0001213900-22-004172 | S-1/A | XBRL Viewer

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Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 572,609	$ 21,496	$ 27,978
Restricted cash	39,900	19,700	13,806
Accounts receivable	67,243	76,298	67,641
Notes receivable	10,260	20,839	33,356
Short-term investments			958
Inventories, net	47,820	44,968	57,304
Prepaid expenses and other current assets	12,964	6,022	3,948
Amount due from related parties	128		1,856
Total Current Assets	750,924	189,323	206,847
Property, plant and equipment, net	222,771	198,017	191,323
Land use rights, net	13,935	14,001	13,422
Acquired intangible assets, net	2,024	2,279	2,657
Other non-current assets	702	890	1,571
Total Assets	990,356	404,510	415,820
Current liabilities:
Accounts payable	36,557	42,007	35,580
Advance from customers	2,343	2,446	3,675
Accrued expenses and other current liabilities	48,065	60,628	34,995
Income tax payables	665	664	657
Short-term bank borrowings	22,851	12,184	11,922
Notes payable	43,131	35,782	35,166
Bonds payable		29,915	73,803
Total Current Liabilities	153,612	183,626	195,798
Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”)		21,792	21,792
Long-term bonds payable	73,147	73,147	29,259
Warrant liability	2,461
Share-based compensation liability	8,841
Other non-current liabilities	35,511	110,597	130,952
Total Liabilities	273,572	389,162	377,801
Mezzanine Equity (Note 15 and Note 17)
Series C1 convertible redeemable preferred shares (“Series C1 Preferred”)		80,581	76,684
Series C2 convertible redeemable preferred shares (“Series C2 Preferred”)		81,966	73,100
Series D1 convertible redeemable preferred shares (“Series D1 Preferred”)		146,583	127,935
Redeemable noncontrolling interests		90,820	80,561
Total Mezzanine Equity		399,950	358,280
Commitments and contingencies
Shareholders’ Deficit
Common stock value	30	6	6
Additional paid-in capital	1,291,199		3,727
Statutory reserves	6,032	6,032	6,032
Accumulated deficit	(585,460)	(397,996)	(320,760)
Accumulated other comprehensive income	4,983	7,356	(9,266)
Total Shareholders’ (Deficit)/Equity	716,784	(384,602)	(320,261)
Total Liabilities, Mezzanine Equity and Shareholders’ Equity	$ 990,356	$ 404,510	$ 415,820

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Net of allowance for doubtful accounts (in Dollars)	$ 4,796	$ 5,047	$ 5,537
Convertible redeemable preferred shares, issued			99,028,297
Common stock, par share (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	750,000,000	240,450,000	240,450,000
Common stock, shares issued	300,522,394	99,028,297	99,028,297
Common stock, shares outstanding	298,834,894	99,028,297	99,028,297
Series C1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized		26,757,258	26,757,258
Convertible redeemable preferred shares, issued		26,757,258	26,757,258
Convertible redeemable preferred shares, outstanding		26,757,258	26,757,258
Series C2 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized		20,249,450	20,249,450
Convertible redeemable preferred shares, issued		20,249,450	20,249,450
Convertible redeemable preferred shares, outstanding		20,249,450	20,249,450
Series D1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized		22,311,516	22,311,516
Convertible redeemable preferred shares, issued		22,311,516	22,311,516
Convertible redeemable preferred shares, outstanding		22,311,516	22,311,516

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 36,894	$ 30,753	$ 85,204	$ 59,400	$ 107,518	$ 76,434	$ 174,235
Cost of revenues	(72,779)	(27,075)	(129,100)	(50,950)	(90,378)	(76,665)	(153,386)
Gross profit/(loss)	(35,885)	3,678	(43,896)	8,450	17,140	(231)	20,849
Operating expenses:
General and administrative expenses	(57,058)	(4,721)	(67,810)	(12,670)	(18,849)	(15,166)	(34,229)
Research and development expenses	(13,518)	(4,558)	(23,199)	(12,518)	(16,637)	(25,995)	(32,448)
Selling and marketing expenses	(7,380)	(3,456)	(14,242)	(9,464)	(13,761)	(15,712)	(13,398)
Total operating expenses	(77,956)	(12,735)	(105,251)	(34,652)	(49,247)	(56,873)	(80,075)
Subsidy income	545	(39)	2,676	802	3,000	3,243	9,538
Loss from operations	(113,296)	(9,096)	(146,471)	(25,400)	(29,107)	(53,861)	(49,688)
Other income and expenses:
Interest income	97	66	304	502	571	884	2,007
Interest expense	(1,247)	(1,397)	(4,630)	(4,234)	(5,738)	(6,352)	(3,979)
Loss on changes in fair value of convertible notes	(3,018)		(9,861)
Gain on change in fair value of warrant liability	1,113		1,113
Other income (expense), net	(19)	68	25	63	650	(145)	(2,606)
Loss before provision for income taxes	(116,370)	(10,359)	(159,520)	(29,069)	(33,624)	(59,474)	(54,266)
Income tax benefit (expense)	(106)	270	(324)	(5)	(1)	(189)	(6,425)
Net loss	(116,476)	(10,089)	(159,844)	(29,074)	(33,625)	(59,663)	(60,691)
Less: Accretion of Series C1 Preferred	251	975	2,257	2,923
Less: Accretion of Series C2 Preferred	570	2,216	5,132	6,650
Less: Accretion of Series D1 Preferred	1,190	4,662	10,708	13,986
Net loss attributable to common stock shareholders of Microvast Holdings, Inc.	(120,003)	(21,944)	(187,464)	(64,557)
Less: Net loss attributable to noncontrolling interest						(2,123)	(5,799)
Net loss attributable to Microvast, Inc.					(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 for noncontrolling interests	$ 1,516	$ 4,002	$ 9,523	$ 11,924	15,927	15,050	13,502
Net loss attributable to ordinary shareholders of Microvast, Inc.					$ (80,963)	$ (115,479)	$ (100,033)
Net loss per share attributable to ordinary shareholders of Microvast Holdings, Inc.
Basic and diluted (in Dollars per share)	$ (0.49)	$ (0.22)	$ (1.27)	$ (0.65)	$ (0.82)	$ (1.17)	$ (1.01)
Weighted average shares used in calculating net loss per ordinary share
Basic and diluted (in Shares)	243,861,780	99,028,297	147,836,650	99,028,297	99,028,297	99,028,297	99,028,297

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (116,476)	$ (10,089)	$ (159,844)	$ (29,074)	$ (33,625)	$ (59,663)	$ (60,691)
Foreign currency translation adjustment	(3,130)	10,867	(2,373)	6,223	16,622	(3,949)	(28,029)
Comprehensive income/(loss)	$ (119,606)	$ 778	$ (162,217)	$ (22,851)	(17,003)	(63,612)	(88,720)
Less:
Comprehensive loss attributable to noncontrolling interests						(2,107)	(3,740)
Total comprehensive loss attributable to Microvast, Inc.					$ (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)/Equity - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Statutory reserves	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	99,028,297
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	99,028,297
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 of 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	99,028,297
Net loss			(29,074)					(29,074)
Accretion for Series C1 Preferred		(2,923)						(2,923)
Accretion for Series C2 Preferred		(804)	(5,846)					(6,650)
Accretion for Series D1 Preferred			(13,986)					(13,986)
Accretion for the exiting noncontrolling interests			(4,243)					(4,243)
Foreign currency translation adjustments				6,223				6,223
Accretion for redeemable noncontrolling interests			(7,681)					(7,681)
Balance at Sep. 30, 2020	$ 6		(381,590)	(3,043)	6,032			(378,595)
Balance (in Shares) at Sep. 30, 2020	99,028,297
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	99,028,297
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 of 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	99,028,297
Balance at Jun. 30, 2020	$ 6		(359,646)	(13,910)	6,032			(367,518)
Balance (in Shares) at Jun. 30, 2020	99,028,297
Net loss			(10,089)					(10,089)
Accretion for Series C1 Preferred			(975)					(975)
Accretion for Series C2 Preferred			(2,216)					(2,216)
Accretion for Series D1 Preferred			(4,662)					(4,662)
Accretion for the exiting noncontrolling interests			(1,425)					(1,425)
Foreign currency translation adjustments				10,867				10,867
Accretion for redeemable noncontrolling interests			(2,577)					(2,577)
Balance at Sep. 30, 2020	$ 6		(381,590)	(3,043)	6,032			(378,595)
Balance (in Shares) at Sep. 30, 2020	99,028,297
Balance at Dec. 31, 2020	$ 6		(397,996)	7,356	6,032			(384,602)
Balance (in Shares) at Dec. 31, 2020	99,028,297
Net loss			(159,844)					(159,844)
Accretion for Series C1 Preferred			(2,257)					(2,257)
Accretion for Series C2 Preferred			(5,132)					(5,132)
Accretion for Series D1 Preferred			(10,708)					(10,708)
Accretion for the exiting noncontrolling interests			(3,682)					(3,682)
Issuance of common stock upon the reverse recapitalization, net of issuance costs of $42.8 million (Note 3)	$ 23	1,241,648						1,241,671
Issuance of common stock upon the reverse recapitalization, net of issuance costs of $42.8 million (Note 3) (in Shares)	191,254,950
Share-based compensation	$ 1	49,551						49,552
Share-based compensation (in Shares)	8,551,647
Foreign currency translation adjustments				(2,373)				(2,373)
Accretion for redeemable noncontrolling interests			(5,841)					(5,841)
Balance at Sep. 30, 2021	$ 30	1,291,199	(585,460)	4,983	6,032			716,784
Balance (in Shares) at Sep. 30, 2021	298,834,894
Balance at Jun. 30, 2021	$ 6		(465,457)	8,113	6,032			(451,306)
Balance (in Shares) at Jun. 30, 2021	99,028,297
Net loss			(116,476)					(116,476)
Accretion for Series C1 Preferred			(251)					(251)
Accretion for Series C2 Preferred			(570)					(570)
Accretion for Series D1 Preferred			(1,190)					(1,190)
Accretion for the exiting noncontrolling interests			(858)					(858)
Issuance of common stock upon the reverse recapitalization, net of issuance costs of $42.8 million (Note 3)	$ 23	1,241,648						1,241,671
Issuance of common stock upon the reverse recapitalization, net of issuance costs of $42.8 million (Note 3) (in Shares)	191,254,950
Share-based compensation	$ 1	49,551						49,552
Share-based compensation (in Shares)	8,551,647
Foreign currency translation adjustments				(3,130)				(3,130)
Accretion for redeemable noncontrolling interests			(658)					(658)
Balance at Sep. 30, 2021	$ 30	$ 1,291,199	$ (585,460)	$ 4,983	$ 6,032			$ 716,784
Balance (in Shares) at Sep. 30, 2021	298,834,894

Unaudited Condensed Consolidated Statements of Changes in Shareholders' (Deficit)/Equity (Parentheticals) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Issuance of common stock upon the reverse recapitalization	$ 42.8	$ 42.8

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net loss	$ (159,844)	$ (29,074)	$ (33,625)	$ (59,663)	$ (60,691)
Adjustments to reconcile net income to net cash used in operating activities:
Loss on disposal of property, plant and equipment	6	205	207	(458)	1,204
Depreciation of property, plant and equipment	14,398	11,384	16,097	14,676	12,180
Amortization of land use right and intangible assets	499	529	695	711	566
Share-based compensation	58,290
Changes in fair value of warrant liability	(1,113)
Changes in fair value of convertible notes	9,861
(Reversal) allowance of doubtful accounts	261	(861)	(240)	(4,250)	10,142
Provision for obsolete inventories	12,667	1,326	1,343	4,233	13,622
Impairment loss from property, plant and equipment	867	645	567	2,908	1,239
Product warranty	44,610	2,468	3,477	3,501	8,342
Changes in operating assets and liabilities:
Notes receivable	10,782	10,630	13,940	31,834	16,453
Accounts receivable	9,425	11,782	(3,599)	46,928	20,627
Inventories	(15,127)	6,021	13,611	10,446	7,108
Prepaid expenses and other current assets	(6,874)	(625)	(1,693)	1,424	10,696
Deferred tax assets, net					5,887
Amount due from/to related parties	(128)	1,859	1,872	(1,158)	(423)
Other non-current assets	52	(154)	(139)	280	747
Notes payable	6,868	(8,612)	(1,643)	(25,896)	(25,630)
Accounts payable	(5,944)	(2,545)	3,818	(12,880)	(28,380)
Advance from customers	(130)	(1,165)	(1,395)	2,296	579
Accrued expenses and other liabilities	(6,371)	1,981	2,256	(1,480)	213
Other non-current liabilities	2,292
Income tax payables		5	7	(81)	27
Net cash generated from/(used in) operating activities	(24,653)	5,799	15,556	13,371	(5,492)
Cash flows from investing activities
Purchases of property, plant and equipment	(40,718)	(15,375)	(18,645)	(20,260)	(29,812)
Purchase of intangible assets					(551)
Proceeds on disposal of property, plant and equipment		6	13	24	35
Purchase of short-term investments		(2,002)	(4,635)	(20,353)	(17,997)
Proceeds from maturity of short-term investments		2,946	5,593	36,635	204,373
Net cash used in investing activities	(40,718)	(14,425)	(17,674)	(3,954)	156,048
Cash flows from financing activities
Proceeds from borrowings	26,603	15,230	17,308	17,735	62,432
Repayment of loan				(14,475)
Repayment of bank borrowings	(15,665)	(17,590)	(17,815)	(71,674)	(41,913)
Loans borrowing from related parties	8,426	18,063	18,889	15,142	53,110
Repayment of related party loans	(8,426)	(18,063)	(18,889)	(15,142)	(53,110)
Merger and Private Investment in Public Equity (“PIPE”) financing	747,791
Payment for transaction fee in connection with the merger	(42,821)
Payment to exited noncontrolling interests (Note 14)	(139,038)
Issuance of convertible notes	57,500
Repurchase of Series B2 Preferred					(3,728)
Repurchase shares from exiting noncontrolling interests				(32,700)	(211,566)
Issuance of convertible bonds				48,934	24,869
Net cash (used in)/generated from financing activities	634,370	(2,360)	(507)	(52,180)	(169,906)
Effect of exchange rate changes	2,314	534	2,037	(994)	(12,623)
(Decrease) Increase in cash, cash equivalents and restricted cash	571,313	(10,452)	(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	612,509	31,332	41,196	41,784	85,541
Reconciliation to amounts on consolidated balance sheets
Cash and cash equivalents	572,609	23,099	21,496	27,978	60,880
Restricted cash	39,900	8,233	19,700	13,806	24,661
Total cash, cash equivalents and restricted cash	$ 612,509	$ 31,332	41,196	41,784	85,541
Supplemental disclosure of cash flow information
Interest paid			1,969	2,487	2,020
Income tax paid				58	511
Non-cash investing and financing activities
Payable for redemption of noncontrolling interest			124,316	114,870	137,896
Payable for purchase of property, plant and equipment			$ 15,122	$ 23,515	$ 33,842

Description of Organization and Business Operations

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Accounting Policies [Abstract]

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Microvast Holdings, Inc. (“Microvast” or 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. (“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. Microvast, 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.

