first anniversary of the closing. The Company is in the process of assessing the accounting impact.

18. SHARE-BASED PAYMENT

In 2012, the Company adopted a Share Incentive Plan. The plan permits the grant of options to purchase ordinary shares, share appreciation rights, non-vested shares and non-vested share units. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the share incentive plan is seventeen percent of the total issued and outstanding company shares on a fully-diluted basis.

The share options, non-vested shares and non-vested share units granted to the Company’s employees or nonemployees shall vest and become non-forfeitable with respect to one-third of the total number of the non-vested share and non-vested share units immediately upon the occurrence of certain performance conditions (the “Initial Vesting Date”), and on each of the first and second anniversaries of the Initial Vesting Date; provided that through each applicable vesting date, the employee or nonemployee is employed.

The share options, non-vested shares and non-vested share units may be vested only upon and after the occurrence of initial public offering, sale or transfer of all or substantially all of the business, operations or assets of the Company or its subsidiaries, taken as a whole, to a third party, or such other sale or transfer of ordinary shares in the Company as determined, in each case, by the Company pursuant to legal documents and other obligations binding upon it. As of December 31, 2018, 2019 and 2020, it was not considered probable that the above performance condition would be achieved and accordingly no compensation expense was recorded.

Share options

Share options activity for the years ended December 31, 2018, December 31, 2019 and December 31, 2020 was as follows:

Share options	Number of shares		Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual life
			(US$)		(US$)
Outstanding as of January 1, 2018	56,362		$	892.24	$	350.52	9.1
Granted	1,000			1,005.85	$	225.30
Forfeited	(2,400	)		1,005.85	$	387.63
Outstanding as of December 31, 2018	54,962		$	889.35	$	346.63	8.1
Forfeited	(7,685	)		934.82	$	363.82
Outstanding as of December 31, 2019	47,277		$	881.97	$	343.83	7.1
Granted	176,890			1,005.85	$	495.95
Forfeited	(7,461	)		623.31	$	326.36
Outstanding as of December 31, 2020	216,706			991.99		468.60	9.0
Expected to vest and exercisable as of December 31, 2020	216,706		$	991.99	$	468.60	9.0

In determining the fair value of the share options, the binomial option pricing model was applied. The key assumptions used to determine the fair value of the options at the respective grant dates were as follows:

Grant date	For the years ended December 31, 2018
Risk-free interest rate(1)	3.55	%
Expected dividend yield(2)	0.0	%
Volatility(3)	51.7	%
Exercise multiple(4)	2.2
Life of options(5)	10 years
Fair value of underlying ordinary shares(6)	$515.40
Grant date	For the years ended December 31, 2020
Risk-free interest rate(1)	1.54% ~ 1.61%
Expected dividend yield(2)	0.0%
Volatility(3)	50.2% ~ 51.8%
Exercise multiple(4)	2.2 ~ 2.8
Life of options(5)	10 years
Fair value of underlying ordinary shares(6)	$976.98 ~ $1,316.40

____________

(1) Risk-free interest rate

Risk-free interest rate was estimated based on the market yield of US Government Bond with maturity close to the expected term of the options, plus country risk spread.

(2) Expected dividend yield

The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.

(3) Volatility

The volatility of the underlying ordinary shares during the lives of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options.

(4) Exercise multiple

Exercise multiple represents the value of the underlying share as a multiple of exercise price of the option which, if achieved, results in exercise of the option.

(5) Life of options

Life of options was extracted from option agreements.

(6) Fair value of underlying ordinary shares

The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a valuation with the assistance of a third party appraiser.

Non-vested share

The non-vested shares activity for the years ended December 31, 2018, December 31, 2019 and December 31, 2020 was as follows:

	Number of non-vested shares		Weighted Average Grant date fair value per share
			(US$)
Outstanding as of January 1, 2018	43,723		$	139.80
Forfeited	(8,923	)	$	102.35
Outstanding as of December 31, 2018	34,800		$	149.40
Transfer to non-vested share units	(14,277	)	$	102.35
Outstanding as of December 31, 2019	20,523		$	182.13
Transfer to non-vested share units	(20,523	)	$	182.13
Outstanding as of December 31, 2020	—		$	—

Non-vested share units

The non-vested shares units will be settled in the form of cash payments. Most of them will be settled at price per unit equal to the fair market value on Initial Vesting Date, and others will be settled at price per unit equal to the lesser of the fair market value on Initial Vesting Date or the value of $1,005.85.

	Number of non-vested share units		Weighted Average Grant date fair value per share
			(US$)
Outstanding as of January 1, 2018	120,007		$	155.55
Forfeited	(5,890	)	$	188.84
Outstanding as of December 31, 2018	114,117		$	153.83
Forfeited	(4,819	)	$	255.99
Transfer from non-vested shares	14,277		$	102.35
Outstanding as of December 31, 2019	123,575		$	143.89
Forfeited	(446	)	$	227.24
Transfer from non-vested shares	20,523		$	182.13
Outstanding as of December 31, 2020	143,652		$	149.10

As of December 31, 2018, 2019 and 2020, the IPO vesting condition was not met and no share-based compensation expenses for share options, non-vested shares or non-vested share units were recorded.

Series B2 Preferred subscribed by employees

On October 30, 2015, the Company issued 79,107 Series B2 Preferred to certain employees of the Company. The Series B2 Preferred were issued for cash consideration of $366.00 per share and all the Series B2 Preferred were fully paid on the date of issuance. See Note 17 for the rights of the Series B2 Preferred. The Series B2 Award shall vest with respect to one-fourth of the total number of the Series B2 Award immediately upon the occurrence of

a qualified IPO or Initial Vesting Date, and on each of the first, second and third anniversaries of the Initial Vesting Date; provided that through each applicable vesting date, the holder of the Series B2 Award remains employed with the Group.

If a holder of the Series B2 Award terminates employment before the vesting of the Series B2 Award, the Company could choose to repurchase the Series B2 Preferred (and any ordinary shares into which such Series B2 Preferred have been converted) for a per share price equal to the lower of the original Series B2 Preferred subscription price or 70% of the fair market value of such Series B2 Preferred. According to the terms in the Amended and Restated Shareholders Agreement, the Company has the rights (the “Call Option”), but not the obligation to do so, however the Company believes that it is likely that the Company would exercise the Call Option if the holder of the Series B2 Award terminates the employment relationship with the Company before the Series B2 Awards are vested. After the Series B2 Awards vested and in any event the potion of the ordinary shares vested are not listed in any stock exchange, the Company is obligated to repurchase the ordinary shares at fair value (the “Repurchase Obligation”).

Due to the Company’s Call Option, the Company has in substance granted to the holder of the Award a stock option (the “Stock Option”) with a maximum value of $366.00. The Series B2 Preferred agreement permits employees to exercise the Stock Option in exchange for cash before the requisite service is provided (e.g., before the award is vested under its original terms); however, such arrangements provide that the Company will subsequently repurchase such shares at the subscription price if the employee leaves the Company before the vesting conditions are satisfied. The proceeds received is recognized as a deposit liability and will be transferred to mezzanine equity when such shares vested. In the year 2017, 10,644 shares of Series B2 Preferred after split were repurchased at fair value of $7,974. As of December 31, 2018, 2019 and 2020, 53,319 shares after split were legally issued and outstanding. The Company recorded a deposit liability of $21,792 at the per share price equal to the original Series B2 Preferred subscription price as of December 31, 2018, 2019 and 2020.

Mainland China Contribution Plan

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Retirement Benefits [Abstract]

MAINLAND CHINA CONTRIBUTION PLAN

16. MAINLAND CHINA CONTRIBUTION PLAN

Full time employees of the Group in the PRC participate in a government-mandated multiemployer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Group to accrue for these benefits based on certain percentages of the employees’ salaries. The total provisions for such employee benefits were $418 and $640 for three months ended June 30, 2020 and 2021, respectively. The total provisions for such employee benefits were $954 and $1,281 for six months ended June 30, 2020 and 2021, respectively.

19. MAINLAND CHINA CONTRIBUTION PLAN

Full time employees of the Group in the PRC participate in a government-mandated multiemployer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Group to accrue for these benefits based on certain percentages of the employees’ salaries. The total provisions for such employee benefits were $4,262, $2,722 and $2,192 for the years ended December 31, 2018, 2019 and 2020, respectively.

Statutory Reserves and Restricted Net Assets

12 Months Ended

Dec. 31, 2020

Disclosure of Statutory Reserves and Restricted Net Assets [Abstract]

STATUTORY RESERVES AND RESTRICTED NET ASSETS

20. STATUTORY RESERVES AND RESTRICTED NET ASSETS

PRC legal restrictions permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, determined in accordance with PRC regulations. Prior to payment of dividends, pursuant to the laws applicable to the PRC Domestic Enterprises and PRC Foreign Investment Enterprises, the PRC subsidiaries must make appropriations from after-tax profit to non-distributable statutory reserve funds as determined by the Board of Directors of the Group. Subject to certain cumulative limits, the general reserve fund requires annual appropriations of not less than 10% of after-tax profit (as determined under accounting principles and financial regulations applicable to PRC enterprises at each year-end); the other two funds are at the Group’s discretion. These reserve funds can only be used for specific purposes and are not distributable as cash dividends. The Group did not make appropriation to these statutory reserve funds for both of the years ended December 31, 2019 and 2020, as no after-tax profit was generated.

As a result of these PRC laws and regulations, the Group’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. The balances of restricted net assets were $156,333 and $156,333 as of December 31, 2019 and 2020, respectively.

Segment Information

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

17. SEGMENT INFORMATION

Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s CODM has been identified as the Chief Executive Officer (“CEO”), who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only and does not distinguish between products for the purpose of making decisions about resources allocation and performance assessment. As such, the Group concluded that it has one operating segment and one reporting segment.

Long-lived assets, classified by major geographic regions are as follows.

	December 31, 2020			June 30, 2021
Geographic regions	Amount	%		Amount	%
PRC	198,921	94	%	191,182	83	%
Asia & Pacific	198,921	94	%	191,182	83	%
Germany	12,747	6	%	21,462	9	%
United Kingdom	120	0	%	99	0	%
Europe	12,867	6	%	21,561	9	%
United States	230	0	%	18,930	8	%
Total	212,018	100	%	231,673	100	%

Revenues, classified by major geographic regions in which the Group’s customers are located are as follows.

	Three months ended June 30,						Six months ended June 30,
	2020			2021			2020			2021
Geographic regions	Amount	%		Amount	%		Amount	%		Amount	%
PRC	8,680	40	%	21,650	65	%	11,610	41	%	32,292	67	%
India	738	3	%	1,998	6	%	1,135	4	%	3,269	7	%
Russia	5,052	23	%	3,267	10	%	5,535	19	%	3,724	8	%
Other countries	332	2	%	2,169	6	%	407	1	%	2,283	5	%
Asia & Pacific	14,802	68	%	29,084	87	%	18,687	65	%	41,568	87	%
United Kingdom	1,212	6	%	3,508	11	%	3,504	12	%	5,212	10	%
Netherlands	4,187	19	%	2	0	%	4,192	15	%	22	0	%
Other countries	1,491	7	%	721	2	%	2,234	8	%	1,324	3	%
Europe	6,890	32	%	4,231	13	%	9,930	35	%	6,558	13	%
Other	6	0	%	57	0	%	30	0	%	184	0	%
Total	21,698	100	%	33,372	100	%	28,647	100	%	48,310	100	%

21. SEGMENT INFORMATION

Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s CODM has been identified as the Chief Executive officer (“CEO”), who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only and does not distinguish between products for the purpose of making decisions about resources allocation and performance assessment. As such, the Group concluded that it has one operating segment and one reporting segment.

Substantially all of the Group’s assets are located in the PRC. Revenues, classified by major geographic regions in which the Group’s customers are located are as follows.

	Year ended December 31,
Geographic regions	2018			2019			2020
Geographic regions	Amount	%		Amount	%		Amount	%
PRC	146,235	84	%	49,346	64	%	66,160	62	%
India	—	0	%	4,988	7	%	8,570	8	%
Russia	10,869	6	%	3,673	5	%	5,671	5	%
Other countries	236	0	%	7,430	10	%	2,254	2	%
Asia & Pacific	157,340	90	%	65,437	86	%	82,655	77	%
United Kingdom	595	0	%	668	1	%	11,544	11	%
Netherlands	1,621	1	%	1,384	2	%	5,326	5	%
Other countries	14,352	9	%	8,627	11	%	7,444	7	%
Europe	16,568	10	%	10,679	14	%	24,314	23	%
Other	327	0	%	318	0	%	549	0	%
Total	174,235	100	%	76,434	100	%	107,518	100	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Related party balances and transactions

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

RELATED PARTY BALANCES AND TRANSACTIONS

18. RELATED PARTY BALANCES AND TRANSACTIONS

Name		Relationship with the Group
Ochem		Controlled by CEO
Ochemate		Controlled by CEO

(1) Related party transaction

	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Raw material sold to Ochem	$	—	$	138	$	—	$	293

(2) Interest-free loans

MPS received certain interest-free loans from related parties Ochemate and Ochem for the three months ended June 30, 2020 and 2021 with accumulative amount at $4,531 and $4,184, respectively. MPS received certain interest-free loans from related parties Ochemate and Ochem for the six months ended June 30, 2020 and 2021 with accumulative amount at $10,456 and $8,426, respectively.

The outstanding balance for the amount due from Ochem was nil as of December 31, 2020 and June 30, 2021, respectively. Also, Ochem and Ochemate provided certain pledges and credit guarantees for the Group to secure bank facilities. Please refer to Note 8.

22. RELATED PARTY BALANCES AND TRANSACTIONS

Name		Relationship with the Group
Ochem		Controlled by CEO
Ochemate		Controlled by CEO

(1) Amount due from related party

	December 31, 2019		December 31, 2020
Amount due from related party:
Ochem(i)	$	1,856	$	—
Total	$	1,856	$	—

____________

(i) The balance represents advance payment for materials purchased from Ochem.

(2) Related parties transactions

	Year Ended December 31,
	2018		2019		2020
Raw material purchased from Ochem	$	30	$	—	$	—
Raw material purchased from Ochemate		2		—		—
Raw material sold to Ochem		—		—		167

(3) Interest-free loans

MPS received certain interest-free loans from related parties Ochemate and Ochem in years 2019 and 2020 with accumulative amount at $15,142 and $18,889, respectively. The outstanding balance was nil as of December 31, 2019 and 2020.

Also, Ochem and Ochemate provided certain pledges and credit guarantees for the Group to secure bank facilities. Please refer to Note 11.

Net Loss Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

NET LOSS PER SHARE

19. NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share for the periods indicated:

	Three months ended June 30,						Six months ended June 30,
	2020			2021			2020			2021
Numerator:
Net loss attributable to ordinary shareholders	$	(19,671	)	$	(39,148	)	$	(42,613	)	$	(67,461	)

Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share		617,880			617,880			617,880			617,880
Basic and diluted net loss per share	$	(31.84	)	$	(63.36	)	$	(68.97	)	$	(109.18	)

For the three and six months ended June 30, 2020 and 2021, the following shares outstanding were excluded from the calculation of diluted net loss per ordinary share, as their inclusion would have been anti-dilutive for the periods prescribed.

	Three months ended June 30,		Six months ended June 30,
	2020	2021	2020	2021
Shares issuable upon exercise of share options	42,815	210,683	42,840	212,019
Shares issuable upon vesting of non-vested shares	—	—	1,015	—
Shares issuable upon conversion of Series B2 Preferred	53,319	53,319	53,319	53,319
Shares issuable upon conversion of Series C1 Preferred	166,950	166,950	166,950	166,950
Shares issuable upon conversion of Series C2 Preferred	126,345	126,345	126,345	126,345
Shares issuable upon conversion of Series D1 Preferred	139,186	139,186	139,186	139,186
Shares issuable upon conversion of Series D2 Preferred	102,512	102,512	102,512	102,512
Shares issuable upon conversion of non-controlling interests of a subsidiary	107,650	107,650	107,650	107,650

23. NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share for the periods indicated:

	Year ended December 31,
	2018			2019			2020
Numerator:
Net loss attributable to ordinary shareholders	$	(100,033	)	$	(115,479	)	$	(80,963	)
Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share		617,880			617,880			617,880
Basic and diluted net loss per share	$	(161.90	)	$	(186.90	)	$	(131.03	)

For the years ended December 31, 2018, 2019 and 2020, the following shares outstanding were excluded from the calculation of diluted net loss per ordinary share, as their inclusion would have been anti-dilutive for the periods prescribed.