On July 23, 2021 (the “Closing Date”), Microvast, Inc. and Tuscan Holdings Corp. consummated the previously announced merger, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated February 1, 2021, between Tuscan, Microvast, Inc. and TSCN Merger Sub Inc., a Delaware corporation (“Merger Sub”), pursuant to which the Merger Sub merged with and into Microvast, Inc., with Microvast, Inc. surviving the merger. As a result of the merger, Tuscan was renamed “Microvast Holdings, Inc.” (the “Company”). The merger was accounted for as a reverse recapitalization as Microvast, Inc. was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). Upon the completion of the merger transaction between Microvast and Tuscan Holdings Corp., the share, per share value and net loss per share available to Microvast’s common stock holders in the financial statements for each of the three years ended December 31, 2020 were retroactively recast to reflect the exchange ratio established in the merger agreements. Refer to Note 27 for details.

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

9 Months Ended

12 Months Ended

Sep. 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 accounts of the Company 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 (“U.S. GAAP”) for interim financial reporting. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. GAAP have been omitted from these interim financial statements.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, accounting policies and financial notes thereto included in the retroactively restated consolidated financial statements of Microvast Holdings, Inc. for each of the three years in the period ended December 31, 2020. 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 Company believes that the disclosures are adequate to make the information presented not misleading.

The results of operations for the three and the nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2021.

The financial information as of December 31, 2020 included on the condensed consolidated balance sheets is derived from the Group’s audited consolidated financial statements for the year ended December 31, 2020.

Other than the policies noted below, there have been no significant changes to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019, and 2018.

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, fair value measurement of warrant liability and share based compensation.

All intercompany transactions and balances have been eliminated upon consolidation.

Basis of presentation and use of estimates-continued

On July 23, 2021 (the “Closing Date”), Tuscan Holdings Corp. (“Tuscan”), consummated the previously announced merger with Microvast, Inc., a Delaware corporation, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated February 1, 2021, between Tuscan, Microvast, Inc. and TSCN Merger Sub Inc., a Delaware corporation (“Merger Sub”), pursuant to which the Merger Sub merged with and into Microvast, Inc., with Microvast, Inc. surviving the merger (the “Merger,” and, collectively with the other transactions described in the Merger Agreement, the “Reverse Recapitalization”). As a result of the Merger, Tuscan was renamed “Microvast Holdings, Inc.” The Merger is accounted for as a reverse recapitalization as Microvast, Inc. was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”).

Please refer to Note 3 “Reverse Recapitalization” for further details of the Merger.

Emerging Growth Company

Pursuant to the JOBS Act, an emerging growth company may adopt new or revised accounting standards that may be issued by FASB or the SEC either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods as private companies. The Company intends to take advantage of the exemption for complying with new or revised accounting standards within the same time periods as private companies. Accordingly, the information contained herein may be different than the information provided by other public companies.

The Company also intends to take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act so long as the Company qualifies as an emerging growth company, including, but not limited to, an exemption from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments.

Revenue recognition

Nature of Goods and Services

The Group’s 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 September 30, 2020 and 2021, the Group derived revenues of $23,945 and $31,792 from the Asia & Pacific region, $6,446 and $4,908 from Europe and $362 and $194 from other geographic regions where the customers are located, respectively.

For the nine months ended September 30, 2020 and 2021, the Group derived revenues of $42,632 and $73,360 from the Asia & Pacific region, $16,376 and $11,466 from Europe and $392 and $378 from other geographic regions where the customers are located, respectively.

Contract balances

Contract balances include accounts receivable and advances from customers. Accounts receivable represent cash not received from customers and are recorded when the rights to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the accounts receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheet, represent 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 September 30, 2020 and 2021, the Group recognized $13 and $60 of revenue previously included in advance from customers as of July 1, 2020 and July 1, 2021, respectively. During the nine months ended September 30, 2020 and 2021, the Group recognized $459 and $1,381 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.

Share-based compensation

Share-based payment transactions with employees are measured based on the grant date fair value of the equity instrument and recognized as compensation expense on a straight-line basis over the requisite service period, with a corresponding impact reflected in additional paid-in capital. For share-based awards granted with performance condition, the compensation cost is recognized when it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance condition at the end of each reporting date and records a cumulative catch-up adjustment for any changes to its assessment. For performance-based awards with a market condition, such as awards based on total shareholder return (“TSR”), compensation expense is recognized on a straight-line basis over the estimated service period of the award, regardless of whether the market condition is satisfied. Forfeitures are recognized as they occur. Liability-classified awards are remeasured at their fair-value-based measurement as of each reporting date until settlement.

Warrant Liability

The Company accounts for warrants in accordance with the guidance contained in ASC 815-40 under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. As the Private Warrants (as defined below) meet the definition of a derivative as contemplated in ASC 815, the Company classifies the Private Warrants as liabilities. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the condensed statements of operations. The Private Warrants are valued using a Monte Carlo simulation model on the basis of the quoted market price of Public Warrants.

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 totalled 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 totalled 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

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 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.

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Receivables [Abstract]

ACCOUNTS RECEIVABLE

4. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:

	December 31, 2020			September 30, 2021
Accounts receivable	$	81,345		$	72,039
Allowance for doubtful accounts		(5,047	)		(4,796	)
Accounts receivable, net	$	76,298		$	67,243

Movement of allowance for doubtful accounts was as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020		2021			2020			2021
Balance at beginning of the period	$	4,534	$	4,743		$	5,537		$	5,047
Charge to expenses		2		457			(861	)		261
Write off		—		(415	)		—			(546	)
Exchange difference		173		11			33			34
Balance at end of the period	$	4,709	$	4,796		$	4,709		$	4,796

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES, NET

5. INVENTORIES, NET

Inventories consisted of the following:

	December 31, 2020		September 30, 2021
Work in process	$	22,167	$	18,222
Raw materials		17,451		20,725
Finished goods		5,350		8,873
Total	$	44,968	$	47,820

Provision for obsolete inventories at $680 and $6,569 were recognized for the three months ended September 30, 2020 and 2021, respectively. Provision for obsolete inventory at $1,326 and $12,667 were recognized for the nine months ended September 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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Prepaid Expenses and Other Current Assets [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6. PREPAID EXPENSES AND OTHER CURRENT ASSETS

	December 31, 2020		September 30, 2021
Advances to suppliers	$	2,117	$	4,681
Other receivables		688		6,330
VAT receivables		2,471		1,207
Deposits		746		746
Total	$	6,022	$	12,964

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Accrued Expenses and Other Current Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

	December 31, 2020		September 30, 2021
Payables to exiting investors	$	30,000	$	—
Payables for purchase of property, plant and equipment		15,122		13,017
Product warranty		4,296		18,690
Other current liabilities		3,959		8,469
Accrued payroll and welfare		2,704		2,818
Interest payable		1,379		2,674
Accrued expenses		1,696		1,972
Other tax payable		1,472		425
Total	$	60,628	$	48,065

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 14.

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

8. PRODUCT WARRANTY

Movement of product warranty was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Balance at beginning of the period	$	17,358		$	25,543		$	18,416		$	19,356
Provided for new sales during the period		1,517			1,498			2,468			3,761
Provided for pre-existing legacy product		—			34,055			—			40,849
Utilized during the period		(313	)		(9,229	)		(2,322	)		(12,099	)
Balance at end of the period	$	18,562		$	51,867		$	18,562		$	51,867

Warranty provisions are based upon historical experience. Changes in provisions related to pre-existing legacy products were made based on actual claims and intensive testing and analysis on the legacy products. In 2021, as a result of the increases in the repairing cost and frequency of claims with respect to a legacy product sold in 2017 and 2018, the Company conducted intensive experiments and a root cause analysis, which was completed in October 2021. The Company concluded that a component purchased from a supplier was not meeting the Company’s performance standards. As a result, the Company expects that the impacted legacy products sold will need to be replaced before the expiration of the warranty term. This reassessment resulted in a change in estimate for additional accrual of $34.1 million for such legacy product sold. As the component was not incorporated into other products, no additional accrual was made to other existing products sold. The Company is in negotiation with the supplier for compensation and will take legal action if necessary.

	December 31, 2020		September 30, 2021
Product warranty – current	$	4,296	$	18,690
Product warranty – non-current		15,060		33,177
Total	$	19,356	$	51,867

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Bank Borrowings [Abstract]

BANK BORROWINGS

9. 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 September 30, 2021, the balance of the loans from Chinese bank was $13,191.

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 6.00% annual interest, needs to be renewed every year (60 days in advance). During the nine months ended September 30, 2021, the Group drew down the 8-year maturity term loan to the amount of $9,660. On October 1, 2021, the Company had entered into the termination agreement with the German Bank to cancel the German Bank Facility Agreement. All outstanding amounts under the loan were repaid on October 8, 2021.

Changes in bank borrowings are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Beginning balance	$	9,412		$	26,458		$	11,922		$	12,184
Proceeds from bank borrowings		5,757			—			15,230			26,603
Repayments of principal		(5,696	)		(3,400	)		(17,590	)		(15,665	)
Exchange difference		321			(207	)		232			(271	)
Ending balance	$	9,794		$	22,851		$	9,794		$	22,851

All balance of bank borrowings as of September 30, 2021 and December 31, 2020 are current borrowings.

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 September 30, 2021 are as follows:

	December 31, 2020		September 30, 2021
Buildings	$	22,732	$	31,479
Machinery and equipment		19,297		17,173
Land use rights		2,789		4,448
Total	$	44,818	$	53,100

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

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Other Non-Current Liabilities [Abstract]

OTHER NON-CURRENT LIABILITIES

10. OTHER NON-CURRENT LIABILITIES

	December 31, 2020		September 30, 2021
Payable to exiting investors	$	94,316	$	—
Product warranty – non-current		15,060		33,177
Deferred subsidy income- non-current		1,221		2,334
Total	$	110,597	$	35,511

The payable to exiting investors represents the amount to be paid for the redemption of the shares owned by certain noncontrolling interest holders of a subsidiary. See Note 14. The balance was paid out as of September 30, 2021.

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Bonds Payable [Abstract]

BONDS PAYABLE

11. BONDS PAYABLE

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

Long-term bonds payable
Huzhou Saiyuan	$	73,147	$	73,147
Total	$	73,147	$	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 for $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 of 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 would 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 are as follows:

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 September 30, 2021, the outstanding balance of the convertible bonds to Huzhou Saiyuan totalled 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 “CL Investors”), through which the CL Investors 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 CL Investors 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, $29,915 (RMB204.5 million) was subscribed by the CL Investors.

On July 23, 2021, upon the completion of the Merger between Microvast, Inc. and Tuscan, the convertible bonds were settled and converted into 6,719,845 shares of Common Stock of the combined company. Refer to Note 3.

Convertible Notes at Fair Value (the “Bridge Notes”)

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 bore no interest, provided, however, if a liquidity event (“Liquidity Event”) had not occurred prior to June 30, 2022, an interest rate of 6% would be applied retrospectively from the date of initial closing. The conversion of the promissory notes was contingent upon the occurrence of a Private Investment in Public Equity (“PIPE”) financing, a 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 amounts of $25,000 and $32,500, respectively. A discounted rate of 80% or 90% was required to be applied 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. Changes in fair value, a loss of $3,018 and $9,861 were recorded in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2021, respectively.

On July 23, 2021, upon the completion of the Merger between Microvast, Inc. and Tuscan, the convertible promissory notes were converted into 6,736,106 shares of Common Stock of the combined company as disclosed in Note 3.

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.

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 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 totalled 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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

14. NONCONTROLLING INTERESTS

Noncontrolling interests of MPS

In March 2017, Microvast, Inc. 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, Microvast, Inc. signed a series of repurchase and redemption agreements with six out of the eight 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 6.00% 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, $30,000 was paid to the Exiting Investors in March 2021, and the remaining repayments are scheduled in 2023 and thereafter, depending on the completion of financing in 2022 or 2023. On August 31, 2021, an early repayment agreement was entered into between MPS and the Exiting Investors, pursuant to which the remaining amount of $99,038 was fully repaid as of September 30, 2021 to the Exiting Investors.

On July 23, 2021, upon the completion of the Merger between Microvast, Inc. and Tuscan, the equity interest held by the investors who remained noncontrolling shareholders of MPS were converted into 17,253,182 shares of Common Stock of the combined company as disclosed in Note 3.