	Year ended December 31,
	2018	2019	2020
Shares issuable upon exercise of share options	55,998	50,594	114,065
Shares issuable upon vesting of non-vested shares	39,262	29,401	450
Shares issuable upon conversion of Series A1 Preferred	195,653	16,304	—
Shares issuable upon conversion of Series B1 Preferred	97,642	8,137	—
Shares issuable upon conversion of Series B2 Preferred	53,319	53,319	53,319
Shares issuable upon conversion of Series C1 Preferred	—	153,038	166,950
Shares issuable upon conversion of Series C2 Preferred	—	115,816	126,345
Shares issuable upon conversion of Series EEL/D1 Preferred	139,186	139,186	139,186
Shares issuable upon conversion of Series D2 Preferred	17,085	102,512	102,512
Shares issuable upon conversion of noncontrolling interests of a subsidiary	67,694	107,650	107,650

Commitments and Contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

20. COMMITMENTS AND CONTINGENCIES

Litigation

• Mr. Smith

On September 4, 2017, Matthew Smith, the Company’s former attorney, sent a demand letter to the Company alleging claims for breach of contract (involving stock options) and discrimination. On October 5, 2017, Mr. Smith filed a charge of discrimination with the United States Equal Employment Opportunity Commission alleging the same discrimination claims and also claiming his employment was terminated in retaliation for his prior discrimination complaints. In this action, Mr. Smith seeks the following relief: (1) a declaration that he owns the 2,600 ordinary shares and (2) various damages and other equitable remedies over $1,000. The Company denied all allegations and wrongful conduct.

On February 5, 2018, Mr. Smith filed suit against the Company asserting causes of action for breach of contract against the Company and assert his alleged discrimination and retaliation claims. On April 5, 2021, the Court issued a new Order of trial setting which set the trial for the two-week period beginning September 13, 2021. The parties are in discussions with plaintiff’s counsel regarding rescheduling the trial to a date before September 13 so that the case can be tried in the relatively near future.

Based on the information available, the Company anticipated the losses are not probable and cannot be estimated and therefore, no accrual for contingency loss was recorded in the consolidated financial statements for the three and six months ended June 30, 2020 and 2021.

Capital commitments

Capital commitments for construction of property and purchase of property, plant and equipment were $9,141 as of June 30, 2021, which is mainly for the construction of the lithium battery production line.

Lease commitments

Future minimum payments under lease commitments as of June 30, 2021 were as follows:

	2021
Six months period ending December 31, 2021	$	2,293
2022		3,637
2023		3,135
2024		2,361
2025		1,944
2026		1,944
Thereafter		17,596
	$	32,910

24. COMMITMENTS AND CONTINGENCIES

Litigation

• Mr. Jeff Q. Xu

On August 19, 2015, Mr. Jeff Q. Xu, the Company’s former vice president of technology, filed a lawsuit against the Company and Mr. Yang Wu, the Company’s Chairman and Chief executive officer. The lawsuit seeks to claim Mr. Xu’s ownership of 15,400 shares of the Company’s ordinary stock. Those shares were the subject of a promissory note (the “Promissory Note”). On August 17, 2018, the court granted the Company’s Motion for Continuance of the September 4 trial date since the First Court of Appeals had not ruled on the pending Petition

for Writ of Mandamus challenging the trail court’s denial of the Company’s Motion to Compel Documents from Mr. Xu’s counsel. On August 30, 2018, the First Court of Appeals issued its opinion denying the Company’s Petition for Writ of Mandamus. As of December 31, 2019, the Company anticipated the losses were not probable and cannot be estimated based on information available and therefore, no accrual for contingency loss was recorded in the consolidated financial statements for the year ended December 31, 2019.

The case was settled on December 2, 2020 at total settlement amount of $1,980 with $500 paid by the insurance company and $1,480 paid by the Company in December 2020. Accordingly, the Company recorded $1,480 general and administrative expenses for the year ended December 31, 2020.

• Mr. Smith

On February 5, 2018, Mr. Smith filed suit against the Company asserting causes of action for breach of contract against the Company and assert his alleged discrimination and retaliation claims.

The Court issued a Docket Control Order on June 8, 2020, which provides that discovery will continue through October 24, 2020. The matter is set for trial on the court’s docket for November 30, 2020, but due to the conflict between the trial date in the Xu matter described above, the parties are in the process of filing an unopposed motion for continuance seeking a new trial date in April 2021.

Capital commitments

Capital commitments for construction of property and purchase of property, plant and equipment were $30,706 as of December 31, 2020, which is mainly for the construction of the lithium battery production line.

Lease commitments

Future minimum payments under lease commitments as of December 31, 2020 were as follows:

	December 31, 2020
2021	$	3,539
2022		3,376
2023		3,001
2024		2,426
2025		2,025
Thereafter		19,675
	$	34,042

Subsequent Events

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

21. SUBSEQUENT EVENTS

The Group has evaluated events subsequent to the balance sheet date of June 30, 2021 through August 20, 2021, the date on which the financial information is available to be issued.

Merger Transactions

On July 23, 2021, the merger transaction between Microvast and Tuscan Holdings Corp. (“Tuscan”) was completed, resulting in the combined company being renamed “Microvast Holdings, Inc.”, with its common stock and warrants to commence trading on the NASDAQ on July 26, 2021. The net proceeds from the merger transaction include $708.4 million cash received by the combined company upon closing and the proceeds from $57.5 million promissory convertible notes issued in January and February 2021. Upon the completion of the merger transaction, the stockholders of Microvast, including the ordinary shareholders, preferred shareholders, certain bond holders and noncontrolling interest holders, received their pro rata portion of an aggregate of 210,000,000 shares of common stock of the combined company at an exchange ratio of 160.3, representing 69.9% ownership interest of the combined company. The board of directors of the combined company consists of seven members, including four members nominated by the CEO of Microvast, one member nominated by Ashmore, one member nominated by the ultimate parent company of EEL and one member nominated by Tuscan. As such, the merger transaction will be accounted for as a reverse recapitalization with Microvast being identified as the accounting acquirer, because the stockholders of Microvast obtained control of the combined company.

25. SUBSEQUENT EVENTS

The Group has evaluated events subsequent to the balance sheet date of December 31, 2020 through June 3, 2021, the date on which the financial statements are available to be issued.

Issuance of Convertible Promissory Notes

On January 4, 2021, the Company entered into a note agreement to issue $57,500 convertible promissory notes to certain investors, fully due and payable on the third anniversary of the initial closing date. The notes bear no interest, provided, however, if a liquidity event has not occurred prior to March 31, 2022, an interest rate of 6% shall be applied retrospectively from the date of initial closing. The conversion of the promissory notes are contingent upon the occurrence of a Private Investment in Public Equity (“PIPE”) financing, a liquidity event or a new financing after March 31, 2022 and before the maturity date. The first tranche and second tranche of the convertible promissory notes were issued in January 2021 and February 2021 at amount of $25,000 and $32,500, respectively. As the Company entered into the SPAC Transaction in February 2021, the principal balance and all accrued and unpaid interest under the notes, if any, will automatically be converted at the closing of the SPAC Transaction into a number of shares of common stock of Holdings.

Acquisition of Building

In January 2021, the Group acquired a manufacturing facility in Tennessee, United States, at the cost of $18.3 million to build production lines.

Merger Transaction

On February 1, 2021, Microvast, Holdings, and Merger Sub, entered in to the Merger Agreement for the proposed SPAC Transaction. Pursuant to the Merger Agreement, Merger Sub will merge with and into Microvast, with Microvast surviving the Merger as a wholly-owned subsidiary of Holdings; and upon consummation of the Merger, all of the issued and outstanding capital stock of Microvast as of immediately prior to the Merger will be cancelled in exchange for the right to receive shares of common stock of Holdings such that, following the consummation of the Merger, all of the stockholders of Microvast immediately prior to the Merger will become stockholders of Holdings.

Bank Loans

In the second quarter of 2021, the Group entered into several short-term loans with certain banks in the PRC. The interest rates of the loans range from 5% to 6%. The proceeds from the bank loans with aggregate amount of $9,921 were received by the Group as of the date of this report.

Reclassification of the Consolidated Statements of Operations

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Reclassification of the Consolidated Statements of Operations

26. RECLASSIFICATION OF THE CONSOLIDATED STATEMENTS OF OPERATIONS

Subsequent to the issuance of the Group’s 2018, 2019 and 2020 consolidated financial statements, the Group identified a classification error in its consolidated statements of operations. The Group determined that $13,622, $4,233 and $1,343, respectively, of inventory impairment for the year ended December 31, 2018, 2019 and 2020 that should have been recorded under cost of revenues, was improperly included in general and administrative expenses. As a result, the general and administrative expenses and cost of revenue in the previously reported consolidated statements of operations were corrected in the accompanying consolidated statements of operations for the three years ended December 31, 2020. The adjustment represents a classification misstatement in the Group’s consolidated statements of operations and has no impact on the Group’s net losses and financial position for the three years ended December 31, 2020.

The following table summarizes the effects of the correction on the consolidated statements of operations for the three years ended December 31, 2020:

	Year Ended December 31, 2018
	As previously reported			Adjustment			As corrected
Cost of revenues	$	(139,764	)	$	(13,622	)	$	(153,386	)
Gross profit		34,471			(13,622	)		20,849
General and administrative expenses		(47,851	)		13,622			(34,229	)
Total operating expenses		(93,697	)		13,622			(80,075	)

	Year Ended December 31, 2019
	As previously reported			Adjustment			As corrected
Cost of revenues	$	(72,432	)	$	(4,233	)	$	(76,665	)
Gross profit/(loss)		4,002			(4,233	)		(231	)
General and administrative expenses		(19,399	)		4,233			(15,166	)
Total operating expenses		(61,106	)		4,233			(56,873	)

	Year Ended December 31, 2020
	As previously reported			Adjustment			As corrected
Cost of revenues	$	(89,035	)	$	(1,343	)	$	(90,378	)
Gross profit		18,483			(1,343	)		17,140
General and administrative expenses		(20,192	)		1,343			(18,849	)
Total operating expenses		(50,590	)		1,343			(49,247	)

Schedule I Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2020

Parent Company [Member]

Schedule I Condensed Financial Information of Parent Company [Line Items]

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

	December 31, 2019			December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	5,378		$	1,600
Prepaid expenses and other current assets		9			126
Amount due from subsidiaries		3,081			3,081
Total Current Assets		8,468			4,807
Property, plant and equipment, net		1			3
Other non-current assets		—			377
Investments in subsidiaries		—			6,122
Total Assets	$	8,469		$	11,309

Liabilities
Current liabilities:
Accrued expenses and other current liabilities	$	2		$	—
Income tax payables		557			557
Amount due to subsidiaries		12			64,432
Total Current Liabilities		571			64,989
Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”)		21,792			21,792
Deficits of investments in subsidiaries		28,648			—
Total Liabilities	$	51,011		$	86,781

Mezzanine Equity
Series C1 convertible redeemable preferred shares (“Series C1 Preferred”) (US$0.01 par value; 166,950 shares authorized, issued and outstanding as of December 31, 2019 and 2020)		76,684			80,581
Series C2 convertible redeemable preferred shares (“Series C2 Preferred”) (US$0.01 par value; 126,345 shares authorized, issued and outstanding as of December 31, 2019 and 2020)		73,100			81,966
Series D1 convertible redeemable preferred shares (“Series D1 Preferred”) (US$0.01 par value; 139,186 shares authorized, issued and outstanding as of December 31, 2019 and 2020)		127,935			146,583
Total Mezzanine Equity	$	277,719		$	309,130

Shareholders’ Deficit
Ordinary shares (par value of US$0.01 per share, 1,500,000 shares authorized as of December 31, 2019 and 2020; 617,880 shares issued and outstanding as of December 31, 2019 and 2020)	$	6		$	6
Additional paid-in capital		3,727			—
Accumulated deficit		(314,728	)		(391,964	)
Accumulated other comprehensive deficit		(9,266	)		7,356
Total Shareholders’ Deficit		(320,261	)		(384,602	)
Total Liabilities, Mezzanine Equity and Shareholders’ Deficit	$	8,469		$	11,309

	Year ended December 31,
	2018			2019			2020
Revenues from subsidiaries	$	371		$	289		$	199
Gross profit		371			289			199

Operating expenses:
General and administrative expenses		(3,909	)		(2,360	)		(3,340	)
Total operating expenses		(3,909	)		(2,360	)		(3,340	)
Subsidy income		—			—			224
Loss from operations		(3,538	)		(2,071	)		(2,917	)

Other income and expenses:
Interest income		25			134			38
Loss before provision for income taxes		(3,513	)		(1,937	)		(2,879	)
Income tax expense		(3,309	)		—			—
Loss from investment in subsidiaries and variable interest entities		(48,070	)		(55,603	)		(30,746	)
Net loss attributable to Microvast, Inc.	$	(54,892	)	$	(57,540	)	$	(33,625	)

	Year ended December 31,
	2018			2019			2020
Net loss	$	(54,892	)	$	(57,540	)	$	(33,625	)

Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment		(30,088	)		(3,965	)		16,622
Total comprehensive loss	$	(84,980	)	$	(61,505	)	$	(17,003	)

	Year ended December 31,
	2018			2019			2020
Net cash used in operating activities	$	(5,416	)	$	(6,736	)	$	(3,398	)
Net cash used in investing activities		—			—			(380	)

Cash flows from financing activities Repurchase shares from former shareholders		(3,728	)		—			—
Net cash used in financing activities		(3,728	)		—			—
Decrease in cash, cash equivalents and restricted cash		(9,144	)		(6,736	)		(3,778	)
Cash, cash equivalents and restricted cash at beginning of the year		21,258			12,114			5,378
Cash, cash equivalents and restricted cash at end of the year	$	12,114		$	5,378		$	1,600

Basis for Preparation	12 Months Ended
Basis for Preparation	Dec. 31, 2020
Parent Company [Member]
Basis for Preparation [Line Items]
BASIS FOR PREPARATION	1. BASIS FOR PREPARATION The condensed financial information of the Company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Company has used the equity method to account for investments in its subsidiaries.

Investments in Subsidiaries	12 Months Ended
Investments in Subsidiaries	Dec. 31, 2020
Parent Company [Member]
Investments in Subsidiaries [Line Items]
INVESTMENTS IN SUBSIDIARIES	2. INVESTMENTS IN SUBSIDIARIES The Company and its subsidiaries were included in the consolidated financial statements where the inter-company transactions and balances were eliminated upon consolidation. For the purpose of the Company’s stand-alone financial statements, its investments in subsidiaries were reported using the equity method of accounting. The Company’s share of income from its subsidiaries were reported as equity in earnings of subsidiaries in the accompanying parent company financial statements.

Fair Value Measurement

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

11. FAIR VALUE MEASUREMENT

Measured or disclosed at fair value on a recurring basis

The Group measured its financial assets and liabilities, including cash and cash equivalents, restricted cash and convertible notes at fair value on a recurring basis as of December 31, 2020 and June 30, 2021. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The Group determines the fair value of convertible notes, with the assistance of an independent third-party appraiser, based on Level 3 inputs. To determine the fair value of the convertible notes, the Group used probability expected return method.

The key assumptions used in valuation of convertible notes as of June 30, 2021 are summarized in the table below:

Probability for Conversion		90%
Probability for Redemption		10%
Remaining life		0.1 – 2.5 years

As of December 31, 2020 and June 30, 2021, information about inputs for the fair value measurements of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follow:

	Fair Value Measurement as of December 31, 2020
	Quoted Prices in Active Market for Identical Assets		Significant Other Observable Inputs	Significant Unobservable Inputs	Total
	(Level 1)		(Level 2)	(Level 3)
Cash and cash equivalents	$	21,496	—	—	$	21,496
Restricted cash		19,700	—	—		19,700
Total	$	41,196	—	—	$	41,196

	Fair Value Measurement as of June 30, 2021
	Quoted Prices in Active Market for Identical Assets		Significant Other Observable Inputs	Significant Unobservable Inputs	Total
	(Level 1)		(Level 2)	(Level 3)
Cash and cash equivalents	$	13,367	—	—	$	13,367
Restricted cash		20,460	—	—		20,460
Convertible notes		—	—	64,343		64,343
Total	$	33,827	—	64,343	$	98,170

The following is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2021:

	Convertible notes
Balance as of January 1, 2021	$	—
Issuance of convertible notes		57,500
Changes in fair value of convertible notes		3,600
Balance as of March 31, 2021	$	61,100
Changes in fair value of convertible notes		3,243
Balance as of June 30, 2021	$	64,343

Measured or disclosed at fair value on a nonrecurring basis

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accounting Policies, by Policy (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of presentation and use of estimates

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”).

Basis of consolidation

Consolidation of Variable Interest Entity

Noncontrolling interests and redeemable noncontrolling interests

Use of estimates

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have maturities of three months or less.

Restricted cash

Accounts receivable

Notes receivable and payable

Short-term investments

Inventories, net

Prepaid expenses and other current assets

Prepaid expenses and other current assets primarily consist of advances to suppliers, deposits and value-added tax receivables.

Property, plant and equipment, net

Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:

Buildings		20 years
Machineries and equipment		10 years
Fixtures and electronic equipment		4 – 5 years
Motor vehicles		5 years
Leasehold improvements		Shorter of the lease term or estimated useful lives

Land use rights, net

Acquired intangible assets, net

Acquired intangible assets with definite lives are amortized on a straight-line basis over their expected useful economic lives.

Impairment of long-lived assets

Fair value of financial instrument

Fair value

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Measured fair value on a recurring basis

The Group measured its financial assets and liabilities at fair value on a recurring basis as of December 31, 2019 and 2020.

Measured fair value on a nonrecurring basis

Revenue recognition

Nature of Goods and Services

Disaggregation of revenue

Contract balances

Revenue recognition

Nature of Goods and Services

Disaggregation of revenue

Sales Incentive

Contract balances

Contract balances include accounts receivable and advance from customers. Accounts receivable represent cash not received from customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheet, represents payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period. During the year ended December 31, 2019 and 2020, the Group recognized $556 and $582 of revenue previously included in advance from customers as of January 1, 2019 and 2020, respectively, which consist of payments received in advance related to its sales of lithium batteries.

Value added taxes

Cost of revenues

Product Warranty

Research and development expenses

Subsidy income

Government subsidies represent government grants received from local government authorities.

Income taxes

Share-based payment

Comprehensive loss

Comprehensive loss includes net loss and foreign currency translation adjustments. Comprehensive loss is reported in the Consolidated Statements of Comprehensive Loss.

Net loss per share

Foreign currencies

Exchange differences on the monetary items are recognized in the consolidated statements of operations in the period in which they arise.

Foreign currency risk

Concentration of credit risk

The following table summarizes net revenues from customers that accounted for 10% or more of the Group’s net revenues for 2018, 2019 and 2020:

	December 31, 2018		December 31, 2019		December 31, 2020
Percentage of revenue contributed by Customer A	16	%	11	%	—
	16	%	11	%	—

The following table summarizes accounts receivable from customers that accounted for 10% or more of the Group’s accounts receivable:

	December 31, 2019	December 31, 2020
Percentage of accounts receivable from Customer B	—	10	%
	—	10	%

Supplier Concentration

Newly adopted accounting pronouncements

Recent accounting pronouncements not yet adopted

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of company subsidiaries

Subsidiaries	Place of incorporation	Date of incorporation or acquisition	Percentage of ownership
Microvast Power Solutions, Inc (“MP Solutions”)	Texas, USA	July 2013	100%
Microvast Power Systems Co., Ltd. (“MPS”)	Huzhou, PRC	December 2006	91.97%
Microvast Power Systems UK Limited (“MP UK”)	Cardiff, United Kingdom (“UK”)	September 2014	100% owned by MPS
Microvast GmbH (“MV GmbH”)	Germany	May 2016	100%
Huzhou Microvast Electric Vehicle Sales Service, Ltd. (“MV E-Vehicle”)	Huzhou, PRC	July 2017	100% owned by MPS
Huzhou Hong Yang Taxi Co., Ltd. (“MV Taxi”)	Huzhou, PRC	October 2017	100% owned by MPS
Microvast APAC PTE. LTD. (“MV Singapore”)	Singapore	May 2017	100% owned by MPS
Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”)	Huzhou, PRC	December 2016	100% owned by MPS

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of property, plant and equipment are carried at cost less accumulated depreciation

Buildings		20 years
Machineries and equipment		10 years
Fixtures and electronic equipment		4 – 5 years
Motor vehicles		5 years
Leasehold improvements		Shorter of the lease term or estimated useful lives

Schedule of net revenues from customers

	December 31, 2018		December 31, 2019		December 31, 2020
Percentage of revenue contributed by Customer A	16	%	11	%	—
	16	%	11	%	—

Schedule of accounts receivable from customers

	December 31, 2019	December 31, 2020
Percentage of accounts receivable from Customer B	—	10	%
	—	10	%

Accounts Receivable (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Receivables [Abstract]

Schedule of accounts receivable

	December 31, 2020			June 30, 2021
Accounts receivable	$	81,345		$	69,996
Allowance for doubtful accounts		(5,047	)		(4,743	)
Accounts receivable, net	$	76,298		$	65,253

	December 31, 2019			December 31, 2020
Accounts receivable	$	73,178		$	81,345
Allowance for doubtful accounts		(5,537	)		(5,047	)
Accounts receivable, net	$	67,641		$	76,298

Schedule of allowance for doubtful accounts

	Three months ended June 30,					Six months ended June 30,
	2020		2021			2020			2021
Balance at beginning of the period	$	4,524	$	4,416		$	5,537		$	5,047
Charge to expenses		—		318			(863	)		(196	)
Write off		—		(28	)		—			(131	)
Exchange difference		10		37			(140	)		23
Balance at end of the period	$	4,534	$	4,743		$	4,534		$	4,743

	December 31, 2019			December 31, 2020
Balance at beginning of year	$	10,111		$	5,537
Charge to expenses		(4,250	)		(240	)
Write off		(233	)		(493	)
Exchange difference		(91	)		243
Balance at end of year	$	5,537		$	5,047

Inventories, Net (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of components of inventories

	December 31, 2020		June 30, 2021
Work in process	$	22,167	$	21,090
Raw materials		17,451		20,223
Finished goods		5,350		14,087
Total	$	44,968	$	55,400

	December 31, 2019		December 31, 2020
Work in process	$	27,854	$	22,167
Raw materials		17,201		17,451
Finished goods		12,249		5,350
Total	$	57,304	$	44,968

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Prepaid Expenses And Other Current Assets [Abstract]

Schedule of receivables represented the amount available for future deduction against VAT payable

	December 31, 2020		June 30, 2021
Advances to suppliers	$	2,117	$	4,857
Other receivables		688		1,242
VAT receivables		2,471		1,342
Deposits		746		751
Total	$	6,022	$	8,192

	December 31, 2019		December 31, 2020
VAT receivables	$	1,748	$	2,471
Advances to suppliers		1,038		2,117
Other receivables		627		688
Deposits		535		746
Total	$	3,948	$	6,022

Property, Plant And Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property plant and equipment, net

	December 31, 2019			December 31, 2020
Machineries and equipment	$	73,535		$	123,889
Buildings		37,479			39,988
Leasehold improvements		22,571			26,627
Fixtures and electronic equipment		7,459			9,086
Motor vehicles		4,641			8,073
Total		145,685			207,663
Less: accumulated depreciation		(46,243	)		(67,043	)
Construction in progress		91,881			57,397
Property, plant and equipment, net	$	191,323		$	198,017

Land Use Rights, Net (Tables)

12 Months Ended

Dec. 31, 2020

Land Use Rights Net [Abstract]

Schedule of land use rights

	December 31, 2019			December 31, 2020
Cost of land use rights	$	15,002		$	16,007
Less: accumulated amortization		(1,580	)		(2,006	)
Land use rights, net	$	13,422		$	14,001

Acquired Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible assets

	December 31, 2019			December 31, 2020
Cost of acquired intangible assets	$	3,968		$	4,051
Less: accumulated amortization		(1,311	)		(1,772	)
Acquired intangible assets, net	$	2,657		$	2,279

Schedule of annual amortization expense

2021	$	394
2022		233
2023		233
2024		233
2025		233
Thereafter		953
Total	$	2,279

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Disclosure Text Block Supplement [Abstract]

Schedule of accrued expenses and other current liabilities

	December 31, 2020		June 30, 2021
Payables to exiting investors	$	30,000	$	—
Payables for purchase of property, plant and equipment		15,122		14,103
Product warranty		4,296		10,299
Other current liabilities		3,959		4,148
Accrued payroll and welfare		2,704		2,789
Interest payable		1,379		2,239
Accrued expenses		1,696		1,713
Other tax payable		1,472		306
Total	$	60,628	$	35,597

	December 31, 2019		December 31, 2020
Payable to exiting Investors	$	—	$	30,000
Payables for purchase of property, plant and equipment		23,515		15,122
Product warranty		3,723		4,296
Accrued payroll and welfare		2,577		2,704
Accrued expenses		2,103		1,696
Deferred subsidy income-current		127		215
Deposits received from the contractors		275		102
Other tax payable		494		1,472
Other current liabilities		2,181		5,021
Total	$	34,995	$	60,628

Product Warranty (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Product Warranties Disclosures [Abstract]

Schedule of movement of product warranty

	Three months ended June 30,						Six months ended June 30,
	2020			2021			2020			2021
Balance at beginning of the period	$	17,299		$	19,105		$	18,416		$	19,356
Provided during the period		842			8,148			951			9,057
Utilized during the period		(783	)		(1,710	)		(2,009	)		(2,870	)
Balance at end of the period	$	17,358		$	25,543		$	17,358		$	25,543

	December 31, 2019			December 31, 2020
Balance at beginning of the year	$	16,565		$	18,416
Provided during the year		3,501			3,477
Utilized during the year		(1,650	)		(2,537	)
Balance at end of the year	$	18,416		$	19,356
Product warranty – current	$	3,723		$	4,296
Product warranty – non-current		14,693			15,060

Schedule of warranty cost

	December 31, 2020		June 30, 2021
Product warranty – current	$	4,296	$	10,299
Product warranty – non-current		15,060		15,244
Total	$	19,356	$	25,543

Bank Borrowings (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Bank Borrowings [Abstract]

Schedule of various loan agreements

	Three months ended June 30,					Six months ended June 30,
	2020		2021			2020			2021
Beginning balance	$	5,649	$	13,156		$	11,922		$	12,184
Proceeds from bank borrowings		3,714		13,158			9,473			26,603
Repayments of principal		—		—			(11,894	)		(12,265	)
Exchange difference		22		(144	)		(89	)		(64	)
Ending balance	$	9,412	$	26,458		$	9,412		$	26,458

	December 31, 2020		June 30, 2021
Current	$	12,184	$	16,572
Non-current		—		9,886
Total	$	12,184	$	26,458

	December 31, 2019			December 31, 2020
Beginning balance as of January 1	$	66,267		$	11,922
Proceeds from bank borrowings		17,735			17,308
Repayments of principal during the year		(71,674	)		(17,815	)
Exchange difference		(406	)		769
Ending balance as of December 31	$	11,922		$	12,184

Including:
Current	$	11,922		$	12,184
Total	$	11,922		$	12,184

Schedule of banking facilities and aggregate carrying amount

	December 31, 2020		June 30, 2021
Buildings	$	22,732	$	31,877
Machinery and equipment		19,297		17,835
Land use rights		2,789		4,466
Total	$	44,818	$	54,178

	December 31, 2019		December 31, 2020
Buildings	$	22,414	$	22,732
Machinery and equipment		20,936		19,297
Land use rights		2,672		2,789
Total	$	46,022	$	44,818

Other Non-Current Liabilities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Other Non-Current Liabilities [Abstract]

Schedule of other non-current liabilities

	December 31, 2020		June 30, 2021
Payable to exiting investors	$	94,316	$	97,979
Product warranty – non-current		15,060		15,244
Deferred subsidy income- non-current		1,221		1,139
Total	$	110,597	$	114,362

	December 31, 2019		December 31, 2020
Deferred subsidy income – non-current	$	1,389	$	1,221
Payable to exiting Investors		114,870		94,316
Product warranty		14,693		15,060
Total	$	130,952	$	110,597

Bonds Payable (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Bonds Payable [Abstract]

Schedule of bonds payable

	December 31, 2020		June 30, 2021
Bonds payable
Third-party investors	$	29,915	$	29,915
Total	$	29,915	$	29,915

Long-term bonds payable
Huzhou Saiyuan	$	73,147	$	73,147
PIPE investors		—		64,343
Total	$	73,147	$	137,490

	December 31, 2019		December 31, 2020
Bonds payable
Huzhou Saiyuan Equity Investment Partnership Firm (Limited Partnership) (“Huzhou Saiyuan”)	$	43,888	$	—
Third-party investors		29,915		29,915
Total	$	73,803	$	29,915

Long-term bonds payable
Huzhou Saiyuan	$	29,259	$	73,147
Total	$	29,259	$	73,147

Schedule of repayments and interests

Issuance Date	Subscribed Amount	Maturity Date	Repayment Amount	Annual Interest Rate
February 1, 2019	$29,259 (RMB200 million)	June 30, 2023	$29,259 (RMB200 million)	3%~4%
December 31, 2018	$29,259 (RMB200 million)	April 28, 2024	$14,629 (RMB100 million)	0%~4%
		July 11, 2024	$7,315 (RMB50 million)	0%~4%
		October 1, 2024	$7,315 (RMB50 million)	0%~4%
January 1, 2020	$14,629 (RMB100 million)	April 13, 2026	$14,629 (RMB100 million)	3%~4%

Issuance Date	Subscribed Amount		Maturity Date	Repayment Amount		Annual Interest Rate
February 1, 2019	$	29,259 (RMB200 million)	June 30, 2023	$	29,259 (RMB200 million)	3% ~ 4%

December 31, 2018	$	29,259 (RMB200 million)	April 28, 2024	$	14,629 (RMB100 million)	0% ~ 4%
			July 11, 2024	$	7,315 (RMB50 million)	0% ~ 4%
			October 1, 2024	$	7,315 (RMB50 million)	0% ~ 4%

January 1, 2020	$	14,629 (RMB100 million)	April 13, 2026	$	14,629 (RMB100 million)	3% ~ 4%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of loss before provision for income taxes

	Year Ended December 31,
	2018			2019			2020
Domestic	$	(4,965	)	$	(3,030	)	$	(3,584	)
Foreign		(49,301	)		(56,444	)		(30,040	)
Loss before income tax	$	(54,266	)	$	(59,474	)	$	(33,624	)

Schedule of current and deferred components of the income tax expense

	Year Ended December 31,
	2018		2019		2020
Current tax expenses:
Domestic	$	453	$	—	$	—
Foreign		85		189		1
Total current tax expense		538		189		1
Deferred tax expense:
Domestic		2,856		—		—
Foreign		3,031		—		—
Total deferred tax expense		5,887		—		—
Total provision for income taxes	$	6,425	$	189	$	1

Schedule of deferred tax assets

	December 31, 2019			December 31, 2020
Deferred tax assets:
Net operating loss carry-forwards	$	22,521		$	28,484
Allowance for doubtful accounts and inventory provision		3,323			3,443
Product warranty		2,762			2,903
Impairment of property, plant and equipment		673			821
Deferred income		227			216
Accrued expense		736			805
Others		615			615
Less: valuation allowance		(30,857	)		(37,287	)
Net deferred tax assets	$	—		$	—

Schedule of valuation allowance

	Year Ended December 31,
	2018			2019			2020
Balance at beginning of the period	$	1,822		$	19,503		$	30,857
Additions		18,102			11,649			7,402
Reversal		(421	)		(295	)		(972	)
Balance at end of the period	$	19,503		$	30,857		$	37,287

Schedule of reconciliation between the income tax expense

	Year Ended December 31,
	2018			2019			2020
Loss before income tax	$	(54,266	)	$	(59,474	)	$	(33,624	)
Tax credit at the U.S. federal corporate income tax rate of 21%		(11,396	)		(12,490	)		(7,061	)
Tax effect of permanent differences		(4,033	)		(2,961	)		(2,152	)
Tax effect of income tax rate difference in other jurisdictions		3,417			4,076			2,511
Changes in valuation allowance		17,943			11,669			6,702
Others		494			(105	)		1
Income tax expense	$	6,425		$	189		$	1

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Schedule of noncontrolling shareholders in MPS

		November 2, 2018
Expected liquidation date		December 31, 2021
Length of Holding Period Restriction in years		3.16
Volatility per year		48%
Dividend Yield expressed as % of stock price		0.00

Schedule of noncontrolling interests of Hongwei

	Amounts USD
Balances as of December 31, 2017	$	60,571
Transferred from liabilities(i)		18,841
Accrual for performance guarantee compensation		1,168
Net loss attributable to noncontrolling interests shareholders		(1,016	)
Foreign currency translation adjustment attributed to noncontrolling interest shareholders		1,874
Reclassification to redeemable noncontrolling interests(ii)		(81,438	)
Balances as of December 31, 2018	$	—

(i) The transfer is due to one of the exiting Investors subsequently in February 2018 decided to redeem only half of his holding.