15. 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.

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.

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.

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 shall 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 10,631,671 ordinary shares of the Company (the number of shares has been retroactively recast to reflect the exchange ratio established in the Merger Agreement as described in Note 27).

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 10,631,671 to 17,253,182 ordinary shares (the number of shares has been retroactively recast to reflect the exchange ratio established in the Merger Agreement as described in Note 27). 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.

(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

12 Months Ended

Dec. 31, 2020

Ordinary Shares [Abstract]

ORDINARY SHARES

16. ORDINARY SHARES

The Company’s Amended and Restated Certificate of Incorporation authorizes 240,450,000 ordinary shares with a par value of $0.0001 per share. As of December 31, 2019 and 2020, the Company had 99,028,297 ordinary shares issued and outstanding. The Company has retroactively adjusted the shares issued and outstanding prior to the completion of the Merger dated July 23, 2021 to give effect to the exchange ratio established in the Merger Agreement as described in Note 27.

Preferred Shares

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Disclosure of Preferred Shares [Abstract]

PREFERRED SHARES

16. PREFERRED SHARES

As of December 31, 2020, the Company had preferred shares issued and outstanding as follows (share number of the Company’s preferred shares prior to the Merger have been retroactively restated to reflect the Common Exchange Ratio of 160.3 established in the Merger as described in Note 3):

Preferred Shares	Number of Shares	Shareholders
Series C1 Preferred	26,757,258	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	20,249,450	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series D1 Preferred	22,311,516	Evergreen Ever Limited (“EEL”)
Total	69,318,224

On July 23, 2021, upon the completion of the Merger between Microvast, Inc. and Tuscan, all preferred shares were converted into Common Stock of the combined company at the Common Exchange Ratio of 160.3 as disclosed in Note 3.

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

(In thousands)	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		2,923			6,650			13,986			7,681
Ending balance as of September 30, 2020	$	79,607		$	79,750		$	141,921		$	88,242

Balance as of January 1, 2021	$	80,581		$	81,966		$	146,583		$	90,820
Accretion from January 1 to July 23		2,257			5,132			10,708			5,841
Conversion as of Merger		(82,838	)		(87,098	)		(157,291	)		(96,661	)
Ending balance as of September 30, 2021	$	—		$	—		$	—		$	—

17. PREFERRED SHARES

As of January 1, 2018, the Company had preferred shares issued and outstanding as follows (share number of the Company’s preferred shares have been retroactively recast to reflect the exchange ratio established in the Merger Agreement as described in Note 27):

Preferred Shares Category	Number of Shares as of January 1, 2018	Shareholders
Series A1 Preferred	31,357,306	Ashmore Global Special Situations Fund 4 and Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”)
Series B1 Preferred	15,649,083	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series EEL Preferred	22,311,516	Evergreen Ever Limited (“EEL”)
Total	69,318,224

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED PAYMENT

17. SHARE-BASED PAYMENT

In 2012, Microvast, Inc. adopted a Share Incentive Plan (the “2012 Plan”). The 2012 Plan permits the grant of options to purchase common stock, share appreciation rights, non-vested shares and non-vested share units. The maximum aggregate number of shares of common stock that may be issued pursuant to all awards under the share incentive plan is 17 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 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 initial public offering, sale or transfer of all or substantially all of the business, operations or assets of Microvast, Inc. or its subsidiaries, taken as a whole, to a third party, or such other sale or transfer of common stock in Microvast, Inc. as determined, in each case, by Microvast, Inc. pursuant to legal documents and other obligations binding upon it (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 Merger in 2021 did not constitute the satisfaction of a performance condition that would trigger the vesting of equity awards as stipulated in the 2012 Plan.

In connection with the Merger, all outstanding share awards granted under the 2012 Plan, 209,906 options and 143,652 capped non-vested share units, were converted into 33,647,927 options and 23,027,399 capped non-vested share units of the Company, respectively, using the Common Exchange Ratio of 160.3 as described in Note 3. Upon conversion, the Company modified the terms of the equity awards by removing the performance condition of the occurrence of an initial public offering and similar transaction under the 2012 Plan, and adopted a new vesting schedule of one-third of the total number on each of the first, second and third anniversaries of the Closing Date (the “Modification”). The Modification was considered a Type III modification under the Accounting for Share-Based Payments (Topic 718), in which the original awards were canceled, and the modified awards were considered granted on the modification date. Post-modification stock-based compensation expense related to these new awards will be recognized over the remaining service period using modification date fair values. Following the Merger, no further awards will be granted under the 2012 Plan. All stock award activity was retroactively restated to reflect the conversion.

On July 21, 2021, the stockholders of the Company approved the Microvast Holdings, Inc. 2021 Equity Incentive Plan (the “2021 Plan”), effective upon the Closing Date. The 2021 Plan provides for the grant of incentive and non-qualified stock option, restricted stock units, restricted share awards, stock appreciation awards, and cash-based awards to employees, directors, and consultants of the Company. Options awarded under the 2021 Plan expire no more than 10 years from the date of grant. The 2021 Plan reserves 5% of the fully-diluted shares of Common Stock outstanding immediately following the Closing Date (not including the shares underlying awards rolled over from the 2012 Plan) for issuance in accordance with the 2021 Plan’s terms. As of September 30, 2021, 76,956,754 shares of Common Stock was available under the 2021 Plan.

Share options

During the three months and nine months ended September 30, 2021, the Company recorded stock-based compensation expense of $10.2 million related to the option awards.

The modification date fair value of the stock options was determined using the Binomial-Lattice Model with the following assumptions:

	After modification
Exercise price(1)	$	4.37 – 6.28
Expected lives (years)(2)		4.5 – 9.4
Volatility(3)		47.6% – 53.1%
Risk-free interest rate(4)		1.26 – 1.87	%
Expected dividend yields(5)		0.00	%
Weighted average fair value of options modified	$	4.70 – 5.36

(1) Exercise price

Exercise price was extracted from option agreements

(2) Expected lives

Expected lives was derived from option agreements.

(3) Volatility

The volatility of the underlying common 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 and the implied volatility of the Company.

(4) 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.

(5) Expected dividend yield

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

Share options activity for the nine months ended September 30, 2020 and 2021 was as follows (all stock award activity was retroactively restated to reflect the conversion in July 2021):

Share options life	Number of shares		Weighted Average Exercise Price (US$)		Weighted Average Grant Date Fair Value (US$)		Weighted Average Remaining Contractual
Outstanding as of January 1, 2020	7,578,503		$	5.50	$	2.14	7.1
Grant	27,874,727			6.27		3.06
Forfeited	(1,196,158	)		3.89		2.04
Outstanding as of September 30, 2020	34,257,072		$	6.19	$	2.90	9.2
Expected to vest and exercisable as of September 30, 2020	34,257,072		$	6.19	$	2.90	9.2

Outstanding as of January 1, 2021	34,737,967			6.19		2.92	9.0
Forfeited	(1,186,220	)		6.27		3.13
Outstanding as of September 30, 2021	33,551,747		$	6.19	$	4.95	8.2
Expected to vest and exercisable as of September 30, 2021	33,551,747		$	6.19	$	4.95	8.2

The total unrecognized equity-based compensation costs as of September 30, 2021 related to the stock options was $150.2 million, which is expected to be recognized over a weighted-average period of 8.2 years. The aggregate intrinsic value of the share options as of September 30, 2021 was $68,267.

Capped Non-vested share units

The capped non-vested shares units represent rights for the holder to receive cash determined by the number of shares granted multiplied by the lower of the fair market value and the capped price, which will be settled in the form of cash payments. The capped non-vested shares units were accounted for as liability classified awards. Upon conversion, the Company adjusted the terms of capped non-vested shares units outstanding as described above. The Company recorded stock-based compensation expense of $8.8 million related to these non-vested share units awards based on the fair value determined by the lower of stock market price and the capped price as of September 30, 2021.

Non-vested share units activity for the nine months ended September 30, 2020 and 2021 was as follows (all award activity was retroactively restated to reflect the conversion in July 2021):

	Number on Non-Vested Shares		Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of January 1, 2020	19,809,056		$	0.90
Forfeited	(71,494	)	$	1.42
Transfer from non-vested shares	3,289,837		$	1.14
Outstanding as of September 30, 2020	23,027,399		$	0.93
Outstanding as of January 1, 2021	23,027,399		$	0.93
Outstanding as of September 30, 2021	23,027,399		$	6.27

The total unrecognized equity-based compensation costs as of September 30, 2021 related to the non-vested share units was $135.7 million.

Restricted Stock Units

Following the Merger, the Company granted 133,981 restricted stock units (“RSUs”) and 63,959 performance-based restricted stock unit (“PSU”) awards subject to service, performance and/or market conditions. The service condition requires the participant’s continued services or employment with the Company through the applicable vesting date, and the performance condition requires the achievement of the performance criteria defined in the award agreement. The market condition is based on the Company’s TSR. For RSU awards with performance conditions, stock-based compensation expense is only recognized if the performance conditions become probable to be satisfied.

The fair value of RSUs is determined by the price of Common Stock at the grant date and is amortized over the vesting period on a straight-line basis. The fair value of PSU awards that include vesting based on market conditions are estimated using the Monte Carlo valuation method. Compensation cost for these awards is recognized based on the grant date fair value which is recognized over the vesting period on a straight-line basis. Accordingly, the Company recorded stock-based compensation expense of $135 related to these RSU awards and $31 related to these PSU awards during the nine months ended September 30, 2021.

The following assumptions were used for respective period to calculate the fair value of common shares to be issued under TSR awards on the date of grant using the Monte Carlo pricing model:

	Nine Months Ended September 30, 2021
Expected term (years)(1)	2.35
Volatility(2)	63.06%
Average correlation coefficient of peer companies(3)	0.7960
Risk-free interest rate(4)	0.31	%
Expected dividend yields(5)	0.00	%

(1) Expected term

Expected term was derived from award agreements.

(2) Volatility

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

(3) Average correlation coefficient of peer companies

The correlation coefficients are calculated based upon the price data used to calculate the historical volatilities and is used to model the way in which each entity tends to move in relation to its peers.

(4) 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.

(5) Expected dividend yield

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

The non-vested shares activity for the nine months ended September 30, 2020 and 2021 was as follows:

	Number of non-vested shares		Weighted average grant date fair value per share
			(US$)
Outstanding as of January 1, 2020	3,289,837		$	1.14
Transfer to non-vested share units	(3,289,837	)	$	1.14
Outstanding as of September 30, 2020	—			—

Outstanding as of January 1, 2021	—			—
Grant	197,940		$	9.60
Vested	(6,157	)	$	8.52
Outstanding as of September 30, 2021	191,783		$	9.63

The total unrecognized equity-based compensation costs as of September 30, 2021 related to the non-vested shares was $1.6 million.

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 (“Series B2 Award”) 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 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 Company. If a holder of the Series B2 Award terminates employment before the vesting, the Company could repurchase the Series B2 Preferred 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. The Company’s repurchase right upon employment termination is viewed as forfeiture and the Company accounted for the Series B2 Award as a stock option.

Series B2 Preferred subscribed by employees-continued

As of December 31, 2020, 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.

Upon the Merger, the Series B2 Preferred were converted into 8,546,502 Common Stock, however, the Series B2 Award was not vested as the performance condition was not reached. In September 2021, the performance and service condition was exempted for the Series B2 holders and the awards were fully vested. The exemption of performance and service condition was considered a Type III modification under the Topic 718, in which the original awards were canceled, and the modified awards were considered granted on the modification date. Post-modification stock-based compensation expense related to these new awards of $39.2 million was recognized using modification date fair values determined based on the difference between the exercise price and Common Stock price on the modification date. Accordingly, the deposit liability was reclassified to equity upon the vesting.

The following summarizes the classification of stock-based compensation:

	Three Months Ended September 30, 2021
Cost of sales	$	2,306
General and administrative		44,164
Research and development expenses		8,303
Selling and marketing expenses		3,518
Construction in process		103
Total	$	58,394

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 (all stock award activity was retroactively recast to reflect the exchange ratio established in the Merger as described in Note 27):

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	9,034,556		$	5.57	$	2.19	9.1
Granted	160,270			6.28	$	1.41
Forfeited	(384,684	)		6.28	$	2.42
Outstanding as of December 31, 2018	8,810,178		$	5.55	$	2.16	8.1
Forfeited	(1,231,675	)		5.83	$	2.27
Outstanding as of December 31, 2019	7,578,503		$	5.50	$	2.14	7.1
Granted	28,350,160			6.28	$	3.09
Forfeited	(1,190,696	)		3.89	$	2.04
Outstanding as of December 31, 2020	34,737,967			6.19		2.92	9.0
Expected to vest and exercisable as of December 31, 2020	34,737,967		$	6.19	$	2.92	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)	$3.22
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)	$6.10 ~ $8.21

(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 (all stock award activity was retroactively recast to reflect the exchange ratio established in the Merger as described in Note 27):

	Number of non-vested shares		Weighted Average Grant date fair value per share
			(US$)
Outstanding as of January 1, 2018	7,008,101		$	0.87
Forfeited	(1,430,089	)	$	0.64
Outstanding as of December 31, 2018	5,578,012		$	0.93
Transfer to non-vested share units	(2,288,175	)	$	0.64
Outstanding as of December 31, 2019	3,289,837		$	1.14
Transfer to non-vested share units	(3,289,837	)	$	1.14
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 $6.28 (all stock award activity was retroactively recast to reflect the exchange ratio established in the Merger as described in Note 27).