Schedule of noncontrolling interests of Hongwei

	Amounts USD
Balances as of December 31, 2017	$	(1,066	)
Net loss attributable to noncontrolling interests shareholders		(4,783	)
Foreign currency translation adjustment attributed to noncontrolling interest shareholders		185
Balances as of December 31, 2018	$	(5,664	)
Net loss attributable to noncontrolling interests shareholders		(2,123	)
Foreign currency translation adjustment attributed to noncontrolling interest shareholders		16
Acquisition of noncontrolling interests		7,771
Balances as of December 31, 2019	$	—

Preferred Shares (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Preferred Shares [Abstract]

Schedule of preferred shares issued and outstanding

Preferred Shares	Number of Shares	Shareholders
Series C1 Preferred	166,950	Ashmore Global Special Situations Fund 4 Limited Partnership and Ashmore Global Special Situations Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”)
Series C2 Preferred	126,345	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series D1 Preferred	139,186	Evergreen Ever Limited (“EEL”)
Total	432,481

Preferred Shares Category	Number of Shares as of January 1, 2018	Shareholders
Series A1 Preferred	195,653	Ashmore Global Special Situations Fund 4 and Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”)
Series B1 Preferred	97,642	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series EEL Preferred	139,186	Evergreen Ever Limited (“EEL”)
Total	432,481

Schedule of balance of Series Preferred and redeemable noncontrolling interests

	Series C1 Preferred		Series C2 Preferred		Series D1 Preferred		Redeemable noncontrolling interests
Balance as of January 1, 2020	$	76,684	$	73,100	$	127,935	$	80,561
Accretion		974		2,217		4,662		2,552
Ending balance as of March 31, 2020	$	77,658	$	75,317	$	132,597	$	83,113
Accretion		974		2,217		4,662		2,552
Ending balance as of June 30, 2020	$	78,632	$	77,534	$	137,259	$	85,665

Balance as of January 1, 2021	$	80,581	$	81,966	$	146,583	$	90,820
Accretion		1,003		2,281		4,759		2,577
Ending balance as of March 31, 2021	$	81,584	$	84,247	$	151,342	$	93,397
Accretion		1,003		2,281		4,759		2,606
Ending balance as of June 30, 2021	$	82,587	$	86,528	$	156,101	$	96,003

	Series A1/C1 Preferred			Series B1/C2 Preferred			Series EEL/D1 Preferred			Redeemable noncontrolling interests
Balance as of January 1, 2018	$	66,839		$	57,490		$	140,000		$	—
Reclassification from noncontrolling interests		—			—			—			81,438
Accretion before the fair value change		—			—			—			2,505
Fair value change of redeemable noncontrolling interests due to extinguishment		—			—			—			(5,828	)
Accretion after the fair value change		10,025			8,391			13,223			1,500
Ending balance as of December 31, 2018	$	76,864		$	65,881		$	153,223		$	79,615
Accretion before the extinguishment		961			804			15,439			796
Conversion from Series A1 to C2 Preferred		(11,417	)		11,417			—			—
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment		7,135			(12,146	)		(56,127	)		(8,299	)
Accretion after the extinguishment		3,141			7,144			15,400			8,449
Ending balance as of December 31, 2019	$	76,684		$	73,100		$	127,935		$	80,561
Accretion		3,897			8,866			18,648			10,259
Ending balance as of December 31, 2020	$	80,581		$	81,966		$	146,583		$	90,820

Share-based payment (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock option activity plan

Share options	Number of shares		Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual life
			(US$)		(US$)
Outstanding as of January 1, 2020	47,277		$	881.97	$	343.83	7.1
Forfeited	(4,462	)		366.00		285.11
Outstanding as of March 31, 2020	42,815		$	935.74	$	349.95	7.0
Outstanding as of June 30, 2020	42,815		$	935.74	$	349.95	6.8
Expected to vest and exercisable as of June 30, 2020	42,815		$	935.74	$	349.95	6.8

Outstanding as of January 1, 2021	216,706			991.99		468.60	9.0
Forfeited	(5,700	)		1005.85		475.71
Outstanding as of March 31, 2021	211,006		$	991.62	$	468.41	8.7
Forfeited	(800	)		1005.85		475.71
Outstanding as of June 30, 2021	210,206		$	991.57	$	468.38	8.5
Expected to vest and exercisable as of June 30, 2021	210,206		$	991.57	$	468.38	8.5

Share options	Number of shares		Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual life
			(US$)		(US$)
Outstanding as of January 1, 2018	56,362		$	892.24	$	350.52	9.1
Granted	1,000			1,005.85	$	225.30
Forfeited	(2,400	)		1,005.85	$	387.63
Outstanding as of December 31, 2018	54,962		$	889.35	$	346.63	8.1
Forfeited	(7,685	)		934.82	$	363.82
Outstanding as of December 31, 2019	47,277		$	881.97	$	343.83	7.1
Granted	176,890			1,005.85	$	495.95
Forfeited	(7,461	)		623.31	$	326.36
Outstanding as of December 31, 2020	216,706			991.99		468.60	9.0
Expected to vest and exercisable as of December 31, 2020	216,706		$	991.99	$	468.60	9.0

Schedule of weighted average assumptions applied to options

Grant date	For the years ended December 31, 2018
Risk-free interest rate(1)	3.55	%
Expected dividend yield(2)	0.0	%
Volatility(3)	51.7	%
Exercise multiple(4)	2.2
Life of options(5)	10 years
Fair value of underlying ordinary shares(6)	$515.40
Grant date	For the years ended December 31, 2020
Risk-free interest rate(1)	1.54% ~ 1.61%
Expected dividend yield(2)	0.0%
Volatility(3)	50.2% ~ 51.8%
Exercise multiple(4)	2.2 ~ 2.8
Life of options(5)	10 years
Fair value of underlying ordinary shares(6)	$976.98 ~ $1,316.40

Schedule non-vested shares activity

	Number of non-vested shares		Weighted average grant date fair value per share
			(US$)
Outstanding as of January 1, 2020	20,523		$	182.13
Transfer to non-vested share units	(20,523	)	$	182.13
Outstanding as of March 31, 2020	—		$	—
Outstanding as of June 30, 2020	—		$	—

	Number of non-vested shares		Weighted average grant date fair value per share
			(US$)
Outstanding as of January 1, 2020	123,575		$	143.89
Forfeited	(446	)	$	227.24
Transfer from non-vested shares	20,523		$	182.13
Outstanding as of March 31, 2020	143,652		$	149.10
Outstanding as of June 30, 2020	143,652		$	149.10

Outstanding as of January 1, 2021	143,652		$	149.10
Forfeited	—		$	—
Outstanding as of June 30, 2021	143,652		$	149.10

	Number of non-vested shares		Weighted Average Grant date fair value per share
			(US$)
Outstanding as of January 1, 2018	43,723		$	139.80
Forfeited	(8,923	)	$	102.35
Outstanding as of December 31, 2018	34,800		$	149.40
Transfer to non-vested share units	(14,277	)	$	102.35
Outstanding as of December 31, 2019	20,523		$	182.13
Transfer to non-vested share units	(20,523	)	$	182.13
Outstanding as of December 31, 2020	—		$	—

	Number of non-vested share units		Weighted Average Grant date fair value per share
			(US$)
Outstanding as of January 1, 2018	120,007		$	155.55
Forfeited	(5,890	)	$	188.84
Outstanding as of December 31, 2018	114,117		$	153.83
Forfeited	(4,819	)	$	255.99
Transfer from non-vested shares	14,277		$	102.35
Outstanding as of December 31, 2019	123,575		$	143.89
Forfeited	(446	)	$	227.24
Transfer from non-vested shares	20,523		$	182.13
Outstanding as of December 31, 2020	143,652		$	149.10

Segment Information (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of assets and revenues major geographic regions

	Three months ended June 30,						Six months ended June 30,
	2020			2021			2020			2021
Geographic regions	Amount	%		Amount	%		Amount	%		Amount	%
PRC	8,680	40	%	21,650	65	%	11,610	41	%	32,292	67	%
India	738	3	%	1,998	6	%	1,135	4	%	3,269	7	%
Russia	5,052	23	%	3,267	10	%	5,535	19	%	3,724	8	%
Other countries	332	2	%	2,169	6	%	407	1	%	2,283	5	%
Asia & Pacific	14,802	68	%	29,084	87	%	18,687	65	%	41,568	87	%
United Kingdom	1,212	6	%	3,508	11	%	3,504	12	%	5,212	10	%
Netherlands	4,187	19	%	2	0	%	4,192	15	%	22	0	%
Other countries	1,491	7	%	721	2	%	2,234	8	%	1,324	3	%
Europe	6,890	32	%	4,231	13	%	9,930	35	%	6,558	13	%
Other	6	0	%	57	0	%	30	0	%	184	0	%
Total	21,698	100	%	33,372	100	%	28,647	100	%	48,310	100	%

	Year ended December 31,
Geographic regions	2018			2019			2020
Geographic regions	Amount	%		Amount	%		Amount	%
PRC	146,235	84	%	49,346	64	%	66,160	62	%
India	—	0	%	4,988	7	%	8,570	8	%
Russia	10,869	6	%	3,673	5	%	5,671	5	%
Other countries	236	0	%	7,430	10	%	2,254	2	%
Asia & Pacific	157,340	90	%	65,437	86	%	82,655	77	%
United Kingdom	595	0	%	668	1	%	11,544	11	%
Netherlands	1,621	1	%	1,384	2	%	5,326	5	%
Other countries	14,352	9	%	8,627	11	%	7,444	7	%
Europe	16,568	10	%	10,679	14	%	24,314	23	%
Other	327	0	%	318	0	%	549	0	%
Total	174,235	100	%	76,434	100	%	107,518	100	%

Schedule of long-lived assets geographic regions

	December 31, 2020			June 30, 2021
Geographic regions	Amount	%		Amount	%
PRC	198,921	94	%	191,182	83	%
Asia & Pacific	198,921	94	%	191,182	83	%
Germany	12,747	6	%	21,462	9	%
United Kingdom	120	0	%	99	0	%
Europe	12,867	6	%	21,561	9	%
United States	230	0	%	18,930	8	%
Total	212,018	100	%	231,673	100	%

Related party balances and transactions (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Schedule of amount due from related party

	December 31, 2019		December 31, 2020
Amount due from related party:
Ochem(i)	$	1,856	$	—
Total	$	1,856	$	—

(i) The balance represents advance payment for materials purchased from Ochem.

	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Raw material sold to Ochem	$	—	$	138	$	—	$	293

	Year Ended December 31,
	2018		2019		2020
Raw material purchased from Ochem	$	30	$	—	$	—
Raw material purchased from Ochemate		2		—		—
Raw material sold to Ochem		—		—		167

Schedule of relationship with the group

Name		Relationship with the Group
Ochem		Controlled by CEO
Ochemate		Controlled by CEO

Net Loss Per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net loss per share

	Three months ended June 30,						Six months ended June 30,
	2020			2021			2020			2021
Numerator:
Net loss attributable to ordinary shareholders	$	(19,671	)	$	(39,148	)	$	(42,613	)	$	(67,461	)

Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share		617,880			617,880			617,880			617,880
Basic and diluted net loss per share	$	(31.84	)	$	(63.36	)	$	(68.97	)	$	(109.18	)

	Year ended December 31,
	2018			2019			2020
Numerator:
Net loss attributable to ordinary shareholders	$	(100,033	)	$	(115,479	)	$	(80,963	)
Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share		617,880			617,880			617,880
Basic and diluted net loss per share	$	(161.90	)	$	(186.90	)	$	(131.03	)

Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share

	Three months ended June 30,		Six months ended June 30,
	2020	2021	2020	2021
Shares issuable upon exercise of share options	42,815	210,683	42,840	212,019
Shares issuable upon vesting of non-vested shares	—	—	1,015	—
Shares issuable upon conversion of Series B2 Preferred	53,319	53,319	53,319	53,319
Shares issuable upon conversion of Series C1 Preferred	166,950	166,950	166,950	166,950
Shares issuable upon conversion of Series C2 Preferred	126,345	126,345	126,345	126,345
Shares issuable upon conversion of Series D1 Preferred	139,186	139,186	139,186	139,186
Shares issuable upon conversion of Series D2 Preferred	102,512	102,512	102,512	102,512
Shares issuable upon conversion of non-controlling interests of a subsidiary	107,650	107,650	107,650	107,650

	Year ended December 31,
	2018	2019	2020
Shares issuable upon exercise of share options	55,998	50,594	114,065
Shares issuable upon vesting of non-vested shares	39,262	29,401	450
Shares issuable upon conversion of Series A1 Preferred	195,653	16,304	—
Shares issuable upon conversion of Series B1 Preferred	97,642	8,137	—
Shares issuable upon conversion of Series B2 Preferred	53,319	53,319	53,319
Shares issuable upon conversion of Series C1 Preferred	—	153,038	166,950
Shares issuable upon conversion of Series C2 Preferred	—	115,816	126,345
Shares issuable upon conversion of Series EEL/D1 Preferred	139,186	139,186	139,186
Shares issuable upon conversion of Series D2 Preferred	17,085	102,512	102,512
Shares issuable upon conversion of noncontrolling interests of a subsidiary	67,694	107,650	107,650

Commitments and Contingencies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum payments under lease commitments

	2021
Six months period ending December 31, 2021	$	2,293
2022		3,637
2023		3,135
2024		2,361
2025		1,944
2026		1,944
Thereafter		17,596
	$	32,910

	December 31, 2020
2021	$	3,539
2022		3,376
2023		3,001
2024		2,426
2025		2,025
Thereafter		19,675
	$	34,042

Reclassification of the Consolidated Statements of Operations (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed financial information of parent company statement of operations

	Year Ended December 31, 2018
	As previously reported			Adjustment			As corrected
Cost of revenues	$	(139,764	)	$	(13,622	)	$	(153,386	)
Gross profit		34,471			(13,622	)		20,849
General and administrative expenses		(47,851	)		13,622			(34,229	)
Total operating expenses		(93,697	)		13,622			(80,075	)

	Year Ended December 31, 2019
	As previously reported			Adjustment			As corrected
Cost of revenues	$	(72,432	)	$	(4,233	)	$	(76,665	)
Gross profit/(loss)		4,002			(4,233	)		(231	)
General and administrative expenses		(19,399	)		4,233			(15,166	)
Total operating expenses		(61,106	)		4,233			(56,873	)

	Year Ended December 31, 2020
	As previously reported			Adjustment			As corrected
Cost of revenues	$	(89,035	)	$	(1,343	)	$	(90,378	)
Gross profit		18,483			(1,343	)		17,140
General and administrative expenses		(20,192	)		1,343			(18,849	)
Total operating expenses		(50,590	)		1,343			(49,247	)

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of assumptions used in valuation of convertible notes

Probability for Conversion		90%
Probability for Redemption		10%
Remaining life		0.1 – 2.5 years

Schedule of fair value measurements of group’s assets and liabilities of recurring basis

	Fair Value Measurement as of December 31, 2020
	Quoted Prices in Active Market for Identical Assets		Significant Other Observable Inputs	Significant Unobservable Inputs	Total
	(Level 1)		(Level 2)	(Level 3)
Cash and cash equivalents	$	21,496	—	—	$	21,496
Restricted cash		19,700	—	—		19,700
Total	$	41,196	—	—	$	41,196

	Fair Value Measurement as of June 30, 2021
	Quoted Prices in Active Market for Identical Assets		Significant Other Observable Inputs	Significant Unobservable Inputs	Total
	(Level 1)		(Level 2)	(Level 3)
Cash and cash equivalents	$	13,367	—	—	$	13,367
Restricted cash		20,460	—	—		20,460
Convertible notes		—	—	64,343		64,343
Total	$	33,827	—	64,343	$	98,170

Schedule of reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis

	Convertible notes
Balance as of January 1, 2021	$	—
Issuance of convertible notes		57,500
Changes in fair value of convertible notes		3,600
Balance as of March 31, 2021	$	61,100
Changes in fair value of convertible notes		3,243
Balance as of June 30, 2021	$	64,343

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Organization and Principal Activities (Details) - Schedule of company subsidiaries	12 Months Ended
	Dec. 31, 2020
Microvast Power Solutions, Inc (“MP Solutions”) [Member]
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items]
Place of incorporation	Texas, USA
Date of incorporation or acquisition	July 2013
Percentage of ownership	100%
Microvast Power Systems Co., Ltd. (“MPS”) [Member]
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items]
Place of incorporation	Huzhou, PRC
Date of incorporation or acquisition	December 2006
Percentage of ownership	91.97%
Microvast Power Systems UK Limited (“MP UK”) [Member]
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items]
Place of incorporation	Cardiff, United Kingdom (“UK”)
Date of incorporation or acquisition	September 2014
Percentage of ownership	100% owned by MPS
Microvast GmbH (“MV GmbH”) [Member]
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items]
Place of incorporation	Germany
Date of incorporation or acquisition	May 2016
Percentage of ownership	100%
Huzhou Microvast Electric Vehicle Sales Service, Ltd. (“MV E-Vehicle”) [Member]
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items]
Place of incorporation	Huzhou, PRC
Date of incorporation or acquisition	July 2017
Percentage of ownership	100% owned by MPS
Huzhou Hong Yang Taxi Co., Ltd. (“MV Taxi”) [Member]
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items]
Place of incorporation	Huzhou, PRC
Date of incorporation or acquisition	October 2017
Percentage of ownership	100% owned by MPS
Microvast APAC PTE. LTD. (“MV Singapore”) [Member]
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items]
Place of incorporation	Singapore
Date of incorporation or acquisition	May 2017
Percentage of ownership	100% owned by MPS
Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”) [Member]
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items]
Place of incorporation	Huzhou, PRC
Date of incorporation or acquisition	December 2016
Percentage of ownership	100% owned by MPS

Significant Accounting Policies (Details) - USD ($)		1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
Significant Accounting Policies (Details) - USD ($)	May 01, 2018	Apr. 01, 2019	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 28, 2021	Jan. 31, 2021	Jan. 31, 2019
Significant Accounting Policies (Details) [Line Items]
Total shareholders’ deficits									$ (384,602,000)
Working capital total									5,697,000
Cash flows operations							$ (15,025,000)	$ 260,000	$ 15,556,000	$ 13,371,000	$ (5,492,000)
Ownership percentage									80.00%	20.00%
Net revenues											509,000
Net income loss											5,492,000
Variable interest entity operating activities amount											6,796,000
Variable interest entity investing activities											1,290,000
Notes receivable									$ 20,839,000	$ 33,356,000
Interest income from the short-term investments									$ 37,000	366,000
Estimated useful life term									50 years
Recognized impairment loss of long lived assets									$ 567,000	$ 2,908,000
Fair value measurement percentage										20.00%
Deferred revenue														$ 1,565,000
Adjustment to retained earnings and accumulate deficit									1,565,000					$ 1,565,000
Revenue			$ 33,372,000		$ 21,698,000		48,310,000	28,647,000	107,518,000	$ 76,434,000	174,235,000
Revenue recognized									582,000	556,000
Amortized deferred subsidy									166,000	2,304,000	1,904,000
Deferred subsidy income									215,000	127,000
Deferred non current portion									1,221,000	1,389,000
Government subsidy income									3,000,000	3,243,000	$ 9,538,000
Aggregate amount									35,194,000	$ 32,844,000
Net revenue percentage									$ 0.10
Percentage of accounts receivable											10.00%
Purchase percentage									12.00%	17.00%	26.00%
Revenue recognized			135,000		206,000		$ 1,321,000	$ 446,000
Subsequent Event [Member]
Significant Accounting Policies (Details) [Line Items]
Issuance of convertible notes												$ 9,921,000	$ 57,500,000
Revenue From Products [Member]
Significant Accounting Policies (Details) [Line Items]
Value added tax rate percentage		13.00%
Services [Member]
Significant Accounting Policies (Details) [Line Items]
Value added tax rate percentage		6.00%
Customers [Member]
Significant Accounting Policies (Details) [Line Items]
Group to pledge notes received percentage									111.00%
Deposit [Member]
Significant Accounting Policies (Details) [Line Items]
Deposit of the face rate									100.00%
Minimum [Member]
Significant Accounting Policies (Details) [Line Items]
Value added tax rate percentage	17.00%
Maximum [Member]
Significant Accounting Policies (Details) [Line Items]
Value added tax rate percentage	16.00%
Asia&Pacific [Member]
Significant Accounting Policies (Details) [Line Items]
Revenue			29,084,000	$ 41,568,000	14,802,000	$ 18,687,000			$ 82,655,000	$ 65,437,000
Europe [Member]
Significant Accounting Policies (Details) [Line Items]
Revenue			4,231,000	6,558,000	6,890,000	9,930,000			24,314,000	10,679,000
Other Geographical [Member]
Significant Accounting Policies (Details) [Line Items]
Revenue									$ 549,000	$ 318,000
Other Geographic Regions [Member]
Significant Accounting Policies (Details) [Line Items]
Revenue			$ 57,000	$ 184,000	$ 6,000	$ 30,000

Significant Accounting Policies (Details) - Schedule of property, plant and equipment are carried at cost less accumulated depreciation	12 Months Ended
	Dec. 31, 2020
Buildings [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	20 years
Machineries and equipment [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	10 years
Motor vehicles [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	5 years
Leasehold improvements [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	Shorter of the lease term or estimated useful lives
Minimum [Member] \| Fixtures and electronic equipment [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	4 years
Maximum [Member] \| Fixtures and electronic equipment [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	5 years

Significant Accounting Policies (Details) - Schedule of net revenues from customers	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies (Details) - Schedule of net revenues from customers [Line Items]
Percentage of revenue contributed by Customer A		11.00%	16.00%
Percentage of revenue contributed by Customer A [Member]
Significant Accounting Policies (Details) - Schedule of net revenues from customers [Line Items]
Percentage of revenue contributed by Customer A		11.00%	16.00%

Significant Accounting Policies (Details) - Schedule of accounts receivable from customers	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of accounts receivable from Customer B	10.00%
Percentage of accounts receivable from Customer B [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of accounts receivable from Customer B	10.00%

Accounts Receivable (Details) - Schedule of accounts receivable - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of accounts receivable [Abstract]
Accounts receivable	$ 69,996	$ 81,345	$ 73,178
Allowance for doubtful accounts	(4,743)	(5,047)	(5,537)
Accounts receivable, net	$ 65,253	$ 76,298	$ 67,641

Accounts Receivable (Details) - Schedule of allowance for doubtful accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of allowance for doubtful accounts [Abstract]
Beginning balance	$ 5,537	$ 10,111
Charge to expenses	(240)	(4,250)
Write off	(493)	(233)
Exchange difference	243	(91)
Ending balance	$ 5,047	$ 5,537

Inventories, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Provision for obsolete inventories	$ 5,880		$ 6,098	$ 646	$ 1,343	$ 4,233	$ 13,622

Inventories, Net (Details) - Schedule of components of inventories - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of components of inventories [Abstract]
Work in process	$ 21,090	$ 22,167	$ 27,854
Raw materials	20,223	17,451	17,201
Finished goods	14,087	5,350	12,249
Total	$ 55,400	$ 44,968	$ 57,304

Prepaid Expenses and Other Current Assets (Details) - Schedule of receivables represented the amount available for future deduction against VAT payable - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of receivables represented the amount available for future deduction against VAT payable [Abstract]
VAT receivables	$ 1,342	$ 2,471	$ 1,748
Advances to suppliers	4,857	2,117	1,038
Other receivables	1,242	688	627
Deposits	751	746	535
Total	$ 8,192	$ 6,022	$ 3,948

Property, Plant And Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 16,097	$ 14,676	$ 12,180
Impairment losses	$ 567	$ 2,908	$ 1,239

Property, Plant And Equipment, Net (Details) - Schedule of property plant and equipment, net - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total		$ 207,663	$ 145,685
Less: accumulated depreciation		(67,043)	(46,243)
Construction in progress		57,397	91,881
Property, plant and equipment, net	$ 217,686	198,017	191,323
Machineries and equipment [Member]
Property, Plant and Equipment [Line Items]
Total		123,889	73,535
Buildings [Member]
Property, Plant and Equipment [Line Items]
Total		39,988	37,479
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total		26,627	22,571
Fixtures and electronic equipment [Member]
Property, Plant and Equipment [Line Items]
Total		9,086	7,459
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Total		$ 8,073	$ 4,641

Land Use Rights, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Land Use Rights, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Land Use Rights Net [Abstract]
Estimated usage term period	50 years
Amortization expense	$ 303	$ 302	$ 316
Future amortization expenses, description	Future amortization expense is $302 per year for each of the next five years through December 31, 2025 and thereafter.

Land Use Rights, Net (Details) - Schedule of land use rights - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of land use rights [Abstract]
Cost of land use rights	$ 16,007	$ 15,002
Less: accumulated amortization	(2,006)	(1,580)
Land use rights, net	$ 14,001	$ 13,422

Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 392	$ 409	$ 250

Acquired Intangible Assets, Net (Details) - Schedule of Intangible assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of Intangible assets [Abstract]
Cost of acquired intangible assets	$ 4,051	$ 3,968
Less: accumulated amortization	(1,772)	(1,311)
Acquired intangible assets, net	$ 2,279	$ 2,657

Acquired Intangible Assets, Net (Details) - Schedule of annual amortization expense $ in Thousands	Dec. 31, 2020 USD ($)
Schedule of annual amortization expense [Abstract]
2021	$ 394
2022	233
2023	233
2024	233
2025	233
Thereafter	953
Total	$ 2,279

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of accrued expenses and other current liabilities [Abstract]
Payable to exiting Investors		$ 30,000
Payables for purchase of property, plant and equipment	14,103	15,122	23,515
Product warranty	10,299	4,296	3,723
Accrued payroll and welfare	2,789	2,704	2,577
Accrued expenses	1,713	1,696	2,103
Deferred subsidy income-current		215	127
Deposits received from the contractors		102	275
Other tax payable	306	1,472	494
Other current liabilities		5,021	2,181
Total	$ 35,597	$ 60,628	$ 34,995

Product Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
Product Warranty (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Product Warranties Disclosures [Abstract]
Warranty costs	$ 3,477	$ 3,501	$ 8,342

Product Warranty (Details) - Schedule of movement of product warranty - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule of movement of product warranty [Abstract]
Balance at beginning of the year			$ 19,356	$ 18,416	$ 18,416	$ 16,565
Provided during the year	$ 8,148	$ 842	9,057	951	3,477	3,501
Utilized during the year	1,710	$ 783	2,870	$ 2,009	(2,537)	(1,650)
Balance at end of the year					19,356	18,416
Product warranty – current	10,299		10,299		4,296	3,723
Product warranty – non-current	$ 15,244		$ 15,244		$ 15,060	$ 14,693

Bank Borrowings (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Bank Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Bank Borrowings (Details) [Line Items]
Guarantee to secure certain loan	$ 21,838	$ 20,874	$ 32,607
Debt instrument term, description	The original terms of the loans from Chinese banks range from 6 to 12 months and the interest rates range from 5.00% to 6.00% per annum.
Loan balance	$ 16,572
Bank facility agreement, description	the German bank includes a $13.0 million (EUR11 million) 8-year maturity term loan and a $4.7 million (EUR4 million) revolving facility (“German Bank Facility Agreement”). The interest rate of the 8-year maturity term loan is EURIBOR plus a margin rate determined by the financial leverage ratio of the Group. The $4.7 million (EUR4 million) revolving facility at 6% annual interest, needs to be renewed every year (60 days in advance). During the six months ended June 30, 2021, the Group drew down the 8-year maturity term loan at the amount of $9,886.
Minimum [Member]
Bank Borrowings (Details) [Line Items]
Interest rate		4.68%
Maximum [Member]
Bank Borrowings (Details) [Line Items]
Interest rate		5.66%

Bank Borrowings (Details) - Schedule of various loan agreements - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of various loan agreements [Abstract]
Beginning balance					$ 11,922	$ 66,267
Proceeds from bank borrowings			$ 26,603	$ 9,473	17,308	17,735	$ 62,432
Repayments of principal during the year			(12,265)	(11,894)	(17,815)	(71,674)
Exchange difference	(144)	$ 22	(64)	$ (89)	769	(406)
Ending balance					12,184	11,922
Including:
Current	16,572		16,572		12,184	11,922
Total	$ 26,458		$ 26,458		$ 12,184	$ 11,922

Bank Borrowings (Details) - Schedule of banking facilities and aggregate carrying amount - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of banking facilities and aggregate carrying amount [Abstract]
Buildings	$ 31,877	$ 22,732	$ 22,414
Machinery and equipment	17,835	19,297	20,936
Land use rights	4,466	2,789	2,672
Total	$ 54,178	$ 44,818	$ 46,022

Other Non-Current Liabilities (Details) - Schedule of other non-current liabilities - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of other non-current liabilities [Abstract]
Deferred subsidy income – non-current	$ 1,139	$ 1,221	$ 1,389
Payable to exiting Investors	97,979	94,316	114,870
Product warranty	15,244	15,060	14,693
Total	$ 114,362	$ 110,597	$ 130,952

Bonds Payable (Details) $ in Thousands, ¥ in Millions												1 Months Ended												3 Months Ended				6 Months Ended	12 Months Ended
Bonds Payable (Details) $ in Thousands, ¥ in Millions	Jan. 04, 2021 USD ($)	Feb. 02, 2019 USD ($)	Feb. 02, 2019 CNY (¥)	Feb. 01, 2019 USD ($)	Feb. 01, 2019 CNY (¥)	Jan. 14, 2019 USD ($)	Jan. 14, 2019 CNY (¥)	Jan. 09, 2019 USD ($)	Jan. 09, 2019 CNY (¥)	Nov. 02, 2018 USD ($)	Nov. 02, 2018 CNY (¥)	Jul. 23, 2021 shares	Feb. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)	Sep. 28, 2020 CNY (¥)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 CNY (¥)	Jan. 31, 2019 USD ($)	Jan. 31, 2019 CNY (¥)	Jan. 28, 2019 USD ($)	Jan. 28, 2019 CNY (¥)	Dec. 29, 2018 USD ($)	Dec. 29, 2018 CNY (¥)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 CNY (¥)	Jun. 30, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Nov. 02, 2018 CNY (¥)
Bonds Payable (Details) [Line Items]
Bond loan		$ 29,259	¥ 200.0	$ 29,259	¥ 200.0			$ 14,629	¥ 100.0													$ 87,776	¥ 600.0		$ 43,888	¥ 300.0				$ 73,147	¥ 500.0
Converted from the existing non interest bearing loan																						$ 29,259	¥ 200.0
Equity holding pledged percentage																						12.39%	12.39%
Previous converted bond loan																						$ 29,259	¥ 200.0
Estimated enterprise value of the contract																													$ 950,000
Unsubscribed bond loans (in Yuan Renminbi) \| ¥															¥ 100.0
Previously subscribed bond loans (in Yuan Renminbi) \| ¥									¥ 400.0
Aggregate amount of bond loan										$ 73,147	¥ 500.0
Cash proceeds received by MPS										24,869																								¥ 170.0
Subscription quota amount						$ 4,388	¥ 30.0
Subscription amount																$ 658	¥ 4.5	$ 3,730	¥ 25.5	$ 658	¥ 4.5								$ 29,915	$ 29,915	¥ 204.5
Key contribution conditions, description																													Upon issuance of the convertible bond to these third-party investors, the Company signed a contribution and issuance agreement with the existing preferred shareholders on November 2, 2018, in which all preferred shareholders of the Company agreed that when contribution conditions are met, the existing shareholders will exchange their respective Series A1, Series B1 and Series EEL Preferred for Series C1 Preferred shares (“Series C1 Preferred”) for Series A1 shareholders, Series C2 Preferred shares (“Series C2 Preferred”) for Series B1 shareholders and Series D1 Preferred shares(“Series D1 Preferred”) for EEL, respectively, with rights and obligations amended. The key contribution conditions is that the third party convertible bond holders shall have paid MPS an aggregate amount of $29,259 (RMB200 million). As cash contribution of $29,259 was received by MPS on January 30, 2019, the Series C1, C2 and D1 Preferred were issued on the same day.
Bond loan																													$ 950,000
Subscribed by bond holders																											¥ 204.5		$ 29,915
Purchase agreement to issue convertible promissory note amount	$ 57,500
Interest rate																												6.00%
Convertible promissory notes issued amount																								$ 64,343				$ 64,343
Changes in fair value																												$ 6,843
Subsequent Event [Member]
Bonds Payable (Details) [Line Items]
Convertible promissory notes issued amount	$ 57,500
Convertible promissory notes converted common stock shares (in Shares) \| shares												6,736,106
Huzhou Saiyuan [Member]
Bonds Payable (Details) [Line Items]
Convertible bond, description																						MPS signed an agreement with Huzhou Saiyuan, an entity established by the local government, to issue convertible bonds to Huzhou Saiyuan for a total consideration of $87,776 (RMB600 million), of which $29,259 (RMB200 million) was converted from the existing non-interest-bearing loan with Huzhou Saiyuan as of December 31, 2018. The Company pledged its 12.39% equity holding over MPS to Huzhou Saiyuan to facilitate the issuance of convertible bonds. Besides the previous converted bond $29,259 (RMB200 million), Huzhou Saiyuan further subscribed $14,629 (RMB100 million) on January 9, 2019 and $29,259 (RMB200 million) on February 1, 2019, respectively. As of December 31, 2019, the outstanding balance of the convertible bonds to Huzhou Saiyuan was $73,147 (RMB500 million), of which $43,888 (RMB300 million) will be due within 1 year.	MPS signed an agreement with Huzhou Saiyuan, an entity established by the local government, to issue convertible bonds to Huzhou Saiyuan for a total consideration of $87,776 (RMB600 million), of which $29,259 (RMB200 million) was converted from the existing non-interest-bearing loan with Huzhou Saiyuan as of December 31, 2018. The Company pledged its 12.39% equity holding over MPS to Huzhou Saiyuan to facilitate the issuance of convertible bonds. Besides the previous converted bond $29,259 (RMB200 million), Huzhou Saiyuan further subscribed $14,629 (RMB100 million) on January 9, 2019 and $29,259 (RMB200 million) on February 1, 2019, respectively. As of December 31, 2019, the outstanding balance of the convertible bonds to Huzhou Saiyuan was $73,147 (RMB500 million), of which $43,888 (RMB300 million) will be due within 1 year.
Subscribed bonds, description																												If the subscribed bonds are not repaid by the maturity date, Huzhou Saiyuan has the right to dispose the equity interests pledged by the Company in proportion to the amount of matured bonds, or convert the bond to the equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds to equity interests of MPS, the equity interests pledged should be released and the convertible bonds should be converted to the equity interest of MPS based on the entity value of MPS at $950,000.	If the subscribed bonds are not repaid by the maturity date, Huzhou Saiyuan has the right to dispose the equity interests pledged by the Company in proportion to the amount of matured bonds, or convert the bond to the equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds to equity interests of MPS, the equity interests pledged should be released and the convertible bonds should be converted to the equity interest of MPS based on the entity value of MPS at $950,000.
Outstanding balance																								73,147				$ 73,147	$ 73,147			¥ 500.0	¥ 500.0
Bond loan																												950,000
Third Party Investors [Member]
Bonds Payable (Details) [Line Items]
Aggregate amount of bond loan										$ 58,516	¥ 400.0
First Tranche [Member]
Bonds Payable (Details) [Line Items]
Convertible promissory notes issued amount														$ 25,000
Discounted rate														80.00%
Second Tranche [Member]
Bonds Payable (Details) [Line Items]
Convertible promissory notes issued amount													$ 32,500
Discounted rate													90.00%
Convertible Notes [Member]
Bonds Payable (Details) [Line Items]
Fair value of convertible note																								64,343				$ 64,343
Changes in fair value																								$ 3,243
Extended Maturity [Member]
Bonds Payable (Details) [Line Items]
Extended maturity date																												1 year