	Number of non-vested share units		Weighted Average Grant date fair value per share
			(US$)
Outstanding as of January 1, 2018	18,235,550		$	0.97
Forfeited	(943,990	)	$	1.18
Outstanding as of December 31, 2018	17,291,560		$	0.96
Forfeited	(772,341	)	$	1.60
Transfer from non-vested shares	3,289,837		$	0.64
Outstanding as of December 31, 2019	19,809,056		$	0.90
Forfeited	(71,494	)	$	1.42
Transfer from non-vested shares	3,289,837		$	1.14
Outstanding as of December 31, 2020	23,027,399		$	0.93

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 12,678,479 Series B2 Preferred to certain employees of the Company. The Series B2 Preferred were issued for cash consideration of $2.28 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 $2.28. 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, 1,705,914 shares of Series B2 Preferred after split were repurchased at fair value of $7,974. As of December 31, 2018, 2019 and 2020, 8,546,502 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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Retirement Benefits [Abstract]

MAINLAND CHINA CONTRIBUTION PLAN

18. 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 $618 and $708 for three months ended September 30, 2020 and 2021, respectively. The total provisions for such employee benefits were $1,572 and $1,989 for nine months ended September 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

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

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
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 21
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Related Party Balances and Transactions

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

RELATED PARTY BALANCES AND TRANSACTIONS

19. 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 September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Raw material sold to Ochem	$	11	$	113	$	11	$	406

(2) Interest-free loans

MPS received certain interest-free loans from related parties, Ochemate and Ochem, for the three months and nine months ended September 30, 2020 and 2021 with accumulative amounts of $7,607 and nil, $18,063 and $8,426, respectively.

The outstanding balance for the amount due from Ochem was nil as of December 31, 2020 and $128 as of September 30, 2021, respectively. Also, Ochem and Ochemate provided certain pledges and credit guarantees for the Group to secure bank facilities. Please refer to Note 9.

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

NET LOSS PER SHARE

20. 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 September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Numerator:
Net loss attributable to ordinary shareholders	$	(21,944	)	$	(120,003	)	$	(64,557	)	$	(187,464	)

Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share		99,028,297			243,861,780			99,028,297			147,836,650
Basic and diluted net loss per share	$	(0.22	)	$	(0.49	)	$	(0.65	)	$	(1.27	)

For the three and nine months ended September 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 September 30,		Nine Months Ended September 30,
	2020	2021	2020	2021
Shares issuable upon exercise of share options	26,228,125	33,641,132	16,854,262	33,869,470
Shares issuable upon vesting of non-vested shares	—	98,094	365,484	33,093
Shares issuable upon exercise of warrants	—	21,327,750	—	7,187,374
Shares issuable upon conversion of Series B2 Preferred	8,545,490	7,153,219	8,545,490	8,076,300
Shares issuable upon conversion of Series C1 Preferred	26,757,258	6,398,475	26,757,258	19,896,422
Shares issuable upon conversion of Series C2 Preferred	20,249,450	4,842,260	20,249,450	15,057,284
Shares issuable upon conversion of Series D1 Preferred	22,311,516	5,335,362	22,311,516	16,590,614
Shares issuable upon conversion of Series D2 Preferred	6,719,845	1,606,919	6,719,845	4,996,808
Shares issuable upon conversion of non-controlling interests of a subsidiary	17,253,182	4,125,761	17,253,182	12,829,289
Shares issuable upon vesting of Earn-out shares	—	14,999,991	—	5,054,942
Shares issuable that may be subject to cancellation	—	1,265,625	—	426,511

23. NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (the shares and per share number were retroactively recast to reflect the exchange ratio established in the Merger as described in Note 27):

	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		99,028,297			99,028,297			99,028,297
Basic and diluted net loss per share	$	(1.01	)	$	(1.17	)	$	(0.82	)

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 (the shares were retroactively recast to reflect the exchange ratio established in the Merger as described in Note 27).

	Year ended December 31,
	2018	2019	2020
Shares issuable upon exercise of share options	8,974,799	8,108,700	18,281,198
Shares issuable upon vesting of non-vested shares	6,292,521	4,712,098	72,122
Shares issuable upon conversion of Series A1 Preferred	31,357,306	2,613,042	—
Shares issuable upon conversion of Series B1 Preferred	15,649,083	1,304,117	—
Shares issuable upon conversion of Series B2 Preferred	8,545,490	8,545,490	8,545,490
Shares issuable upon conversion of Series C1 Preferred	—	24,527,400	26,757,258
Shares issuable upon conversion of Series C2 Preferred	—	18,561,830	20,249,450
Shares issuable upon conversion of Series EEL/D1 Preferred	22,311,516	22,311,516	22,311,516
Shares issuable upon conversion of Series D2 Preferred	2,738,213	6,719,845	6,719,845
Shares issuable upon conversion of noncontrolling interests of a subsidiary	10,849,317	17,253,182	17,253,182

Commitments and Contingencies

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

21. COMMITMENTS AND CONTINGENCIES

Litigation

• Mr. Smith

On September 4, 2017, Matthew Smith, a former employee of the Company, 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 (“EEOC”) alleging the same discrimination claims and also claiming his employment was terminated in retaliation for his prior discrimination complaints. On September 18, 2019, EEOC dismissed Matthew Smith’s claim in its entirety and stated that “No finding is made as to any other issues that might be constructed as having been raised by this charge.”

On February 5, 2018, Mr. Smith filed suit against the Company asserting claims for breach of contract and asserting discrimination and retaliation claims. In this action, Mr. Smith seeks the following relief: (1) a declaration that he owns 2,600 ordinary shares and (2) various damages and other equitable remedies over $1,000. The Company has denied all allegations and wrongful conduct. On November 11, 2021, the case was reset on the court’s docket, which will postpone the trial from November 2021 until early 2022.

The outcome of any litigation is inherently uncertain and the amount of potential loss if any, associated with the resolution of such litigation, cannot be reasonably estimated. As such, no accrual for contingency loss was recorded in the consolidated financial statements for the three and nine months ended September 30, 2020 and 2021.

Capital commitments

Capital commitments for construction of property and purchase of property, plant and equipment were $46,144 as of September 30, 2021, which is mainly for the construction of the lithium battery production line.

Lease commitments

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

	2021
Three months period ending December 31, 2021	$	1,004
2022		3,865
2023		3,310
2024		2,535
2025		2,111
2026		2,111
Thereafter		19,100
Total Lease Liabilities	$	34,036

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 2,468,158 shares of the Company’s ordinary stock (the shares were retroactively recast to reflect the exchange ratio established in the Merger as described in Note 27). 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 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 416,702 ordinary shares (the shares were retroactively recast to reflect the exchange ratio established in the Merger as described in Note 27) 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.

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.

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 years ended December 31, 2018, 2019 and 2020.

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

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

22. SUBSEQUENT EVENTS

New RSU and PSU Grants

On October 27, 2021, the Company granted 265,399 RSUs and 265,399 PSUs to employees, subject to service and market conditions. The service condition requires the participant’s continued employment with the Company through the applicable vesting date, and the market condition requires that the Company’s Common Stock subsequent to the grant date above a specified level for a defined period of time.

Acquisition of Building

In October 2021, the Group acquired a building in Florida, United States, at the cost of $11.0 million for research and development projects.

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	)

Recasting Financial Statements Upon the Completion of the Merger Transaction

12 Months Ended

Dec. 31, 2020

Recasting Financial Statements Upon The Completion Of The Merger Transaction Disclosure [Abstract]

RECASTING FINANCIAL STATEMENTS UPON THE COMPLETION OF THE MERGER TRANSACTION

27. RECASTING FINANCIAL STATEMENTS UPON THE COMPLETION OF THE MERGER TRANSACTION

On July 23, 2021, the Merger between Microvast and Tuscan Holdings Corp. 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.

The Merger is accounted for as a reverse recapitalization under U.S. GAAP as Microvast, Inc. was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). This determination is primarily based on (1) Microvast, Inc.’s stockholders comprising a relative majority of the voting power of the Company and having the ability to nominate the members of the Board, (2) Microvast, Inc.’s operations prior to the acquisition comprising the only ongoing operations of the Company, and (3) Microvast, Inc.’s senior management comprising a majority of the senior management of the Company. Under this method of accounting, Tuscan Holdings Corp. is treated as the “acquired” company for financial reporting purposes. Accordingly, the financial statements of the combined entity represent a continuation of the financial statements of Microvast, Inc. with the Merger being treated as the equivalent of Microvast, Inc. issuing stock for the net assets of Tuscan Holdings Corp., accompanied by a recapitalization. To reflect the accounting for the recapitalization upon the completion of the Merger, the share, per share value and net loss per share available to the Company’s common stock holders in the financial statements for each of the three years ended December 31, 2020 have been retroactively recast reflecting the exchange ratio of 160.3 (the “Common Exchange Ratio”) established in the Merger Agreement.

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$0.0001 par value; 26,757,258 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$0.0001 par value; 20,249,450 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$0.0001 par value; 22,311,516 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$0.0001 per share, 240,450,000 shares authorized as of December 31, 2019 and 2020; 99,028,297 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 Microvast, Inc. has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that Microvast, Inc. has used the equity method to account for investments in its subsidiaries. The Company has retroactively adjusted the shares issued and outstanding prior to the completion of the Merger between Microvast, Inc. and Tuscan Holdings Corp. to give effect to the exchange ratio established in the Merger Agreement.

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.

Reverse Recapitalization

9 Months Ended

Sep. 30, 2021

Reverse Recapitalization [Abstract]

REVERSE RECAPITALIZATION

3. REVERSE RECAPITALIZATION

On July 23, 2021, Tuscan merged with Microvast, Inc., with Microvast, Inc. surviving the merger. As a result of the Merger, Tuscan was renamed “Microvast Holdings, Inc.” On the Closing Date, pursuant to the terms of the Merger Agreement, the Framework Agreement1 and subscription agreements entered into with the holders of an aggregate of $57.5 million outstanding convertible notes issued by Microvast (the “Bridge Notes,” refer to Note 11) and the investors in the PIPE Financing:

• The Company issued 209,999,991 shares of Common Stock of the Company (“Common Stock”) to the former owners of Microvast, Inc. pursuant to the Merger Agreement, which number is inclusive of the shares being issued to the CL Investors and MPS minority investors pursuant to the Framework Agreement;

• The Company issued 6,736,106 shares of Common Stock to the holders of the Bridge Notes;

• The Company issued 48,250,000 shares of Common Stock to the PIPE investors for a purchase price of $10.00 per share and an aggregate purchase price of $482.5 million;

• The Company issued 150,000 private placement units to Tuscan Holdings Acquisition LLC (the “Sponsor”) upon conversion of notes payable by the Company in the amount of $1.5 million; such private placement units consist of (i) 150,000 shares of Common Stock and (ii) warrants to purchase 150,000 shares of Common Stock at an exercise price of $11.50 per share; and

1 In connection with the Merger Agreement, Tuscan, Microvast Power System (Huzhou) Co., Ltd., a majority owned subsidiary of Microvast, Inc. (“MPS”), certain MPS convertible loan investors (the “CL Investors”, refer to Note 11), some MPS minority investors, and certain other parties entered into a framework agreement (the “Framework Agreement”), pursuant to which, (1) the CL Investors waived their convertible loans issued on November 2, 2018, by MPS, in exchange for 6,719,845 shares of Common Stock of the Company and (2) the MPS minority investors waived their rights in MPS’s equity in exchange for 17,253,182 shares of Common Stock of the Company (refer to Note 14).

Pursuant to the Merger Agreement, the former owners of Microvast (“Microvast Holders”) and the MPS minority investors will have the ability to earn, in the aggregate, an additional 19,999,988 shares of Common Stock (“Earn-Out Shares”) if the daily volume weighted average price of the Common Stock is greater than or equal to $18.00 for any 20 trading days within a 30 trading day period (or a change of control of the Company occurs that results in the holders of Common Stock receiving a per share price equal to or in excess of $18.00), during the period commencing on the Closing Date and ending on the third anniversary of the Closing Date. In accordance with ASC 815-40, the Earn-Out Shares were indexed to the Common Stock and were classified as equity.

Each of the options to purchase Microvast, Inc.’s common stock that was outstanding before the Merger was converted into options to acquire Common Stock by computing the number of shares and converting the exercise price based on the exchange ratio of 160.3 (the “Common Exchange Ratio”). Refer to Note 17.

Each capped non-vested share unit of Microvast, Inc. that was outstanding before the Merger was converted into a non-vested share unit of the Company by computing the number of shares and converting the capped price based on the Common Exchange Ratio. Refer to Note 17.

As of the Closing Date and following the completion of the Merger, the ownership interests of the Company’s stockholders were as follows:

		Shares
Existing Microvast Equity Holders(a)		209,999,991
Existing Microvast Convertible Noteholders		6,736,106
Tuscan public stockholders		27,493,140
Sponsor Group(b)(c)		7,608,589
EarlyBirdCapital		428,411
PIPE investors immediately after Merger		48,250,000
Common Stock		300,516,237

(a) Excludes the Earn-Out Shares, but is inclusive of the shares being issued pursuant to the Framework Agreement to the CL Investors and MPS minority investors.

(b) The Sponsor Group includes Common Stock owned by the Sponsor, Stefan M. Selig, Richard O. Rieger and Amy Butte.

The Merger is accounted for as a reverse recapitalization under U.S. GAAP. This determination is primarily based on (1) Microvast, Inc.’s stockholders comprising a relative majority of the voting power of the Company and having the ability to nominate the members of the Board, (2) Microvast, Inc.’s operations prior to the acquisition comprising the only ongoing operations of the Company, and (3) Microvast, Inc.’s senior management comprising a majority of the senior management of the Company. Under this method of accounting, Tuscan is treated as the “acquired” company for financial reporting purposes. Accordingly, the financial statements of the Company represent a continuation of the financial statements of Microvast, Inc. with the Merger being treated as the equivalent of Microvast, Inc. issuing stock for the net assets of Tuscan, accompanied by a recapitalization. The net assets of Tuscan are stated at historical costs, with no goodwill or other intangible assets recorded and are consolidated with Microvast, Inc.’s financial statements on the Closing Date. Operations prior to the Merger are presented as those of Microvast, Inc. The shares and net loss per share available to holders of the Company’s Common Stock, prior to the Merger, have been retroactively restated as shares reflecting the Common Exchange Ratio established in the Merger Agreement.