Bonds Payable (Details) - Schedule of bonds payable - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Bonds payable
Bonds payable, Total	$ 29,915	$ 29,915	$ 73,803
Long-term bonds payable
Long-term bonds payable, Total	137,490	73,147	29,259
Huzhou Saiyuan [Member]
Bonds payable
Bonds payable, Total			43,888
Long-term bonds payable
Long-term bonds payable, Total		73,147	29,259
Third-party investors [Member]
Bonds payable
Bonds payable, Total	$ 29,915	$ 29,915	$ 29,915

Bonds Payable (Details) - Schedule of repayments and interests - 6 months ended Jun. 30, 2021 $ in Thousands, ¥ in Millions	USD ($)	CNY (¥)
June 30, 2023 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Issuance Date	Feb. 01, 2019	Feb. 01, 2019
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200
Maturity Date	Jun. 30, 2023	Jun. 30, 2023
Repayment Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200
April 28, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Issuance Date	Dec. 31, 2018	Dec. 31, 2018
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200
Maturity Date	Apr. 28, 2024	Apr. 28, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100
July 11, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Jul. 11, 2024	Jul. 11, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 7,315	¥ 50
October 1, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Oct. 01, 2024	Oct. 01, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 7,315	¥ 50
April 13, 2026 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Issuance Date	Jan. 01, 2020	Jan. 01, 2020
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100
Maturity Date	Apr. 13, 2026	Apr. 13, 2026
Repayment Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100
Minimum [Member] \| June 30, 2023 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	3.00%	3.00%
Minimum [Member] \| April 28, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	0.00%	0.00%
Minimum [Member] \| July 11, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	0.00%	0.00%
Minimum [Member] \| October 1, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	0.00%	0.00%
Minimum [Member] \| April 13, 2026 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	3.00%	3.00%
Maximum [Member] \| June 30, 2023 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%
Maximum [Member] \| April 28, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%
Maximum [Member] \| July 11, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%
Maximum [Member] \| October 1, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%
Maximum [Member] \| April 13, 2026 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes (Details) [Line Items]
Taxable deduction percentage	80.00%
Tax rates substantially lower	25.00%
Withholding income tax								10.00%
Iincome tax (in Dollars)		$ 109	$ 137	$ 218	$ 275			$ 1	$ 189	$ 6,425
Federal corporate income tax rate								21.00%
operating loss carried forward (in Dollars)								$ 179,995
Remaining operating loss (in Dollars)								20,205
opearting loss carried forward indefinite (in Dollars)								6,377
Net operating loss carry forwards (in Dollars)								$ 6,702	$ 11,669	$ 17,943
Hongwei [Member]
Income Taxes (Details) [Line Items]
income tax								15.00%
Maximum [Member]
Income Taxes (Details) [Line Items]
Tax and income earned	35.00%
Minimum [Member]
Income Taxes (Details) [Line Items]
Tax and income earned	21.00%
PRC [Member]
Income Taxes (Details) [Line Items]
income tax	25.00%							15.00%	15.00%	15.00%
operating loss carried forward (in Dollars)								$ 153,413
UK [Member]
Income Taxes (Details) [Line Items]
income tax								19.00%	19.00%	19.00%
Germany [Member]
Income Taxes (Details) [Line Items]
income tax								31.90%	31.90%	31.90%
Forecast [Member] \| Hongwei [Member]
Income Taxes (Details) [Line Items]
income tax						15.00%	15.00%

Income Taxes (Details) - Schedule of loss before provision for income taxes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of loss before provision for income taxes [Abstract]
Domestic	$ (3,584)	$ (3,030)	$ (4,965)
Foreign	(30,040)	(56,444)	(49,301)
Loss before income tax	$ (33,624)	$ (59,474)	$ (54,266)

Income Taxes (Details) - Schedule of current and deferred components of the income tax expense - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax expenses:
Domestic							$ 453
Foreign					1	189	85
Total current tax expense					1	189	538
Deferred tax expense:
Domestic							2,856
Foreign							3,031
Total deferred tax expense							5,887
Total provision for income taxes	$ 109	$ 137	$ 218	$ 275	$ 1	$ 189	$ 6,425

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details) - Schedule of deferred tax assets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carry-forwards	$ 28,484	$ 22,521
Allowance for doubtful accounts and inventory provision	3,443	3,323
Product warranty	2,903	2,762
Impairment of property, plant and equipment	821	673
Deferred income	216	227
Accrued expense	805	736
Others	615	615
Less: valuation allowance	(37,287)	(30,857)
Net deferred tax assets

Income Taxes (Details) - Schedule of valuation allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of valuation allowance [Abstract]
Balance at beginning of the period	$ 30,857	$ 19,503	$ 1,822
Additions	7,402	11,649	18,102
Reversal	(972)	(295)	(421)
Balance at end of the period	$ 37,287	$ 30,857	$ 19,503

Income Taxes (Details) - Schedule of reconciliation between the income tax expense - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of reconciliation between the income tax expense [Abstract]
Loss before income tax	$ (26,960)	$ (7,720)	$ (43,150)	$ (18,710)	$ (33,624)	$ (59,474)	$ (54,266)
Tax credit at the U.S. federal corporate income tax rate of 21%					(7,061)	(12,490)	(11,396)
Tax effect of permanent differences					(2,152)	(2,961)	(4,033)
Tax effect of income tax rate difference in other jurisdictions					2,511	4,076	3,417
Changes in valuation allowance					6,702	11,669	17,943
Others					1	(105)	494
Income tax expense					$ 1	$ 189	$ 6,425

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Noncontrolling Interests (Details) $ in Thousands, ¥ in Millions	1 Months Ended			3 Months Ended			12 Months Ended
	Nov. 30, 2018 shares	Feb. 28, 2018	Mar. 31, 2017 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Jun. 30, 2021 shares	Jun. 23, 2021 shares	Mar. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥) shares	Sep. 04, 2017 shares
Noncontrolling Interests (Details) [Line Items]
Percentage of equity interest			17.39%
Cash consideration received			$ 400,000
Redemption of noncontroling equity interest percentage		14.05%
Simple annual interest percentage		6.00%
Group paid capital				$ 30,000			$ 30,000		$ 211,566			¥ 214.2	¥ 214.2
Exiting noncontrolling interests at redemption value								$ 114,870
Compounded interest rate							10.00%
Interest rate paid in cash each year							5.00%
Financing total amount							$ 200,000
Minimum repayment							$ 30,000						¥ 214.2
Repayment percentage				15.00%	15.00%		15.00%
Estimated proceeds from financing							$ 400,000
Simple interest rate							6.00%
Ordinary shares converted from warrants (in Shares) \| shares							66,336
Noncontrolling shareholders									1,016
Accrual for the performance guarantee compensation							$ 1,168
Shares issued (in Shares) \| shares							617,880	617,880		617,880			617,880	2,600
Net loss attributable to noncontrolling interests								$ 2,123	4,783
Simple annual interest		6.00%
Proceeds received financing amount				$ 200,000
Convertible of common shares (in Shares) \| shares											17,253,182
Exiting Interest Capital [Member]
Noncontrolling Interests (Details) [Line Items]
Group paid capital								28,986
Payable to exiting investors									200,000
Exiting Investors Interest [Member]
Noncontrolling Interests (Details) [Line Items]
Group paid capital								3,714
Payable to exiting investors									$ 11,566
Exiting Investors [Member]
Noncontrolling Interests (Details) [Line Items]
Group paid capital				30,000				32,700				214.2
Payable to exiting investors							$ 30,000						¥ 214.2
Financing total amount							200,000
Proceeds received financing amount				200,000
Investors [Member]
Noncontrolling Interests (Details) [Line Items]
Group paid capital				30,000			$ 30,000					¥ 214.2	¥ 214.2
Investor [Member]
Noncontrolling Interests (Details) [Line Items]
Repayment percentage							20.00%
MVST SPV [Member]
Noncontrolling Interests (Details) [Line Items]
Shares issued (in Shares) \| shares							17,253,182						17,253,182
Hongwei’s [Member]
Noncontrolling Interests (Details) [Line Items]
Settled an outstanding loan								14,544
Non-controlling interest transferred to additional paid in capital								$ 7,771
Minimum [Member]
Noncontrolling Interests (Details) [Line Items]
Interest rate percentage							6.00%
Financing total amount							$ 200,000
Ordinary shares converted from warrants (in Shares) \| shares	66,336
Annual interest rate	6.00%
Proceeds received financing amount				200,000
Repayment amount				30,000	¥ 214.2
Maximum [Member]
Noncontrolling Interests (Details) [Line Items]
Interest rate percentage							10.00%
Financing total amount							$ 400,000
Repayment percentage						20.00%
Ordinary shares converted from warrants (in Shares) \| shares	107,650
Annual interest rate	12.00%
Proceeds received financing amount				$ 400,000		$ 400,000

Noncontrolling Interests (Details) - Schedule of noncontrolling shareholders in MPS

12 Months Ended

Nov. 02, 2018

Dec. 31, 2020

^[1]

Schedule of noncontrolling shareholders in MPS [Abstract]

Expected liquidation date

Dec. 31, 2021

Length of Holding Period Restriction in years

3 years 1 month 28 days

Volatility per year

48.00%

51.70%

Dividend Yield expressed as % of stock price

0.00%

[1]	Volatility The volatility of the underlying ordinary shares during the lives of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options.

Noncontrolling Interests (Details) - Schedule of noncontrolling interests of MPS - MPS [Member]
$ in Thousands

12 Months Ended

Dec. 31, 2018

USD ($)

Noncontrolling Interests (Details) - Schedule of noncontrolling interests of MPS [Line Items]

Balances beginning

$ 60,571

Transferred from liabilities

18,841

^[1]

Accrual for performance guarantee compensation

1,168

Net loss attributable to noncontrolling interests shareholders

(1,016)

Foreign currency translation adjustment attributed to noncontrolling interest shareholders

1,874

Reclassification to redeemable noncontrolling interests

(81,438)

^[2]

Balances ending

[1]	The transfer is due to one of the exiting Investors subsequently in February 2018 decided to redeem only half of his holding.
[2]	The reclassification is due to the substantial redemption right granted to the exiting Investors, thus the noncontrolling interests shall be accounted for redeemable noncontrolling interests when the change occurred in 2018.

Noncontrolling Interests (Details) - Schedule of noncontrolling interests of Hongwei - Hongwei [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interests (Details) - Schedule of noncontrolling interests of Hongwei [Line Items]
Balance beginning	$ (5,664)	$ (1,066)
Net loss attributable to noncontrolling interests shareholders	(2,123)	(4,783)
Foreign currency translation adjustment attributed to noncontrolling interest shareholders	16	185
Acquisition of noncontrolling interests	7,771
Balance ending		$ (5,664)

Ordinary Shares (Details)	1 Months Ended	6 Months Ended	12 Months Ended
Ordinary Shares (Details)	Jul. 23, 2021 shares	Jun. 30, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 shares	Sep. 04, 2017 shares
Ordinary Shares (Details) [Line Items]
Ordinary shares authorized		100,000,000	100,000,000
Ordinary per share (in Dollars per share) \| $ / shares		$ 0.01	$ 0.01
Ordinary shares issued		617,880	617,880	617,880	2,600
Shares outstanding		617,880	617,880	617,880
Subsequent Event [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares issued	210,000,000
Exchange ratio	160.3

Preferred Shares (Details) $ in Thousands	12 Months Ended
Preferred Shares (Details) $ in Thousands	Dec. 31, 2020 USD ($)	Jul. 23, 2021
Preferred Shares (Details) [Line Items]
Decrease in fair value (in Dollars)	$ 61,138
Redemption price description	The redemption price for A1/C1, B1/C2 and EEL/D1 Preferred shall be equal to the aggregate amount of (i) the Series A1/C1, B1/C2 and EEL/D1 preferred shares per share purchase price paid or credited as fully paid on such preferred shares, (ii) all accrued, whether declared or not, but unpaid dividends and distributions on such preferred shares calculated up to and including the date of redemption, (iii) a premium which, together with items (i) and (ii) above, would give the holder of such preferred shares an internal rate of return of 15% for A1/C1 and B1/C2, and 6% (modified to 12% for D1 Preferred) to EEL per annum in respect of the series per share purchase price up to and including the date of redemption.
Redeemed increases percent	8.00%
Accruing dividends percentage	6.00%
Subsequent Event [Member]
Preferred Shares (Details) [Line Items]
Exchange ratio		160.3
First, to holders of Series D Preferred [Member]
Preferred Shares (Details) [Line Items]
Liquidation preference percentage	12.00%
Second, to unredeemed holders of Series D Preferred [Member]
Preferred Shares (Details) [Line Items]
Liquidation preference percentage	12.00%
Third, to holders of Series C Preferred [Member]
Preferred Shares (Details) [Line Items]
Liquidation preference percentage	12.00%
Sixth, to unredeemed holders of Series C Preferred [Member]
Preferred Shares (Details) [Line Items]
Liquidation preference percentage	12.00%

Preferred Shares (Details) - Schedule of preferred shares issued and outstanding - shares	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2021	Jan. 01, 2018
Preferred Units [Line Items]
Number of Shares		432,481	432,481
Series A1 Preferred [Member]
Preferred Units [Line Items]
Number of Shares			195,653
Shareholders	Ashmore Global Special Situations Fund 4 and Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”)
Series B1 Preferred [Member]
Preferred Units [Line Items]
Number of Shares			97,642
Shareholders	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series EEL Preferred [Member]
Preferred Units [Line Items]
Number of Shares			139,186
Shareholders	Evergreen Ever Limited (“EEL”)

Preferred Shares (Details) - Schedule of balance of Series Preferred and redeemable noncontrolling interests - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Series A1/C1 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance		$ 80,581		$ 76,684	$ 76,684	$ 76,864	$ 66,839
Accretion before the extinguishment						961
Conversion from Series A1 to C2 Preferred						(11,417)
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment						7,135
Accretion after the extinguishment						3,141
Accretion					3,897
Reclassification from noncontrolling interests
Accretion before the fair value change
Fair value change of redeemable noncontrolling interests due to extinguishment
Accretion after the fair value change							10,025
Ending balance					80,581	76,684	76,864
Series B1/C2 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance		81,966		73,100	73,100	65,881	57,490
Accretion before the extinguishment						804
Conversion from Series A1 to C2 Preferred						11,417
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment						(12,146)
Accretion after the extinguishment						7,144
Accretion					8,866
Reclassification from noncontrolling interests
Accretion before the fair value change
Fair value change of redeemable noncontrolling interests due to extinguishment
Accretion after the fair value change							8,391
Ending balance					81,966	73,100	65,881
Series EEL/D1 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance		146,583		127,935	127,935	153,223	140,000
Accretion before the extinguishment						15,439
Conversion from Series A1 to C2 Preferred
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment						(56,127)
Accretion after the extinguishment						15,400
Accretion					18,648
Reclassification from noncontrolling interests
Accretion before the fair value change
Fair value change of redeemable noncontrolling interests due to extinguishment
Accretion after the fair value change							13,223
Ending balance					146,583	127,935	153,223
Redeemable noncontrolling interests [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 93,397	90,820	$ 83,113	80,561	80,561	79,615
Accretion before the extinguishment						796
Conversion from Series A1 to C2 Preferred
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment						(8,299)
Accretion after the extinguishment						8,449
Accretion	2,606	2,577	2,552	2,552	10,259
Reclassification from noncontrolling interests							81,438
Accretion before the fair value change							2,505
Fair value change of redeemable noncontrolling interests due to extinguishment							(5,828)
Accretion after the fair value change							1,500
Ending balance	$ 96,003	$ 93,397	$ 85,665	$ 83,113	$ 90,820	$ 80,561	$ 79,615

Share-based payment (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 04, 2017	Oct. 30, 2015
Share-based payment (Details) [Line Items]
Vesting value per share (in Dollars per share)	$ 1,005.85	$ 1,005.85
Shares issued	617,880	617,880	617,880		2,600
Fair value repurchased (in Dollars)		$ 7,974
Issued and outstanding		53,319	53,319	53,319
Series B2 Preferred [Member]
Share-based payment (Details) [Line Items]
Stock options value per share (in Dollars per share)						$ 366.00
Fair market value percent						70.00%
Share repurchased		10,644
Deposit liability (in Dollars)		$ 21,792	$ 21,792	$ 21,792
Series B2 Preferred [Member] \| Maximum [Member]
Share-based payment (Details) [Line Items]
Stock options value per share (in Dollars per share)		$ 366.00
Series B2 Preferred [Member]
Share-based payment (Details) [Line Items]
Shares issued						79,107
Stock options value per share (in Dollars per share)						$ 366.00
Deposit liability (in Dollars)	$ 21,792
Legally shares issued and outstanding	53,319	53,319