In connection with the Merger, the Company raised approximately $708.4 million of proceeds including the contribution of $281.7 million of cash held in Tuscan’s trust account from its initial public offering, net of redemptions of Tuscan public stockholders of $0.9 million, and $482.5 million of cash in connection with the PIPE financing. The total transaction costs was $58.3 million, consisting of banking, legal, and other professional fees, among which $42.8 million was recorded as a reduction to additional paid-in-capital and the remaining $15.5 million was recorded as expense by Tuscan immediately prior to the merger.

In connection with the Merger, the Sponsor and related parties entered into the amended escrow agreement, pursuant to which 1,687,500 shares owned by the Sponsor Group (“Escrow Shares”) are subject to cancellation on conditions that: (i) 50% of 1,687,500 shares shall be cancelled if the last sale price of the Common Stock does not equal or exceed $12.00 per share for any 20 trading days within any 30-trading day period prior to the fifth anniversary of the Closing, and (ii) 50% of 1,687,500 shares shall be cancelled if the last sale price of the Common Stock does not equal or exceed $15.00 per share for any 20 trading days within any 30-trading day period prior to the fifth anniversary of the Closing. In accordance with ASC 815-40, the Escrow Shares were indexed to the Common Stock and were classified as equity.

Warrants

9 Months Ended

Sep. 30, 2021

Warrants [Abstract]

WARRANTS

12. WARRANTS

The Company assumed 27,600,000 publicly-traded warrants (“Public Warrants”) and 837,000 private placement warrants issued to the Sponsor and EarlyBirdCapital, Inc. (“EarlyBirdCapital”) (“Private Warrants” and together with the Public Warrants, the “Warrants”) upon the Merger, all of which were issued in connection with Tuscan’s initial public offering (other than 150,000 Private Warrants that were issued in connection with the closing of the Merger) and entitle the holder to purchase one share of the Company’s Common Stock at an exercise price of $11.50 per share. During the three and nine months ended September 30, 2021, none of Public Warrants and Private Warrants were exercised.

The Public Warrants became exercisable 30 days after the completion of the Merger. No Warrants will be exercisable for cash unless the Company registered Common Stock issuable upon exercise of the Warrants with the SEC. Since the registration of shares was not completed within 90 days following the Merger, warrant holders may exercise Warrants on a net-share settlement basis. The Public Warrants will expire five years after the completion of the Merger or earlier upon redemption or liquidation.

Once the Public Warrants became exercisable, the Company may redeem the Public Warrants:

• in whole and not in part;

• at a price of $0.01 per warrant;

• upon not less than 30 days’ prior written notice of redemption;

• if, and only if, the reported last sale price of the Company’s Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and

• if, and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying the warrants.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a net-share settlement basis.

The Private Warrants are identical to the Public Warrants, except that the Private Warrants will be exercisable for cash or on a net-share settlement basis, at the holder’s option, and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. In addition, so long as the Private Warrants are held by EarlyBirdCapital and its designee, the Private Warrants will expire five years from the effective date of the Merger.

The exercise price and number of shares of Common Stock issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuance of Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Warrants.

The Private Warrants were initially recognized as a liability on July 23, 2021 at a fair value of $3,574 and the private warrant liability was remeasured to fair value based upon the market price as of September 30, 2021, resulting in a gain of $1.1 million for the three months ended September 30, 2021, classified within change in fair value of warrant liabilities in the condensed consolidated statements of operations.

The Private Warrants were valued using the following assumptions under the Monte Carlo Model that assumes optimal exercise of the Company’s redemption option at the earliest possible date:

	July 23, 2021			September 30, 2021
Market price of public stock	$	10.00		$	8.22
Exercise price	$	11.50		$	11.50
Expected term (years)		5.00			4.82
Volatility		54.14	%		52.80	%
Risk-free interest rate		0.72	%		0.94	%
Dividend rate		0.00	%		0.00	%

The market price of public stock is the quoted market price of the Company’s Common Stock as of the valuation date. The exercise price is extracted from the warrant agreements. The expected term is derived from the exercisable years based on the warrant agreements. The expected volatility is a blend of implied volatility from the Company’s own public warrant pricing and the average volatility of peer companies. The risk-free interest rate was estimated based on the market yield of US Government Bond with maturity close to the expected term of the warrants. The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the warrants.

Fair Value Measurement

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

13. 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, warrants and convertible notes at fair value on a recurring basis as of December 31, 2020 and September 30, 2021. Cash and cash equivalents, restricted cash and convertible notes 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 fair value of the warrant liability is based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the warrant liability, the Company used the Monte Carlo that assumes optimal exercise of the Company’s redemption option at the earliest possible date. See Note 12.

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

	Fair Value Measurement as of September 30, 2021
(In thousands)	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Cash and cash equivalents	$	572,609	—	—	$	572,609
Restricted cash		39,900	—	—		39,900
Total financial asset	$	612,509	—	—	$	612,509
Warrant liability	$	—	—	2,461	$	2,461
Total financial liability	$	—	—	2,461		2,461

The following is a reconciliation of the beginning and ending balances for Level 3 convertible notes during the nine months ended September 30, 2021:

(In thousands)	Convertible Notes
Balance as of January 1, 2021	$	—
Issuance of convertible notes		57,500
Changes in fair value of convertible notes		9,861
Conversion as of Merger		(67,361	)
Balance as of September 30, 2021	$	—

The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the nine months ended September 30, 2021:

(In thousands)	Warrant Liability
Balance as of January 1, 2021	$	—
Assumed warrant liability upon Merger		3,574
Changes in fair value		(1,113	)
Balance as of September 30, 2021	$	2,461

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

Common Stock

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

COMMON STOCK

15. COMMON STOCK

The Company has authorized 800,000,000 shares to be issued at $0.0001 par value, with 750,000,000 shares designated as Common Stock and 50,000,000 shares of redeemable convertible preferred stock.

Immediately following the Merger, there were 300,516,237 shares of Common Stock issued with a par value of $0.0001 as disclosed in Note 3. The holder of each share of Common Stock is entitled to one vote. The Company has retroactively adjusted the shares issued and outstanding prior to July 23, 2021 to give effect to the Common Exchange Ratio of 160.3 established in the Merger Agreement. As of September 30, 2021, there were 300,522,394 shares of Common Stock issued and 298,834,894 shares outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: 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(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Accounting Policies, by Policy (Policies)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of presentation and use of estimates

All intercompany transactions and balances have been eliminated upon consolidation.

Basis of presentation and use of estimates-continued

Please refer to Note 3 “Reverse Recapitalization” for further details of the Merger.

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

Value added taxes

Cost of revenues

Research and development expenses

Subsidy income

Government subsidies represent government grants received from local government authorities.

Income taxes

Share-based compensation

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

Emerging Growth Company

Warrant Liability

Description of Organization and Business Operations (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of company's 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)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Receivables [Abstract]

Schedule of accounts receivable

	December 31, 2020			September 30, 2021
Accounts receivable	$	81,345		$	72,039
Allowance for doubtful accounts		(5,047	)		(4,796	)
Accounts receivable, net	$	76,298		$	67,243

	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 September 30,					Nine Months Ended September 30,
	2020		2021			2020			2021
Balance at beginning of the period	$	4,534	$	4,743		$	5,537		$	5,047
Charge to expenses		2		457			(861	)		261
Write off		—		(415	)		—			(546	)
Exchange difference		173		11			33			34
Balance at end of the period	$	4,709	$	4,796		$	4,709		$	4,796

	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)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of components of inventories

	December 31, 2020		September 30, 2021
Work in process	$	22,167	$	18,222
Raw materials		17,451		20,725
Finished goods		5,350		8,873
Total	$	44,968	$	47,820

	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)

9 Months Ended

12 Months Ended

Sep. 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		September 30, 2021
Advances to suppliers	$	2,117	$	4,681
Other receivables		688		6,330
VAT receivables		2,471		1,207
Deposits		746		746
Total	$	6,022	$	12,964

	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)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Disclosure Text Block Supplement [Abstract]

Schedule of accrued expenses and other current liabilities

	December 31, 2020		September 30, 2021
Payables to exiting investors	$	30,000	$	—
Payables for purchase of property, plant and equipment		15,122		13,017
Product warranty		4,296		18,690
Other current liabilities		3,959		8,469
Accrued payroll and welfare		2,704		2,818
Interest payable		1,379		2,674
Accrued expenses		1,696		1,972
Other tax payable		1,472		425
Total	$	60,628	$	48,065

	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)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Product Warranties Disclosures [Abstract]

Schedule of movement of product warranty

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Balance at beginning of the period	$	17,358		$	25,543		$	18,416		$	19,356
Provided for new sales during the period		1,517			1,498			2,468			3,761
Provided for pre-existing legacy product		—			34,055			—			40,849
Utilized during the period		(313	)		(9,229	)		(2,322	)		(12,099	)
Balance at end of the period	$	18,562		$	51,867		$	18,562		$	51,867

	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		September 30, 2021
Product warranty – current	$	4,296	$	18,690
Product warranty – non-current		15,060		33,177
Total	$	19,356	$	51,867

Bank Borrowings (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Bank Borrowings [Abstract]

Schedule of changes in bank borrowings

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Beginning balance	$	9,412		$	26,458		$	11,922		$	12,184
Proceeds from bank borrowings		5,757			—			15,230			26,603
Repayments of principal		(5,696	)		(3,400	)		(17,590	)		(15,665	)
Exchange difference		321			(207	)		232			(271	)
Ending balance	$	9,794		$	22,851		$	9,794		$	22,851

	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		September 30, 2021
Buildings	$	22,732	$	31,479
Machinery and equipment		19,297		17,173
Land use rights		2,789		4,448
Total	$	44,818	$	53,100

	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)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Other Non-Current Liabilities [Abstract]

Schedule of other non-current liabilities

	December 31, 2020		September 30, 2021
Payable to exiting investors	$	94,316	$	—
Product warranty – non-current		15,060		33,177
Deferred subsidy income- non-current		1,221		2,334
Total	$	110,597	$	35,511

	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)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Bonds Payable [Abstract]

Schedule of bonds payable

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

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

	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	$	—

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)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Preferred Shares [Abstract]

Schedule of preferred shares issued and outstanding

Preferred Shares	Number of Shares	Shareholders
Series C1 Preferred	26,757,258	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	20,249,450	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series D1 Preferred	22,311,516	Evergreen Ever Limited (“EEL”)
Total	69,318,224

Preferred Shares Category	Number of Shares as of January 1, 2018	Shareholders
Series A1 Preferred	31,357,306	Ashmore Global Special Situations Fund 4 and Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”)
Series B1 Preferred	15,649,083	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series EEL Preferred	22,311,516	Evergreen Ever Limited (“EEL”)
Total	69,318,224

Schedule of balance of Series Preferred and redeemable noncontrolling interests

(In thousands)	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		2,923			6,650			13,986			7,681
Ending balance as of September 30, 2020	$	79,607		$	79,750		$	141,921		$	88,242

Balance as of January 1, 2021	$	80,581		$	81,966		$	146,583		$	90,820
Accretion from January 1 to July 23		2,257			5,132			10,708			5,841
Conversion as of Merger		(82,838	)		(87,098	)		(157,291	)		(96,661	)
Ending balance as of September 30, 2021	$	—		$	—		$	—		$	—

	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)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock option activity plan

Share options life	Number of shares		Weighted Average Exercise Price (US$)		Weighted Average Grant Date Fair Value (US$)		Weighted Average Remaining Contractual
Outstanding as of January 1, 2020	7,578,503		$	5.50	$	2.14	7.1
Grant	27,874,727			6.27		3.06
Forfeited	(1,196,158	)		3.89		2.04
Outstanding as of September 30, 2020	34,257,072		$	6.19	$	2.90	9.2
Expected to vest and exercisable as of September 30, 2020	34,257,072		$	6.19	$	2.90	9.2

Outstanding as of January 1, 2021	34,737,967			6.19		2.92	9.0
Forfeited	(1,186,220	)		6.27		3.13
Outstanding as of September 30, 2021	33,551,747		$	6.19	$	4.95	8.2
Expected to vest and exercisable as of September 30, 2021	33,551,747		$	6.19	$	4.95	8.2

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	9,034,556		$	5.57	$	2.19	9.1
Granted	160,270			6.28	$	1.41
Forfeited	(384,684	)		6.28	$	2.42
Outstanding as of December 31, 2018	8,810,178		$	5.55	$	2.16	8.1
Forfeited	(1,231,675	)		5.83	$	2.27
Outstanding as of December 31, 2019	7,578,503		$	5.50	$	2.14	7.1
Granted	28,350,160			6.28	$	3.09
Forfeited	(1,190,696	)		3.89	$	2.04
Outstanding as of December 31, 2020	34,737,967			6.19		2.92	9.0
Expected to vest and exercisable as of December 31, 2020	34,737,967		$	6.19	$	2.92	9.0

Schedule of weighted average assumptions applied to options

	After modification
Exercise price(1)	$	4.37 – 6.28
Expected lives (years)(2)		4.5 – 9.4
Volatility(3)		47.6% – 53.1%
Risk-free interest rate(4)		1.26 – 1.87	%
Expected dividend yields(5)		0.00	%
Weighted average fair value of options modified	$	4.70 – 5.36

	Nine Months Ended September 30, 2021
Expected term (years)(1)	2.35
Volatility(2)	63.06%
Average correlation coefficient of peer companies(3)	0.7960
Risk-free interest rate(4)	0.31	%
Expected dividend yields(5)	0.00	%