Share-based payment (Details) - Schedule of stock option activity plan - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of stock option activity plan [Abstract]
Number of shares, Outstanding at beginning (in Shares)	47,277	54,962	56,362
Weighted average exercise price, Outstanding at beginning	$ 881.97	$ 889.35	$ 892.24
Weighted average grant date fair value, Outstanding at beginning	$ 343.83	$ 346.63	$ 350.52
Weighted average remaining contractual life, Outstanding at beginning			9 years 1 month 6 days
Number of shares, Granted (in Shares)	176,890		1,000
Weighted average exercise price, Granted	$ 1,005.85		$ 1,005.85
Weighted average grant date fair value, Granted	$ 495.95		$ 225.30
Weighted average remaining contractual life, Granted
Number of shares, Forfeited (in Shares)	(7,461)	(7,685)	(2,400)
Weighted average exercise price, Forfeited	$ 623.31	$ 934.82	$ 1,005.85
Weighted average grant date fair value, Forfeited	$ 326.36	$ 363.82	$ 387.63
Weighted average remaining contractual life, Forfeited
Number of shares, Outstanding at ending (in Shares)	216,706	47,277	54,962
Weighted average exercise price, Outstanding at ending	$ 991.99	$ 881.97	$ 889.35
Weighted average grant date fair value, Outstanding at ending	$ 468.60	$ 343.83	$ 346.63
Weighted average remaining contractual life, Outstanding at ending	9 years	7 years 1 month 6 days	8 years 1 month 6 days
Number of shares, Expected to vest and exercisable (in Shares)	216,706
Weighted average exercise price, Expected to vest and exercisable	$ 991.99
Weighted average grant date fair value, Expected to vest and exercisable	$ 468.60
Weighted average remaining contractual life, Expected to vest and exercisable	9 years

Share-based payment (Details) - Schedule of weighted average assumptions applied to options - $ / shares

12 Months Ended

Nov. 02, 2018

Dec. 31, 2020

Dec. 31, 2018

Share-based payment (Details) - Schedule of weighted average assumptions applied to options [Line Items]

Risk-free interest rate

^[1]

3.55%

Expected dividend yield

^[2]

0.00%

Volatility

48.00%

51.70%

^[3]

Exercise multiple (in Dollars per share)

^[4]

$ 2.2

Life of options

^[5]

10 years

Fair value of underlying ordinary shares (in Dollars per share)

^[6]

$ 515.40

Minimum [Member]

Share-based payment (Details) - Schedule of weighted average assumptions applied to options [Line Items]

Risk-free interest rate

^[1]

1.54%

Volatility

^[3]

50.20%

Exercise multiple (in Dollars per share)

^[4]

$ 2.2

Fair value of underlying ordinary shares (in Dollars per share)

^[6]

$ 976.98

Maximum [Member]

Share-based payment (Details) - Schedule of weighted average assumptions applied to options [Line Items]

Risk-free interest rate

^[1]

1.61%

Volatility

^[3]

51.80%

Exercise multiple (in Dollars per share)

^[4]

$ 2.8

Fair value of underlying ordinary shares (in Dollars per share)

^[6]

$ 1,316.40

[1]	Risk-free interest rate Risk-free interest rate was estimated based on the market yield of US Government Bond with maturity close to the expected term of the options, plus country risk spread.
[2]	Expected dividend yield The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.
[3]	Volatility The volatility of the underlying ordinary shares during the lives of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options.
[4]	Exercise multiple Exercise multiple represents the value of the underlying share as a multiple of exercise price of the option which, if achieved, results in exercise of the option.
[5]	Life of options Life of options was extracted from option agreements.
[6]	Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a valuation with the assistance of a third party appraiser.

Share-based payment (Details) - Schedule non-vested shares activity - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-vested share [Member]
Share-based payment (Details) - Schedule non-vested shares activity [Line Items]
Number of non-vested shares, Outstanding at the beginning balance	20,523	34,800	43,723
Weighted Average Grant date fair value per share, Outstanding at the beginning balance	$ 182.13	$ 149.40	$ 139.80
Number of non-vested shares, Forfeited			(8,923)
Weighted Average Grant date fair value per share, Forfeited			$ 102.35
Number of non-vested shares, Outstanding at the ending balance		20,523	34,800
Weighted Average Grant date fair value per share, Outstanding at the ending balance		$ 182.13	$ 149.40
Number of non-vested shares, transfer to non-vested share units	(20,523)	(14,277)
Weighted Average Grant date fair value per share, transfer to non-vested share units	$ 182.13	$ 102.35
Non-vested share units [Member]
Share-based payment (Details) - Schedule non-vested shares activity [Line Items]
Number of non-vested shares, Outstanding at the beginning balance	123,575	114,117	120,007
Weighted Average Grant date fair value per share, Outstanding at the beginning balance	$ 143.89	$ 153.83	$ 155.55
Number of non-vested shares, Forfeited	(446)	(4,819)	(5,890)
Weighted Average Grant date fair value per share, Forfeited	$ 227.24	$ 255.99	$ 188.84
Number of non-vested shares, Outstanding at the ending balance	143,652	123,575	114,117
Weighted Average Grant date fair value per share, Outstanding at the ending balance	$ 149.10	$ 143.89	$ 153.83
Number of non-vested shares, transfer to non-vested share units	20,523	14,277
Weighted Average Grant date fair value per share, transfer to non-vested share units	$ 182.13	$ 102.35

Mainland China Contribution Plan (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Apr. 01, 2021	Dec. 31, 2020	Jun. 30, 2020	Apr. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Total employee benefits			$ 2,192			$ 2,722	$ 4,262
Employee benefits	$ 1,281	$ 640		$ 954	$ 418

Statutory Reserves and Restricted Net Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statutory Reserves and Restricted Net Assets [Abstract]
Reserve percentage	10.00%
Restricted net asset	$ 156,333	$ 156,333

Segment Information (Details)	6 Months Ended	12 Months Ended
Segment Information (Details)	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting [Abstract]
Operating segment	1	1
Reporting segment.	1	1

Segment Information (Details) - Schedule of assets and revenues major geographic regions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 107,518	$ 76,434	$ 174,235
Revenue percentage	100.00%	100.00%	100.00%
PRC [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 66,160	$ 49,346	$ 146,235
Revenue percentage	62.00%	64.00%	84.00%
India [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 8,570	$ 4,988
Revenue percentage	8.00%	7.00%	0.00%
Russia [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 5,671	$ 3,673	$ 10,869
Revenue percentage	5.00%	5.00%	6.00%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 2,254	$ 7,430	$ 236
Revenue percentage	2.00%	10.00%	0.00%
Asia & Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 82,655	$ 65,437	$ 157,340
Revenue percentage	77.00%	86.00%	90.00%
United kingdom [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 11,544	$ 668	$ 595
Revenue percentage	11.00%	1.00%	0.00%
Netherlands [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 5,326	$ 1,384	$ 1,621
Revenue percentage	5.00%	2.00%	1.00%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 7,444	$ 8,627	$ 14,352
Revenue percentage	7.00%	11.00%	9.00%
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 24,314	$ 10,679	$ 16,568
Revenue percentage	23.00%	14.00%	10.00%
Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 549	$ 318	$ 327
Revenue percentage	0.00%	0.00%	0.00%

Related party balances and transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Related party balances and transactions (Details) [Line Items]
Loans from related parties, accumulative amount			$ 8,426	$ 10,456
Outstanding balance due from related party
Ochemate [Member]
Related party balances and transactions (Details) [Line Items]
Loans from related parties, accumulative amount					18,889	15,142
ochem [member]
Related party balances and transactions (Details) [Line Items]
Loans from related parties, accumulative amount	$ 4,184	$ 4,531
ochem [member]
Related party balances and transactions (Details) [Line Items]
Loans from related parties, accumulative amount					$ 18,889	$ 15,142

Related party balances and transactions (Details) - Schedule of amount due from related party - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Amount due from related party:

Amount due from related party-Ochem(i)

^[1]

$ 1,856

Total

$ 1,856

[1]	The balance represents advance payment for materials purchased from Ochem.

Related party balances and transactions (Details) - Schedule of related parties transactions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Ochem [Member]
Related Party Transaction [Line Items]
Raw material purchased from Ochem			$ 30
Raw material sold to Ochem	167
Ochemate [Member]
Related Party Transaction [Line Items]
Raw material purchased from Ochemate			$ 2

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
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+ Details

Net Loss Per Share (Details) - Schedule of computation of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss attributable to ordinary shareholders	$ (39,148)	$ (19,671)	$ (67,461)	$ (42,613)	$ (80,963)	$ (115,479)	$ (100,033)
Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share	617,880	617,880	617,880	617,880	617,880	617,880	617,880
Basic and diluted net loss per share	$ (63.36)	$ (31.84)	$ (109.18)	$ (68.97)	$ (131.03)	$ (186.90)	$ (161.90)

Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share - shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon exercise of share options	210,683	42,815	212,019	42,840	114,065	50,594	55,998
Shares issuable upon vesting of non-vested shares				1,015	450	29,401	39,262
Shares issuable upon conversion of Series						16,304	195,653
Shares issuable upon conversion of noncontrolling interests of a subsidiary					107,650	107,650	67,694
Shares issuable upon conversion of Series B1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series						8,137	97,642
Shares issuable upon conversion of Series B2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	53,319	53,319	53,319	53,319	53,319	53,319	53,319
Shares issuable upon conversion of Series C1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	166,950	166,950	166,950	166,950	166,950	153,038
Shares issuable upon conversion of Series C2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	126,345	126,345	126,345	126,345	126,345	115,816
Shares issuable upon conversion of Series EEL/D1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	139,186	139,186	139,186	139,186	139,186	139,186	139,186
Shares issuable upon conversion of Series D2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	102,512	102,512	102,512	102,512	102,512	102,512	17,085

Commitments and Contingencies (Details) - USD ($) $ in Thousands			6 Months Ended	12 Months Ended
	Dec. 02, 2020	Sep. 04, 2017	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 19, 2015
Commitments and Contingencies (Details) [Line Items]
Ordinary shares (in Shares)		2,600	617,880	617,880	617,880
Settlement amount total	$ 1,980
Settlement amount	500
Settlement amount	$ 1,480			$ 1,480
Capital commitments				$ 30,706
Other equity remedies		$ 1,000
Capital Commitments [Member]
Commitments and Contingencies (Details) [Line Items]
Capital commitments			$ 9,141
Mr. Xu’s [Member]
Commitments and Contingencies (Details) [Line Items]
Ordinary shares (in Shares)						15,400
Mr. Smith [Member]
Commitments and Contingencies (Details) [Line Items]
Commitment, description		(1) a declaration that he owns the 2,600 ordinary shares and (2) various damages and other equitable remedies over $1,000.

Commitments and Contingencies (Details) - Schedule of future minimum payments under lease commitments $ in Thousands	Dec. 31, 2020 USD ($)
Schedule of future minimum payments under lease commitments [Abstract]
2021	$ 3,539
2022	3,376
2023	3,001
2024	2,426
2025	2,025
Thereafter	19,675
Future minimum payments	$ 34,042

Subsequent Events (Details) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
Subsequent Events (Details) $ in Thousands	Jul. 23, 2021 USD ($) shares	Jan. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Feb. 28, 2021 USD ($)	Jan. 04, 2021 USD ($)	Sep. 04, 2017 shares
Subsequent Events (Details) [Line Items]
Convertible promissory notes			$ 64,343
Interest rate									6.00%
Convertible promissory notes								$ 32,500
Proceeds from bank loans			$ 26,603	$ 9,473	$ 17,308	$ 17,735	$ 62,432
Aggregate of shares (in Shares) \| shares			617,880		617,880	617,880				2,600
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Convertible promissory notes									$ 57,500
Convertible promissory notes		$ 25,000
Acquisition of building cost		$ 18,300
Proceeds from bank loans			$ 9,921
Net proceeds	$ 708,400
Proceeds from convertible notes	$ 57,500
Aggregate of shares (in Shares) \| shares	210,000,000
Exchange ratio	160.3
Ownership interest	69.90%
PRC [Member] \| Minimum [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Interest rate			5.00%
PRC [Member] \| Maximum [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Interest rate			6.00%

Reclassification of the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
Inventory impairment	$ 1,343	$ 4,233	$ 13,622

Reclassification of the Consolidated Statements of Operations (Details) - Reclassification Of The Unaudited Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
As previously reported [Member]
Condensed Financial Statements, Captions [Line Items]
Cost of revenues	$ (89,035)	$ (72,432)	$ (139,764)
Gross profit	18,483	4,002	34,471
General and administrative expenses	(20,192)	(19,399)	(47,851)
Total operating expenses	(50,590)	(61,106)	(93,697)
Adjustment [Member]
Condensed Financial Statements, Captions [Line Items]
Cost of revenues	(1,343)	(4,233)	(13,622)
Gross profit	(1,343)	(4,233)	(13,622)
General and administrative expenses	1,343	4,233	13,622
Total operating expenses	1,343	4,233	13,622
As corrected [Member]
Condensed Financial Statements, Captions [Line Items]
Cost of revenues	(90,378)	(76,665)	(153,386)
Gross profit	17,140	(231)	20,849
General and administrative expenses	(18,849)	(15,166)	(34,229)
Total operating expenses	$ (49,247)	$ (56,873)	$ (80,075)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Balance Sheet - Parent Company [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,600	$ 5,378
Prepaid expenses and other current assets	126	9
Amount due from subsidiaries	3,081	3,081
Total Current Assets	4,807	8,468
Property, plant and equipment, net	3	1
Other non-current assets	377
Investments in subsidiaries	6,122
Total Assets	11,309	8,469
Liabilities
Accrued expenses and other current liabilities		2
Income tax payables	557	557
Amount due to subsidiaries	64,432	12
Total Current Liabilities	64,989	571
Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”)	21,792	21,792
Deficits of investments in subsidiaries		28,648
Total Liabilities	86,781	51,011
Mezzanine Equity
Series C1 convertible redeemable preferred shares (“Series C1 Preferred”) (US$0.01 par value; 166,950 shares authorized, issued and outstanding as of December 31, 2019 and 2020)	80,581	76,684
Series C2 convertible redeemable preferred shares (“Series C2 Preferred”) (US$0.01 par value; 126,345 shares authorized, issued and outstanding as of December 31, 2019 and 2020)	81,966	73,100
Series D1 convertible redeemable preferred shares (“Series D1 Preferred”) (US$0.01 par value; 139,186 shares authorized, issued and outstanding as of December 31, 2019 and 2020)	146,583	127,935
Total Mezzanine Equity	309,130	277,719
Shareholders’ Deficit
Ordinary shares (par value of US$0.01 per share, 1,500,000 shares authorized as of December 31, 2019 and 2020; 617,880 shares issued and outstanding as of December 31, 2019 and 2020)	6	6
Additional paid-in capital		3,727
Accumulated deficit	(391,964)	(314,728)
Accumulated other comprehensive deficit	7,356	(9,266)
Total Shareholders’ Deficit	(384,602)	(320,261)
Total Liabilities, Mezzanine Equity and Shareholders’ Deficit	$ 11,309	$ 8,469

Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Balance Sheet (Parentheticals) - Parent Company [Member] - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, per share (in Dollars per share)	$ 0.01	$ 0.01
Ordinary shares, authorized	1,500,000	1,500,000
Ordinary shares, issued	617,880	617,880
Ordinary shares, outstanding	617,880	617,880
Series C1 convertible redeemable preferred shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Convertible redeemable preferred shares, authorized	166,950	166,950
Convertible redeemable preferred shares, issued	166,950	166,950
Convertible redeemable preferred shares, outstanding	166,950	166,950
Series C2 Convertible Redeemable Preferred Share [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Convertible redeemable preferred shares, authorized	126,345	126,345
Convertible redeemable preferred shares, issued	126,345	126,345
Convertible redeemable preferred shares, outstanding	126,345	126,345
Series D1 Convertible Redeemable Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Convertible redeemable preferred shares, authorized	139,186	139,186
Convertible redeemable preferred shares, issued	139,186	139,186
Convertible redeemable preferred shares, outstanding	139,186	139,186

Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Statement of Operations - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Income Statements, Captions [Line Items]
Revenues from subsidiaries	$ 199	$ 289	$ 371
Gross profit	199	289	371
Operating expenses:
General and administrative expenses	(3,340)	(2,360)	(3,909)
Total operating expenses	(3,340)	(2,360)	(3,909)
Subsidy income	224
Loss from operations	(2,917)	(2,071)	(3,538)
Other income and expenses:
Interest income	38	134	25
Loss before provision for income taxes	(2,879)	(1,937)	(3,513)
Income tax expense			(3,309)
Loss from investment in subsidiaries and variable interest entities	(30,746)	(55,603)	(48,070)
Net loss attributable to Microvast, Inc.	$ (33,625)	$ (57,540)	$ (54,892)

Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Statements of Comprehensive Loss - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Statement of Income Captions [Line Items]
Net loss	$ (33,625)	$ (57,540)	$ (54,892)
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment	16,622	(3,965)	(30,088)
Total comprehensive loss	$ (17,003)	$ (61,505)	$ (84,980)

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Statements of Cash Flows - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	$ (3,398)	$ (6,736)	$ (5,416)
Net cash used in investing activities	(380)
Cash flows from financing activities Repurchase shares from former shareholders			(3,728)
Net cash used in financing activities			(3,728)
Decrease in cash, cash equivalents and restricted cash	(3,778)	(6,736)	(9,144)
Cash, cash equivalents and restricted cash at beginning of the year	5,378	12,114	21,258
Cash, cash equivalents and restricted cash at end of the year	$ 1,600	$ 5,378	$ 12,114

Accounts Receivable (Details) - Schedule of accounts receivable - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of accounts receivable [Abstract]
Accounts receivable	$ 69,996	$ 81,345	$ 73,178
Allowance for doubtful accounts	(4,743)	(5,047)	(5,537)
Accounts receivable, net	$ 65,253	$ 76,298	$ 67,641