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)	$3.22
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)	$6.10 ~ $8.21

Schedule non-vested shares activity

	Number on Non-Vested Shares		Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of January 1, 2020	19,809,056		$	0.90
Forfeited	(71,494	)	$	1.42
Transfer from non-vested shares	3,289,837		$	1.14
Outstanding as of September 30, 2020	23,027,399		$	0.93
Outstanding as of January 1, 2021	23,027,399		$	0.93
Outstanding as of September 30, 2021	23,027,399		$	6.27

	Number of non-vested shares		Weighted average grant date fair value per share
			(US$)
Outstanding as of January 1, 2020	3,289,837		$	1.14
Transfer to non-vested share units	(3,289,837	)	$	1.14
Outstanding as of September 30, 2020	—			—

Outstanding as of January 1, 2021	—			—
Grant	197,940		$	9.60
Vested	(6,157	)	$	8.52
Outstanding as of September 30, 2021	191,783		$	9.63

	Number of non-vested shares		Weighted Average Grant date fair value per share
			(US$)
Outstanding as of January 1, 2018	7,008,101		$	0.87
Forfeited	(1,430,089	)	$	0.64
Outstanding as of December 31, 2018	5,578,012		$	0.93
Transfer to non-vested share units	(2,288,175	)	$	0.64
Outstanding as of December 31, 2019	3,289,837		$	1.14
Transfer to non-vested share units	(3,289,837	)	$	1.14
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	18,235,550		$	0.97
Forfeited	(943,990	)	$	1.18
Outstanding as of December 31, 2018	17,291,560		$	0.96
Forfeited	(772,341	)	$	1.60
Transfer from non-vested shares	3,289,837		$	0.64
Outstanding as of December 31, 2019	19,809,056		$	0.90
Forfeited	(71,494	)	$	1.42
Transfer from non-vested shares	3,289,837		$	1.14
Outstanding as of December 31, 2020	23,027,399		$	0.93

Schedule of classification of stock-based compensation

	Three Months Ended September 30, 2021
Cost of sales	$	2,306
General and administrative		44,164
Research and development expenses		8,303
Selling and marketing expenses		3,518
Construction in process		103
Total	$	58,394

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of assets and revenues major geographic regions

	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	%

Related Party Balances and Transactions (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of Relationship with the Group

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

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

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	$	—

Schedule of Related Party Transactions

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Raw material sold to Ochem	$	11	$	113	$	11	$	406

	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

Net Loss Per Share (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net loss per share

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Numerator:
Net loss attributable to ordinary shareholders	$	(21,944	)	$	(120,003	)	$	(64,557	)	$	(187,464	)

Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share		99,028,297			243,861,780			99,028,297			147,836,650
Basic and diluted net loss per share	$	(0.22	)	$	(0.49	)	$	(0.65	)	$	(1.27	)

	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		99,028,297			99,028,297			99,028,297
Basic and diluted net loss per share	$	(1.01	)	$	(1.17	)	$	(0.82	)

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2021	2020	2021
Shares issuable upon exercise of share options	26,228,125	33,641,132	16,854,262	33,869,470
Shares issuable upon vesting of non-vested shares	—	98,094	365,484	33,093
Shares issuable upon exercise of warrants	—	21,327,750	—	7,187,374
Shares issuable upon conversion of Series B2 Preferred	8,545,490	7,153,219	8,545,490	8,076,300
Shares issuable upon conversion of Series C1 Preferred	26,757,258	6,398,475	26,757,258	19,896,422
Shares issuable upon conversion of Series C2 Preferred	20,249,450	4,842,260	20,249,450	15,057,284
Shares issuable upon conversion of Series D1 Preferred	22,311,516	5,335,362	22,311,516	16,590,614
Shares issuable upon conversion of Series D2 Preferred	6,719,845	1,606,919	6,719,845	4,996,808
Shares issuable upon conversion of non-controlling interests of a subsidiary	17,253,182	4,125,761	17,253,182	12,829,289
Shares issuable upon vesting of Earn-out shares	—	14,999,991	—	5,054,942
Shares issuable that may be subject to cancellation	—	1,265,625	—	426,511

	Year ended December 31,
	2018	2019	2020
Shares issuable upon exercise of share options	8,974,799	8,108,700	18,281,198
Shares issuable upon vesting of non-vested shares	6,292,521	4,712,098	72,122
Shares issuable upon conversion of Series A1 Preferred	31,357,306	2,613,042	—
Shares issuable upon conversion of Series B1 Preferred	15,649,083	1,304,117	—
Shares issuable upon conversion of Series B2 Preferred	8,545,490	8,545,490	8,545,490
Shares issuable upon conversion of Series C1 Preferred	—	24,527,400	26,757,258
Shares issuable upon conversion of Series C2 Preferred	—	18,561,830	20,249,450
Shares issuable upon conversion of Series EEL/D1 Preferred	22,311,516	22,311,516	22,311,516
Shares issuable upon conversion of Series D2 Preferred	2,738,213	6,719,845	6,719,845
Shares issuable upon conversion of noncontrolling interests of a subsidiary	10,849,317	17,253,182	17,253,182

Commitments and Contingencies (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum payments under lease commitments

	2021
Three months period ending December 31, 2021	$	1,004
2022		3,865
2023		3,310
2024		2,535
2025		2,111
2026		2,111
Thereafter		19,100
Total Lease Liabilities	$	34,036

	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	)

Reverse Recapitalization (Tables)

9 Months Ended

Sep. 30, 2021

Reverse Recapitalization [Abstract]

Schedule of business combination the ownership interests of the company’s stockholders

		Shares
Existing Microvast Equity Holders(a)		209,999,991
Existing Microvast Convertible Noteholders		6,736,106
Tuscan public stockholders		27,493,140
Sponsor Group(b)(c)		7,608,589
EarlyBirdCapital		428,411
PIPE investors immediately after Merger		48,250,000
Common Stock		300,516,237

Warrants (Tables)

9 Months Ended

Sep. 30, 2021

Warrants [Abstract]

Schedule of under the Monte Carlo Model that assumes optimal exercise of the Company’s redemption option

	July 23, 2021			September 30, 2021
Market price of public stock	$	10.00		$	8.22
Exercise price	$	11.50		$	11.50
Expected term (years)		5.00			4.82
Volatility		54.14	%		52.80	%
Risk-free interest rate		0.72	%		0.94	%
Dividend rate		0.00	%		0.00	%

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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

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

	Fair Value Measurement as of September 30, 2021
(In thousands)	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Cash and cash equivalents	$	572,609	—	—	$	572,609
Restricted cash		39,900	—	—		39,900
Total financial asset	$	612,509	—	—	$	612,509
Warrant liability	$	—	—	2,461	$	2,461
Total financial liability	$	—	—	2,461		2,461

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

(In thousands)	Convertible Notes
Balance as of January 1, 2021	$	—
Issuance of convertible notes		57,500
Changes in fair value of convertible notes		9,861
Conversion as of Merger		(67,361	)
Balance as of September 30, 2021	$	—

Schedule of reconciliation of the beginning and ending balances for Level 3 warrant liability

(In thousands)	Warrant Liability
Balance as of January 1, 2021	$	—
Assumed warrant liability upon Merger		3,574
Changes in fair value		(1,113	)
Balance as of September 30, 2021	$	2,461

- 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

Description of Organization and Business Operations (Details) - Schedule of company's subsidiaries	12 Months Ended
	Dec. 31, 2020
Microvast Power Solutions, Inc (“MP Solutions”) [Member]
Description of Organization and Business Operations (Details) - Schedule of company's 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]
Description of Organization and Business Operations (Details) - Schedule of company's 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]
Description of Organization and Business Operations (Details) - Schedule of company's 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]
Description of Organization and Business Operations (Details) - Schedule of company's 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]
Description of Organization and Business Operations (Details) - Schedule of company's 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]
Description of Organization and Business Operations (Details) - Schedule of company's 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]
Description of Organization and Business Operations (Details) - Schedule of company's 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]
Description of Organization and Business Operations (Details) - Schedule of company's 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 ($)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
Significant Accounting Policies (Details) - USD ($)	May 01, 2018	Apr. 01, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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					$ (24,653,000)	$ 5,799,000	$ 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			$ 36,894,000	$ 30,753,000	85,204,000	59,400,000	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			60,000	13,000	1,381,000	459,000
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			31,792,000	23,945,000	73,360,000	42,632,000	$ 82,655,000	$ 65,437,000
Europe [Member]
Significant Accounting Policies (Details) [Line Items]
Revenue			4,908,000	6,446,000	11,466,000	16,376,000	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			$ 194,000	$ 362,000	$ 378,000	$ 392,000

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	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of accounts receivable [Abstract]
Accounts receivable	$ 72,039	$ 81,345	$ 73,178
Allowance for doubtful accounts	(4,796)	(5,047)	(5,537)
Accounts receivable, net	$ 67,243	$ 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		9 Months Ended		12 Months Ended
Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Provision for obsolete inventories	$ 6,569	$ 680	$ 12,667	$ 1,326	$ 1,343	$ 4,233	$ 13,622

Inventories, Net (Details) - Schedule of components of inventories - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of components of inventories [Abstract]
Work in process	$ 18,222	$ 22,167	$ 27,854
Raw materials	20,725	17,451	17,201
Finished goods	8,873	5,350	12,249
Total	$ 47,820	$ 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	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of receivables represented the amount available for future deduction against VAT payable [Abstract]
VAT receivables	$ 1,207	$ 2,471	$ 1,748
Advances to suppliers	4,681	2,117	1,038
Other receivables	6,330	688	627
Deposits	746	746	535
Total	$ 12,964	$ 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	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	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	Sep. 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	13,017	15,122	23,515
Product warranty	18,690	4,296	3,723
Accrued payroll and welfare	2,818	2,704	2,577
Accrued expenses	1,972	1,696	2,103
Deferred subsidy income-current		215	127
Deposits received from the contractors		102	275
Other tax payable	425	1,472	494
Other current liabilities		5,021	2,181
Total	$ 48,065	$ 60,628	$ 34,995

Product Warranty (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Product Warranty (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Product Warranties Disclosures [Abstract]
Warranty costs		$ 3,477	$ 3,501	$ 8,342
Estimate additional accrual amount	$ 34,100

Product Warranty (Details) - Schedule of movement of product warranty - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of movement of product warranty [Abstract]
Balance at beginning of the year	$ 18,416	$ 16,565
Provided during the year	3,477	3,501
Utilized during the year	(2,537)	(1,650)
Balance at end of the year	19,356	18,416
Product warranty – current	4,296	3,723
Product warranty – non-current	$ 15,060	$ 14,693

Bank Borrowings (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Bank Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Bank Borrowings (Details) [Line Items]
Guarantee to secure certain loan		$ 20,874	$ 32,607
Loan balance	$ 13,191
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 6.00% annual interest, needs to be renewed every year (60 days in advance). During the nine months ended September 30, 2021, the Group drew down the 8-year maturity term loan to the amount of $9,660.
Minimum [Member]
Bank Borrowings (Details) [Line Items]
Interest rate	5.00%	4.68%
Maximum [Member]
Bank Borrowings (Details) [Line Items]
Interest rate	6.00%	5.66%

Bank Borrowings (Details) - Schedule of changes in bank borrowings - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule of changes in bank borrowings [Abstract]
Beginning balance					$ 11,922	$ 66,267
Proceeds from bank borrowings		$ 5,757	$ 26,603	$ 15,230	17,308	17,735
Repayments of principal during the year	(3,400)	(5,696)	(15,665)	(17,590)	(17,815)	(71,674)
Exchange difference	$ (207)	$ 321	$ (271)	$ 232	769	(406)
Ending balance					12,184	11,922
Including:
Current					12,184	11,922
Total					$ 12,184	$ 11,922

Bank Borrowings (Details) - Schedule of banking facilities and aggregate carrying amount - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of banking facilities and aggregate carrying amount [Abstract]
Buildings	$ 31,479	$ 22,732	$ 22,414
Machinery and equipment	17,173	19,297	20,936
Land use rights	4,448	2,789	2,672
Total	$ 53,100	$ 44,818	$ 46,022

Other Non-Current Liabilities (Details) - Schedule of other non-current liabilities - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of other non-current liabilities [Abstract]
Deferred subsidy income – non-current	$ 2,334	$ 1,221	$ 1,389
Payable to exiting Investors		94,316	114,870
Product warranty	33,177	15,060	14,693
Total	$ 35,511	$ 110,597	$ 130,952

Bonds Payable (Details) $ in Thousands, ¥ in Millions												1 Months Ended										3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
Bonds Payable (Details) $ in Thousands, ¥ in Millions	Jul. 23, 2021 shares	Jan. 04, 2021 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 ($)	Nov. 02, 2018 CNY (¥)	Jan. 31, 2021 USD ($)	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 (¥)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 CNY (¥)	Sep. 30, 2021 CNY (¥)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Nov. 02, 2018 CNY (¥)
Bonds Payable (Details) [Line Items]
Bond loan			¥ 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.	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																											$ 29,915	¥ 204.5
Convertible promissory notes converted common stock shares (in Shares) \| shares	6,719,845
Purchase agreement to issue convertible promissory note amount		$ 57,500
Interest rate																									6.00%
Changes in fair value																									$ 9,861
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				¥ 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
Second Tranche [Member]
Bonds Payable (Details) [Line Items]
Convertible promissory notes issued amount																																$ 32,500
Minimum [Member]
Bonds Payable (Details) [Line Items]
Discounted rate												80.00%
Maximum [Member]
Bonds Payable (Details) [Line Items]
Discounted rate												90.00%
Convertible Notes [Member]
Bonds Payable (Details) [Line Items]
Convertible promissory notes converted common stock shares (in Shares) \| shares	6,736,106
Changes in fair value																						$ 3,018
Extended Maturity [Member]
Bonds Payable (Details) [Line Items]
Extended maturity date																										1 year

Bonds Payable (Details) - Schedule of bonds payable - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Bonds payable
Bonds payable, Total		$ 29,915	$ 73,803
Long-term bonds payable
Long-term bonds payable, Total	73,147	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

Bonds Payable (Details) - Schedule of repayments and interests $ in Thousands, ¥ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)
June 30, 2023 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Issuance Date	Feb. 01, 2019	Feb. 01, 2019	Feb. 01, 2019	Feb. 01, 2019
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200	$ 29,259	¥ 200
Maturity Date	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2023
Repayment Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200	$ 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	Dec. 31, 2018	Dec. 31, 2018
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200	$ 29,259	¥ 200
Maturity Date	Apr. 28, 2024	Apr. 28, 2024	Apr. 28, 2024	Apr. 28, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100	$ 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	Jul. 11, 2024	Jul. 11, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 7,315	¥ 50	$ 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	Oct. 01, 2024	Oct. 01, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 7,315	¥ 50	$ 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	Jan. 01, 2020	Jan. 01, 2020
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100	$ 14,629	¥ 100
Maturity Date	Apr. 13, 2026	Apr. 13, 2026	Apr. 13, 2026	Apr. 13, 2026
Repayment Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100	$ 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%	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%	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%	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%	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%	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%	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%	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%	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%	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%	4.00%	4.00%

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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)		$ 106	$ (270)	$ 324	$ 5			$ 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	12 Months Ended
	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	$ 1	$ 189	$ 6,425

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of reconciliation between the income tax expense [Abstract]
Loss before income tax	$ (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

Noncontrolling Interests (Details) $ in Thousands, ¥ in Millions	1 Months Ended			9 Months Ended	12 Months Ended
	Nov. 30, 2018	Feb. 28, 2018	Mar. 31, 2017 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 23, 2021 shares	Dec. 31, 2020 CNY (¥) 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
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%
Estimated proceeds from financing					$ 400,000
Simple interest rate					6.00%
Ordinary shares converted from warrants (in Shares) \| shares					10,631,671
Noncontrolling shareholders							1,016
Accrual for the performance guarantee compensation					$ 1,168
Net loss attributable to noncontrolling interests						2,123	4,783
Simple annual interest		6.00%
Convertible of common shares (in Shares) \| shares								17,253,182
Maximum [Member]
Noncontrolling Interests (Details) [Line Items]
Shares issued (in Shares) \| shares					17,253,182				17,253,182
Investors [Member]
Noncontrolling Interests (Details) [Line Items]
Pursuant to remaining amount				$ 99,038
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						32,700
Payable to exiting investors					$ 30,000				¥ 214.2
Financing total amount					200,000
Investors [Member]
Noncontrolling Interests (Details) [Line Items]
Group paid capital					$ 30,000				¥ 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
Annual interest rate	6.00%
Shares issued (in Shares) \| shares					10,631,671				10,631,671
Maximum [Member]
Noncontrolling Interests (Details) [Line Items]
Interest rate percentage					10.00%
Financing total amount					$ 400,000
Annual interest rate	12.00%

Noncontrolling Interests (Details) - Schedule of noncontrolling shareholders in MPS	Nov. 02, 2018
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%
Dividend Yield expressed as % of stock price	0.00%

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) - $ / shares	12 Months Ended
Ordinary Shares (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Ordinary Shares [Abstract]
Ordinary shares authorized	240,450,000
Ordinary per share (in Dollars per share)	$ 0.0001
Ordinary shares		99,028,297

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%
Exchange ratio	160.3	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	Sep. 30, 2021	Jan. 01, 2018
Preferred Units [Line Items]
Number of Shares		69,318,224	69,318,224
Series A1 Preferred [Member]
Preferred Units [Line Items]
Number of Shares			31,357,306
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			15,649,083
Shareholders	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series EEL Preferred [Member]
Preferred Units [Line Items]
Number of Shares			22,311,516
Shareholders	Evergreen Ever Limited (“EEL”)

Preferred Shares (Details) - Schedule of balance of Series Preferred and redeemable noncontrolling interests - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 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	90,820	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	5,841	7,681	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		$ 88,242	$ 90,820	$ 80,561	$ 79,615

Share-Based Payment (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jul. 21, 2021	Oct. 30, 2015	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Payment (Details) [Line Items]
Vesting value per share (in Dollars per share)						$ 6,280
Fair value repurchased (in Dollars)						$ 7,974
Issued and outstanding						8,546,502	8,546,502	8,546,502
Total issued and outstanding percentage					17.00%
Granted options					209,906
Granted options non-vested shares					143,652
Converted options					33,647,927
Converted options non-vested shares					23,027,399
Common exchange ratio (in Dollars per share)					$ 160.3	$ 160.3
Plan expire date		10 years
Reserves percentage		5.00%
Common stock					76,956,754
Stock option (in Dollars)					$ 150,200
Weighted-average period					8 years 2 months 12 days
Aggregate intrinsic value (in Dollars)					$ 68,267
Stock-based compensation expense (in Dollars)					8,800
Equity-based compensation costs (in Dollars)	$ 135,700			$ 135,700	135,700
Compensation cost (in Dollars)					1,600
Fair market value percentage			70.00%
Common stock, however shares	8,546,502
Restricted Stock Units (RSUs) [Member]
Share-Based Payment (Details) [Line Items]
Compensation expense (in Dollars)					$ 135
Granted					133,981
Phantom Share Units (PSUs) [Member]
Share-Based Payment (Details) [Line Items]
Compensation expense (in Dollars)					$ 31
Granted					63,959
Series B2 Preferred [Member]
Share-Based Payment (Details) [Line Items]
Stock options value per share (in Dollars per share)			$ 2.28
Fair market value percent			70.00%
Share repurchased						1,705,914
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)						$ 2.28
Share Options [Member]
Share-Based Payment (Details) [Line Items]
Compensation expense (in Dollars)				$ 10,200
Series B2 Preferred [Member]
Share-Based Payment (Details) [Line Items]
Shares issued			12,678,479
Stock options value per share (in Dollars per share)			$ 366
Deposit liability (in Dollars)						$ 21,792
Stock-based compensation expense (in Dollars)					$ 39,200
Legally shares issued and outstanding						53,319
Series B2 Preferred [Member] \| IPO [Member]
Share-Based Payment (Details) [Line Items]
Shares issued			79,107

Share-Based Payment (Details) - Schedule of stock option activity plan - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of stock option activity plan [Abstract]
Number of shares, Outstanding at beginning (in Shares)	34,737,967	7,578,503	7,578,503	8,810,178	9,034,556
Weighted average exercise price, Outstanding at beginning	$ 6.19	$ 5.5	$ 5.5	$ 5.55	$ 5.57
Weighted average grant date fair value, Outstanding at beginning	$ 2.92	$ 2.14	$ 2.14	$ 2.16	$ 2.19
Weighted average remaining contractual life, Outstanding at beginning	9 years	7 years 1 month 6 days			9 years 1 month 6 days
Number of shares, Granted (in Shares)		27,874,727	28,350,160		160,270
Weighted average exercise price, Granted		$ 6.27	$ 6.28		$ 6.28
Weighted average grant date fair value, Granted		$ 3.06	$ 3.09		$ 1.41
Weighted average remaining contractual life, Granted
Number of shares, Forfeited (in Shares)	(1,186,220)	(1,196,158)	(1,190,696)	(1,231,675)	(384,684)
Weighted average exercise price, Forfeited	$ 6.27	$ 3.89	$ 3.89	$ 5.83	$ 6.28
Weighted average grant date fair value, Forfeited	$ 3.13	$ 2.04	$ 2.04	$ 2.27	$ 2.42
Weighted average remaining contractual life, Forfeited
Number of shares, Outstanding at ending (in Shares)			34,737,967	7,578,503	8,810,178
Weighted average exercise price, Outstanding at ending			$ 6.19	$ 5.5	$ 5.55
Weighted average grant date fair value, Outstanding at ending			$ 2.92	$ 2.14	$ 2.16
Weighted average remaining contractual life, Outstanding at ending	8 years 2 months 12 days	9 years 2 months 12 days	9 years	7 years 1 month 6 days	8 years 1 month 6 days
Number of shares, Expected to vest and exercisable (in Shares)	33,551,747	34,257,072	34,737,967
Weighted average exercise price, Expected to vest and exercisable	$ 6.19	$ 6.19	$ 6.19
Weighted average grant date fair value, Expected to vest and exercisable	$ 4.95	$ 2.9	$ 2.92
Weighted average remaining contractual life, Expected to vest and exercisable	8 years 2 months 12 days	9 years 2 months 12 days	9 years

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

12 Months Ended

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

^[3]

51.70%

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]

$ 3.22

Minimum [Member]

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

Risk-free interest rate

^[1]

1.54%

Expected dividend yield

^[2]

Volatility

^[3]

50.20%

Exercise multiple (in Dollars per share)

^[4]

$ 2.2

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

^[6]

$ 6.1

Maximum [Member]

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

Risk-free interest rate

^[1]

1.61%

Expected dividend yield

^[2]

Volatility

^[3]

51.80%

Exercise multiple (in Dollars per share)

^[4]

$ 2.8

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

^[6]

$ 8.21

[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	3,289,837	5,578,012	7,008,101
Weighted Average Grant date fair value per share, Outstanding at the beginning balance	$ 1.14	$ 0.93	$ 0.87
Number of non-vested shares, Forfeited			(1,430,089)
Weighted Average Grant date fair value per share, Forfeited			$ 0.64
Number of non-vested shares, Outstanding at the ending balance		3,289,837	5,578,012
Weighted Average Grant date fair value per share, Outstanding at the ending balance		$ 1.14	$ 0.93
Number of non-vested shares, transfer to non-vested share units	(3,289,837)	(2,288,175)
Weighted Average Grant date fair value per share, transfer to non-vested share units	$ 1.14	$ 0.64
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	19,809,056	17,291,560	18,235,550
Weighted Average Grant date fair value per share, Outstanding at the beginning balance	$ 0.9	$ 0.96	$ 0.97
Number of non-vested shares, Forfeited	(71,494)	(772,341)	(943,990)
Weighted Average Grant date fair value per share, Forfeited	$ 1.42	$ 1.6	$ 1.18
Number of non-vested shares, Outstanding at the ending balance	23,027,399	19,809,056	17,291,560
Weighted Average Grant date fair value per share, Outstanding at the ending balance	$ 0.93	$ 0.9	$ 0.96
Number of non-vested shares, transfer to non-vested share units	3,289,837	3,289,837
Weighted Average Grant date fair value per share, transfer to non-vested share units	$ 1.14	$ 0.64

Mainland China Contribution Plan (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jul. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Total employee benefits			$ 2,192			$ 2,722	$ 4,262
Employee benefits	$ 1,989	$ 708		$ 1,572	$ 618

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)	12 Months Ended
Segment Information (Details)	Dec. 31, 2020
Segment Reporting [Abstract]
Operating segment	1
Reporting segment.	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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Related Party Balances and Transactions (Details) [Line Items]
Loans from related parties, accumulative amount	$ 18,063	$ 7,607	$ 8,426
Outstanding balance due from related party	$ 128		$ 128
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					$ 18,889	$ 15,142

Related Party Balances and Transactions (Details) - Schedule of Relationship with the Group	9 Months Ended
	Sep. 30, 2021
Ochem [Member]
Related Party Balances and Transactions (Details) - Schedule of Relationship with the Group [Line Items]
Relationship	Controlled by CEO
Ochemate [Member]
Related Party Balances and Transactions (Details) - Schedule of Relationship with the Group [Line Items]
Relationship	Controlled by CEO

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:

Ochem

^[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 Party 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
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: 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)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ 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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss attributable to ordinary shareholders	$ (120,003)	$ (21,944)	$ (187,464)	$ (64,557)	$ (80,963)	$ (115,479)	$ (100,033)
Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share	243,861,780	99,028,297	147,836,650	99,028,297	99,028,297	99,028,297	99,028,297
Basic and diluted net loss per share	$ (0.49)	$ (0.22)	$ (1.27)	$ (0.65)	$ (0.82)	$ (1.17)	$ (1.01)

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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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					18,281,198	8,108,700	8,974,799
Shares issuable upon vesting of non-vested shares	98,094		33,093	365,484	72,122	4,712,098	6,292,521
Shares issuable upon conversion of Series						2,613,042	31,357,306
Shares issuable upon conversion of noncontrolling interests of a subsidiary					17,253,182	17,253,182	10,849,317
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						1,304,117	15,649,083
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	7,153,219	8,545,490	8,076,300	8,545,490	8,545,490	8,545,490	8,545,490
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	6,398,475	26,757,258	19,896,422	26,757,258	26,757,258	24,527,400
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	4,842,260	20,249,450	15,057,284	20,249,450	20,249,450	18,561,830
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	5,335,362	22,311,516	16,590,614	22,311,516	22,311,516	22,311,516	22,311,516
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	1,606,919	6,719,845	4,996,808	6,719,845	6,719,845	6,719,845	2,738,213