Accounts Receivable (Details) - Schedule of allowance for doubtful accounts - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of allowance for doubtful accounts [Abstract]
Balance at beginning of the period	$ 4,416	$ 4,524	$ 5,047	$ 5,537
Charge to expenses	318		(196)	(863)
Write off	(28)		(131)
Exchange difference	37	10	23	(140)
Balance at end of the period	$ 4,743	$ 4,534	$ 4,743	$ 4,534

Inventories, Net (Details) - Schedule of Inventories consisted - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Inventories consisted [Abstract]
Work in process	$ 21,090	$ 22,167	$ 27,854
Raw materials	20,223	17,451	17,201
Finished goods	14,087	5,350	12,249
Total	$ 55,400	$ 44,968	$ 57,304

Prepaid Expenses and Other Current Assets (Details) - Schedule of receivables represented the amount available for future deduction against VAT payable - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of receivables represented the amount available for future deduction against VAT payable [Abstract]
Advances to suppliers	$ 4,857	$ 2,117	$ 1,038
Other receivables	1,242	688	627
VAT receivables	1,342	2,471	1,748
Deposits	751	746	535
Total	$ 8,192	$ 6,022	$ 3,948

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of accrued expenses and other current liabilities [Abstract]
Payables to exiting investors		$ 30,000
Payables for purchase of property, plant and equipment	14,103	15,122	23,515
Product warranty	10,299	4,296	3,723
Other current liabilities	4,148	3,959
Accrued payroll and welfare	2,789	2,704	2,577
Interest payable	2,239	1,379
Accrued expenses	1,713	1,696	2,103
Other tax payable	306	1,472	494
Total	$ 35,597	$ 60,628	$ 34,995

Product Warranty (Details) - Schedule of movement of product warranty - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule of movement of product warranty [Abstract]
Balance at beginning of the period	$ 19,105	$ 17,299	$ 19,356	$ 18,416
Provided during the period	8,148	842	9,057	951	$ 3,477	$ 3,501
Utilized during the period	(1,710)	(783)	(2,870)	(2,009)	$ 2,537	$ 1,650
Balance at end of the period	$ 25,543	$ 17,358	$ 25,543	$ 17,358

Product Warranty (Details) - Schedule of warranty cost - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of warranty cost [Abstract]
Product warranty – current	$ 10,299	$ 4,296	$ 3,723
Product warranty – non-current	15,244	15,060	$ 14,693
Total	$ 25,543	$ 19,356

Bank Borrowings (Details) - Schedule of various loan agreements - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule of various loan agreements [Abstract]
Beginning balance	$ 13,156	$ 5,649	$ 12,184	$ 11,922
Proceeds from bank borrowings	13,158	3,714	26,603	9,473
Repayments of principal			(12,265)	(11,894)	$ (17,815)	$ (71,674)
Exchange difference	(144)	22	(64)	(89)	769	(406)
Ending balance	26,458	$ 9,412	26,458	$ 9,412
Current	16,572		16,572		12,184	11,922
Non-current	9,886		9,886
Total	$ 26,458		$ 26,458		$ 12,184	$ 11,922

Bank Borrowings (Details) - Schedule of banking facilities and aggregate carrying amount - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of banking facilities and aggregate carrying amount [Abstract]
Buildings	$ 31,877	$ 22,732	$ 22,414
Machinery and equipment	17,835	19,297	20,936
Land use rights	4,466	2,789	2,672
Total	$ 54,178	$ 44,818	$ 46,022

Other Non-Current Liabilities (Details) - Schedule of other Non-Current Liabilities - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of other non-current liabilities [Abstract]
Payable to exiting investors	$ 97,979	$ 94,316	$ 114,870
Product warranty – non-current	15,244	15,060	14,693
Deferred subsidy income- non-current	1,139	1,221	1,389
Total	$ 114,362	$ 110,597	$ 130,952

Bonds Payable (Details) - Schedule of bonds payable - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Bonds payable
Bonds payable, Total	$ 29,915	$ 29,915	$ 73,803
Long-term bonds payable
Long-term bonds payable, Total	137,490	73,147
Third-party investors [Member]
Bonds payable
Bonds payable, Total	29,915	29,915	29,915
Long-term bonds payable
Long-term bonds payable, Total	64,343
Huzhou Saiyuan [Member]
Bonds payable
Bonds payable, Total			$ 43,888
Long-term bonds payable
Long-term bonds payable, Total	$ 73,147	$ 73,147

Bonds Payable (Details) - Schedule of repayments and interests - 6 months ended Jun. 30, 2021 $ in Thousands, ¥ in Millions	USD ($)	CNY (¥)
June 30, 2023 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Issuance Date	Feb. 01, 2019	Feb. 01, 2019
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200
Maturity Date	Jun. 30, 2023	Jun. 30, 2023
Repayment Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200
April 28, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Issuance Date	Dec. 31, 2018	Dec. 31, 2018
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200
Maturity Date	Apr. 28, 2024	Apr. 28, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100
July 11, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Jul. 11, 2024	Jul. 11, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 7,315	¥ 50
October 1, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Oct. 01, 2024	Oct. 01, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 7,315	¥ 50
April 13, 2026 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Issuance Date	Jan. 01, 2020	Jan. 01, 2020
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100
Maturity Date	Apr. 13, 2026	Apr. 13, 2026
Repayment Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100
Minimum [Member] \| June 30, 2023 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	3.00%	3.00%
Minimum [Member] \| April 28, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	0.00%	0.00%
Minimum [Member] \| July 11, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	0.00%	0.00%
Minimum [Member] \| October 1, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	0.00%	0.00%
Minimum [Member] \| April 13, 2026 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	3.00%	3.00%
Maximum [Member] \| June 30, 2023 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%
Maximum [Member] \| April 28, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%
Maximum [Member] \| July 11, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%
Maximum [Member] \| October 1, 2024 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%
Maximum [Member] \| April 13, 2026 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Annual Interest Rate	4.00%	4.00%

Fair Value Measurement (Details) - Schedule of assumptions used in valuation of convertible notes	6 Months Ended
	Jun. 30, 2021
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Probability for Conversion	90.00%
Probability for Redemption	10.00%
Minimum [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Remaining life	1 month 6 days
Maximum [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Remaining life	2 years 6 months

Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents	$ 13,367	$ 21,496
Restricted cash	20,460	19,700
Convertible notes	64,343
Total	98,170	41,196
Quoted Prices in Active Market for Identical Assets (Level 1) [Member]
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents	13,367	21,496
Restricted cash	20,460	19,700
Convertible notes
Total	33,827	41,196
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents
Restricted cash
Convertible notes
Total
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents
Restricted cash
Convertible notes	64,343
Total	$ 64,343

Fair Value Measurement (Details) - Schedule of reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Schedule of reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis [Abstract]
Beginning balance	$ 61,100
Issuance of convertible notes		57,500
Changes in fair value of convertible notes	3,243	3,600
Ending balance	$ 64,343	$ 61,100

Preferred Shares (Details) - Schedule of preferred shares issued and outstanding - shares	6 Months Ended
	Jun. 30, 2021	Jan. 01, 2018
Preferred Units [Line Items]
Number of Shares	432,481	432,481
Series C1 Preferred [Member]
Preferred Units [Line Items]
Number of Shares	166,950
Shareholders	Ashmore Global Special Situations Fund 4 Limited Partnership and Ashmore Global Special Situations Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”)
Series C2 Preferred [Member]
Preferred Units [Line Items]
Number of Shares	126,345
Shareholders	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series D1 Preferred [Member]
Preferred Units [Line Items]
Number of Shares	139,186
Shareholders	Evergreen Ever Limited (“EEL”)

Preferred Shares (Details) - Schedule of balance of Series Preferred and redeemable noncontrolling interests - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Series C1 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 81,584	$ 80,581	$ 77,658	$ 76,684	$ 76,684
Accretion	1,003	1,003	974	974
Ending balance	82,587	81,584	78,632	77,658	80,581
Series C2 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	84,247	81,966	75,317	73,100	73,100
Accretion	2,281	2,281	2,217	2,217
Ending balance	86,528	84,247	77,534	75,317	81,966
Series D1 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	151,342	146,583	132,597	127,935	127,935
Accretion	4,759	4,759	4,662	4,662
Ending balance	156,101	151,342	137,259	132,597	146,583
Redeemable noncontrolling interests [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	93,397	90,820	83,113	80,561	80,561
Accretion	2,606	2,577	2,552	2,552	10,259
Ending balance	$ 96,003	$ 93,397	$ 85,665	$ 83,113	$ 90,820

Share-based payment (Details) - Schedule of stock option activity plan - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Schedule of stock option activity plan [Abstract]
Number of shares, Outstanding at beginning (in Shares)	211,006	216,706	42,815	47,277
Weighted average exercise price Outstanding at beginning		$ 991.99		$ 881.97
Weighted average grant date fair value, Outstanding at beginning	$ 468.41	$ 468.60	$ 349.95	$ 343.83
Weighted average remaining contractual life, Outstanding at beginning		9 years		7 years 1 month 6 days
Number of shares, Forfeited (in Shares)	(800)	(5,700)		(4,462)
Weighted average exercise price, Forfeited	$ 1,005.85	$ 1,005.85		$ 366.00
Weighted average grant date fair value, Forfeited	$ 475.71	$ 475.71		$ 285.11
Number of shares, Outstanding at ending (in Shares)	210,206	211,006	42,815	42,815
Weighted average exercise price, Outstanding at ending	$ 991.57	$ 991.62	$ 935.74	$ 935.74
Weighted average grant date fair value, Outstanding at ending	$ 468.38	$ 468.41	$ 349.95	$ 349.95
Weighted average remaining contractual life, Outstanding at ending	8 years 6 months	8 years 8 months 12 days	6 years 9 months 18 days	7 years
Number of shares, Expected to vest and exercisable (in Shares)	210,206		42,815
Weighted average exercise price, Expected to vest and exercisable	$ 991.57		$ 935.74
Weighted average grant date fair value, Expected to vest and exercisable	$ 468.38		$ 349.95
Weighted average remaining contractual life, Expected to vest and exercisable	8 years 6 months		6 years 9 months 18 days

Share-based payment (Details) - Schedule non-vested shares activity - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Non-Vested Share [Member]
Share-based payment (Details) - Schedule non-vested shares activity [Line Items]
Weighted average grant date fair value per share, outstanding at beginning		$ 182.13	$ 182.13
Weighted average grant date fair value per share, transfer from non-vested shares		182.13
Weighted average grant date fair value per share, outstanding at ending
Weighted average grant date fair value per share, Outstanding as of June 30, 2020
Non-Vested Share [Member] \| Non-vested share [Member]
Share-based payment (Details) - Schedule non-vested shares activity [Line Items]
Number of non-vested shares, outstanding at beginning		20,523	20,523
Number of non-vested shares, transfer from non-vested shares		(20,523)
Number of non-vested shares, outstanding at ending
Number of non-vested shares, Outstanding as of June 30, 2020
Non-Vested Share Units [Member]
Share-based payment (Details) - Schedule non-vested shares activity [Line Items]
Weighted average grant date fair value per share, outstanding at beginning	$ 149.10	$ 143.89	$ 143.89
Weighted average grant date fair value per share, forfeited		227.24
Weighted average grant date fair value per share, transfer from non-vested shares		182.13
Weighted average grant date fair value per share, outstanding at ending	$ 149.10	149.10	$ 149.10
Weighted average grant date fair value per share, Outstanding as of June 30, 2020		$ 149.10
Non-Vested Share Units [Member] \| Non-vested share [Member]
Share-based payment (Details) - Schedule non-vested shares activity [Line Items]
Number of non-vested shares, outstanding at beginning	143,652	123,575	123,575
Number of non-vested shares, forfeited		(446)
Number of non-vested shares, transfer from non-vested shares		20,523
Number of non-vested shares, outstanding at ending	143,652	143,652	143,652
Number of non-vested shares, Outstanding as of June 30, 2020		143,652

Segment Information (Details) - Schedule of long-lived assets - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Segment Information (Details) - Schedule of long-lived assets [Line Items]
Long-lived assets by region	$ 231,673	$ 212,018
Long-lived assets percentage by region	100.00%	100.00%
PRC [Member]
Segment Information (Details) - Schedule of long-lived assets [Line Items]
Long-lived assets by region	$ 191,182	$ 198,921
Long-lived assets percentage by region	83.00%	94.00%
Asia & Pacific [Member]
Segment Information (Details) - Schedule of long-lived assets [Line Items]
Long-lived assets by region	$ 191,182	$ 198,921
Long-lived assets percentage by region	83.00%	94.00%
Germany [Member]
Segment Information (Details) - Schedule of long-lived assets [Line Items]
Long-lived assets by region	$ 21,462	$ 12,747
Long-lived assets percentage by region	9.00%	6.00%
United Kingdom [Member]
Segment Information (Details) - Schedule of long-lived assets [Line Items]
Long-lived assets by region	$ 99	$ 120
Long-lived assets percentage by region	0.00%	0.00%
Europe [Member]
Segment Information (Details) - Schedule of long-lived assets [Line Items]
Long-lived assets by region	$ 21,561	$ 12,867
Long-lived assets percentage by region	9.00%	6.00%
United States [Member]
Segment Information (Details) - Schedule of long-lived assets [Line Items]
Long-lived assets by region	$ 18,930	$ 230
Long-lived assets percentage by region	8.00%	0.00%

Segment Information (Details) - Schedule of revenues - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue by region	$ 33,372	$ 21,698	$ 48,310	$ 28,647
Revenue percentage by region	100.00%	100.00%	100.00%	100.00%
PRC [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 21,650	$ 8,680	$ 32,292	$ 11,610
Revenue percentage by region	65.00%	40.00%	67.00%	41.00%
India [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 1,998	$ 738	$ 3,269	$ 1,135
Revenue percentage by region	6.00%	3.00%	7.00%	4.00%
Russia [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 3,267	$ 5,052	$ 3,724	$ 5,535
Revenue percentage by region	10.00%	23.00%	8.00%	19.00%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 2,169	$ 332	$ 2,283	$ 407
Revenue percentage by region	6.00%	2.00%	5.00%	1.00%
Asia & Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 29,084	$ 14,802	$ 41,568	$ 18,687
Revenue percentage by region	87.00%	68.00%	87.00%	65.00%
United Kingdom [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 3,508	$ 1,212	$ 5,212	$ 3,504
Revenue percentage by region	11.00%	6.00%	10.00%	12.00%
Netherlands [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 2	$ 4,187	$ 22	$ 4,192
Revenue percentage by region	0.00%	19.00%	0.00%	15.00%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 721	$ 1,491	$ 1,324	$ 2,234
Revenue percentage by region	2.00%	7.00%	3.00%	8.00%
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 4,231	$ 6,890	$ 6,558	$ 9,930
Revenue percentage by region	13.00%	32.00%	13.00%	35.00%
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue by region	$ 57	$ 6	$ 184	$ 30
Revenue percentage by region	0.00%	0.00%	0.00%	0.00%

Related Party balance And transactions (Details) - Schedule of relationship with the group	6 Months Ended
	Jun. 30, 2021
Ochem [Member]
Related Party balance And transactions (Details) - Schedule of relationship with the group [Line Items]
Relationship	Controlled by CEO
Ochemate [Member]
Related Party balance And transactions (Details) - Schedule of relationship with the group [Line Items]
Relationship	Controlled by CEO

Related Party balance And transactions (Details) - Schedule of related party transactions - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of related party transactions [Abstract]
Raw material sold to Ochem	$ 138		$ 293

- Definition

+ References

+ Details

Net Loss Per Share (Details) - Schedule of computation of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss attributable to ordinary shareholders	$ (39,148)	$ (19,671)	$ (67,461)	$ (42,613)	$ (80,963)	$ (115,479)	$ (100,033)
Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share	617,880	617,880	617,880	617,880	617,880	617,880	617,880
Basic and diluted net loss per share	$ (63.36)	$ (31.84)	$ (109.18)	$ (68.97)

Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share - shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon exercise of share options	210,683	42,815	212,019	42,840	114,065	50,594	55,998
Shares issuable upon vesting of non-vested shares				1,015	450	29,401	39,262
Shares issuable upon conversion of Series						16,304	195,653
Shares issuable upon conversion of non-controlling interests of a subsidiary	107,650	107,650	107,650	107,650
Shares issuable upon conversion of Series B2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	53,319	53,319	53,319	53,319	53,319	53,319	53,319
Shares issuable upon conversion of Series C1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	166,950	166,950	166,950	166,950	166,950	153,038
Shares issuable upon conversion of Series C2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	126,345	126,345	126,345	126,345	126,345	115,816
Shares issuable upon conversion of Series D1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	139,186	139,186	139,186	139,186	139,186	139,186	139,186
Shares issuable upon conversion of Series D2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series	102,512	102,512	102,512	102,512	102,512	102,512	17,085

Commitments and Contingencies (Details) - Schedule of future minimum payments under lease commitments $ in Thousands	Jun. 30, 2021 USD ($)
Schedule of future minimum payments under lease commitments [Abstract]
Six months period ending December 31, 2021	$ 2,293
2022	3,637
2023	3,135
2024	2,361
2025	1,944
2026	1,944
Thereafter	17,596
Total	$ 32,910