Commitments and Contingencies (Details) - USD ($) $ in Thousands				9 Months Ended	12 Months Ended
	Dec. 02, 2020	Feb. 05, 2018	Sep. 04, 2017	Sep. 30, 2021	Dec. 31, 2020	Aug. 09, 2015
Commitments and Contingencies (Details) [Line Items]
Settlement amount total	$ 1,980
Settlement amount	500
Settlement amount	$ 1,480				$ 1,480
Capital commitments					$ 30,706
Ordinary shares (in Shares)		2,600
Other equity remedies		$ 1,000
Capital Commitments [Member]
Commitments and Contingencies (Details) [Line Items]
Capital commitments				$ 46,144
Mr. Jeff Q. Xu [Member]
Commitments and Contingencies (Details) [Line Items]
Shares owned (in Shares)						2,468,158
Mr. Smith [Member]
Commitments and Contingencies (Details) [Line Items]
Commitment, description			(1) a declaration that he owns the 416,702 ordinary shares (the shares were retroactively recast to reflect the exchange ratio established in the Merger as described in Note 27) 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) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 23, 2021	Feb. 28, 2021	Jan. 04, 2021
Subsequent Events (Details) [Line Items]
Interest rate											6.00%
Convertible promissory notes										$ 32,500
Proceeds from bank loans				$ 26,603	$ 15,230	$ 17,308	$ 17,735	$ 62,432
Payment for PP&E	$ 11,000
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
Restricted Stock Units (RSUs) [Member]
Subsequent Events (Details) [Line Items]
Granted shares (in Shares)									265,399
Phantom Share Units (PSUs) [Member]
Subsequent Events (Details) [Line Items]
Granted shares (in Shares)									265,399
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) - Schedule of condensed financial information of parent company statement 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

Recasting Financial Statements Upon the Completion of the Merger Transaction (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Jul. 23, 2021	Sep. 30, 2021	Dec. 31, 2020	Feb. 28, 2021	Jan. 31, 2021
Recasting Financial Statements Upon the Completion of the Merger Transaction (Details) [Line Items]
Common exchange ratio (in Dollars per share)		$ 160.3	$ 160.3
Subsequent Event [Member]
Recasting Financial Statements Upon the Completion of the Merger Transaction (Details) [Line Items]
Net proceeds including cash received	$ 708.4
Promissory convertible notes issued				$ 57.5	$ 57.5

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
Current 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$0.0001 par value; 26,757,258 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$0.0001 par value; 20,249,450 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$0.0001 par value; 22,311,516 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$0.0001 per share, 240,450,000 shares authorized as of December 31, 2019 and 2020; 99,028,297 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)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	240,450,000	240,450,000
Ordinary shares, issued	99,028,297	99,028,297
Ordinary shares, outstanding	99,028,297	99,028,297
Series C1 convertible redeemable preferred shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized	26,757,258	26,757,258
Convertible redeemable preferred shares, issued	26,757,258	26,757,258
Convertible redeemable preferred shares, outstanding	26,757,258	26,757,258
Series C2 Convertible Redeemable Preferred Share [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized	20,249,450	20,249,450
Convertible redeemable preferred shares, issued	20,249,450	20,249,450
Convertible redeemable preferred shares, outstanding	20,249,450	20,249,450
Series D1 Convertible Redeemable Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Convertible redeemable preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized	22,311,516	22,311,516
Convertible redeemable preferred shares, issued	22,311,516	22,311,516
Convertible redeemable preferred shares, outstanding	22,311,516	22,311,516

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

Reverse Recapitalization (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021	Jul. 23, 2021
Reverse Recapitalization (Details) [Line Items]
Purchase price, per share (in Dollars per share)	$ 10
Aggregate purchase price	$ 482.5
Framework agreement description	(1) the CL Investors waived their convertible loans issued on November 2, 2018, by MPS, in exchange for 6,719,845 shares of Common Stock of the Company and (2) the MPS minority investors waived their rights in MPS’s equity in exchange for 17,253,182 shares of Common Stock of the Company (refer to Note 14).
Additional shares of common stock (in Shares)	19,999,988
Weighted average price of the common stock (in Dollars per share)	$ 18
Common stock receiving a per share (in Dollars per share)	$ 18
Description of exchange ratio	Each of the options to purchase Microvast, Inc.’s common stock that was outstanding before the Merger was converted into options to acquire Common Stock by computing the number of shares and converting the exercise price based on the exchange ratio of 160.3 (the “Common Exchange Ratio”). Refer to Note 17.Each capped non-vested share unit of Microvast, Inc. that was outstanding before the Merger was converted into a non-vested share unit of the Company by computing the number of shares and converting the capped price based on the Common Exchange Ratio. Refer to Note 17.
Shares subject to cancellation (in Shares)	1,687,500
Proceeds from contributions	$ 708.4
Cash held in tuscan’s trust account	281.7
Net of redemptions	0.9
Cash in connection with the PIPE financing	482.5
Transaction costs	$ 58.3
Escrow shares (in Shares)	1,687,500
Cancellation condition description	(i) 50% of 1,687,500 shares shall be cancelled if the last sale price of the Common Stock does not equal or exceed $12.00 per share for any 20 trading days within any 30-trading day period prior to the fifth anniversary of the Closing, and (ii) 50% of 1,687,500 shares shall be cancelled if the last sale price of the Common Stock does not equal or exceed $15.00 per share for any 20 trading days within any 30-trading day period prior to the fifth anniversary of the Closing.
Microvast Inc [Member]
Reverse Recapitalization (Details) [Line Items]
Merger agreement description (in Shares)	209,999,991
Bridge Notes [Member]
Reverse Recapitalization (Details) [Line Items]
Outstanding promissory notes issued		$ 57.5
Merger agreement description (in Shares)	6,736,106
PIPE Investors [Member]
Reverse Recapitalization (Details) [Line Items]
Merger agreement description (in Shares)	48,250,000
Sponsor [Member]
Reverse Recapitalization (Details) [Line Items]
Private placement unit (in Shares)	150,000
Conversion of notes payable	$ 1.5
Purchase of common stock (in Shares)	150,000
Warrant exercise price (in Dollars per share)	$ 11.5
Common Stock [Member] \| Sponsor [Member]
Reverse Recapitalization (Details) [Line Items]
Private placement unit (in Shares)	150,000
Additional Paid-in Capital [Member]
Reverse Recapitalization (Details) [Line Items]
Transaction costs	$ 15.5
Initial Public Offering [Member]
Reverse Recapitalization (Details) [Line Items]
Transaction costs	$ 42.8

Reverse Recapitalization (Details) - Schedule of business combination the ownership interests of the company’s stockholders

Sep. 30, 2021

Schedule of business combination the ownership interests of the company’s stockholders [Abstract]

Existing Microvast Equity Holders

209,999,991

^[1]

Existing Microvast Convertible Noteholders

6,736,106

Tuscan public stockholders

27,493,140

Sponsor Group

7,608,589

^[2],[3]

EarlyBirdCapital

428,411

PIPE investors immediately after Merger

48,250,000

Common Stock

300,516,237

[1]	Excludes the Earn-Out Shares, but is inclusive of the shares being issued pursuant to the Framework Agreement to the CL Investors and MPS minority investors.
[2]	Includes 1,687,500 shares that may be subject to cancellation in accordance with the amended escrow agreement.
[3]	The Sponsor Group includes Common Stock owned by the Sponsor, Stefan M. Selig, Richard O. Rieger and Amy Butte.

Accounts Receivable (Details) - Schedule of accounts receivable - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of accounts receivable [Abstract]
Accounts receivable	$ 72,039	$ 81,345	$ 73,178
Allowance for doubtful accounts	(4,796)	(5,047)	(5,537)
Accounts receivable, net	$ 67,243	$ 76,298	$ 67,641

Accounts Receivable (Details) - Schedule of allowance for doubtful accounts - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of allowance for doubtful accounts [Abstract]
Balance at beginning of the period	$ 4,743	$ 4,534	$ 5,047	$ 5,537
Charge to expenses	457	2	261	(861)
Write off	(415)		(546)
Exchange difference	11	173	34	33
Balance at end of the period	$ 4,796	$ 4,709	$ 4,796	$ 4,709

Inventories, Net (Details) - Schedule of Inventories consisted - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Inventories consisted [Abstract]
Work in process	$ 18,222	$ 22,167	$ 27,854
Raw materials	20,725	17,451	17,201
Finished goods	8,873	5,350	12,249
Total	$ 47,820	$ 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	Sep. 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	$ 4,681	$ 2,117	$ 1,038
Other receivables	6,330	688	627
VAT receivables	1,207	2,471	1,748
Deposits	746	746	535
Total	$ 12,964	$ 6,022	$ 3,948

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands	Sep. 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	13,017	15,122	23,515
Product warranty	18,690	4,296	3,723
Other current liabilities	8,469	3,959
Accrued payroll and welfare	2,818	2,704	2,577
Interest payable	2,674	1,379
Accrued expenses	1,972	1,696	2,103
Other tax payable	425	1,472	494
Total	$ 48,065	$ 60,628	$ 34,995

Product Warranty (Details) - Schedule of movement of product warranty - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of movement of product warranty [Abstract]
Balance at beginning of the period	$ 25,543	$ 17,358	$ 19,356	$ 18,416
Provided for new sales during the period	1,498	1,517	3,761	2,468
Provided for pre-existing legacy product	34,055		40,849
Utilized during the period	(9,229)	(313)	(12,099)	(2,322)
Balance at end of the period	$ 51,867	$ 18,562	$ 51,867	$ 18,562

Product Warranty (Details) - Schedule of warranty cost - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of warranty cost [Abstract]
Product warranty – current	$ 18,690	$ 4,296
Product warranty – non-current	33,177	15,060
Total	$ 51,867	$ 19,356

Bank Borrowings (Details) - Schedule of bank borrowings - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule of bank borrowings [Abstract]
Beginning balance	$ 26,458	$ 9,412	$ 12,184	$ 11,922
Proceeds from bank borrowings		5,757	26,603	15,230	$ 17,308	$ 17,735
Repayments of principal	(3,400)	(5,696)	(15,665)	(17,590)	(17,815)	(71,674)
Exchange difference	(207)	321	(271)	232	$ 769	$ (406)
Ending balance	$ 22,851	$ 9,794	$ 22,851	$ 9,794

Bank Borrowings (Details) - Schedule of banking facilities and aggregate carrying amount - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of banking facilities and aggregate carrying amount [Abstract]
Buildings	$ 31,479	$ 22,732	$ 22,414
Machinery and equipment	17,173	19,297	20,936
Land use rights	4,448	2,789	2,672
Total	$ 53,100	$ 44,818	$ 46,022

Other Non-Current Liabilities (Details) - Schedule of other non-current liabilities - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of other non-current liabilities [Abstract]
Payable to exiting investors		$ 94,316	$ 114,870
Product warranty – non-current	$ 33,177	15,060	14,693
Deferred subsidy income- non-current	2,334	1,221	1,389
Total	$ 35,511	$ 110,597	$ 130,952

Bonds Payable (Details) - Schedule of bonds payable - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Bonds payable
Bonds payable, Total		$ 29,915	$ 73,803
Long-term bonds payable
Long-term bonds payable, Total	73,147	73,147
Third-party investors [Member]
Bonds payable
Bonds payable, Total		29,915	29,915
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 $ in Thousands, ¥ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)
June 30, 2023 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Issuance Date	Feb. 01, 2019	Feb. 01, 2019	Feb. 01, 2019	Feb. 01, 2019
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200	$ 29,259	¥ 200
Maturity Date	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2023
Repayment Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200	$ 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	Dec. 31, 2018	Dec. 31, 2018
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 29,259	¥ 200	$ 29,259	¥ 200
Maturity Date	Apr. 28, 2024	Apr. 28, 2024	Apr. 28, 2024	Apr. 28, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100	$ 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	Jul. 11, 2024	Jul. 11, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 7,315	¥ 50	$ 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	Oct. 01, 2024	Oct. 01, 2024
Repayment Amount (in Dollars and Yuan Renminbi)	$ 7,315	¥ 50	$ 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	Jan. 01, 2020	Jan. 01, 2020
Subscribed Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100	$ 14,629	¥ 100
Maturity Date	Apr. 13, 2026	Apr. 13, 2026	Apr. 13, 2026	Apr. 13, 2026
Repayment Amount (in Dollars and Yuan Renminbi)	$ 14,629	¥ 100	$ 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%	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%	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%	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%	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%	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%	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%	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%	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%	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%	4.00%	4.00%

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 23, 2021	Sep. 30, 2021	Sep. 30, 2021
Warrants (Details) [Line Items]
Shares issued			27,600,000
Warrant description			Once the Public Warrants became exercisable, the Company may redeem the Public Warrants:• in whole and not in part;• at a price of $0.01 per warrant;• upon not less than 30 days’ prior written notice of redemption;• if, and only if, the reported last sale price of the Company’s Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and• if, and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying the warrants.
Fair value of warrants (in Dollars)	$ 3,574
Business Combination [Member]
Warrants (Details) [Line Items]
Warrant term			5 years
EarlyBirdCapital [Member]
Warrants (Details) [Line Items]
Shares issued			837,000
Private Warrants [Member]
Warrants (Details) [Line Items]
Warrant issued			150,000
Exercise price (in Dollars per share)		$ 11.5	$ 11.5
Warrant term			5 years
Resulting in gain (in Dollars)		$ 1,100

Warrants (Details) - Schedule of under the Monte Carlo Model that assumes optimal exercise of the Company’s redemption option - Warrant [Member] - $ / shares	1 Months Ended	9 Months Ended
	Jul. 23, 2021	Sep. 30, 2021
Warrants (Details) - Schedule of under the Monte Carlo Model that assumes optimal exercise of the Company’s redemption option [Line Items]
Market price of public stock (in Dollars per share)	$ 10	$ 8.22
Exercise price (in Dollars per share)	$ 11.5	$ 11.5
Expected term (years)	5 years	4 years 9 months 25 days
Volatility	54.14%	52.80%
Risk-free interest rate	0.72%	0.94%
Dividend rate	0.00%	0.00%

Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis - USD ($) $ in Thousands	Sep. 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	$ 572,609	$ 21,496
Restricted cash	39,900	19,700
Total financial asset	612,509
Warrant liability	2,461
Total financial liability	2,461
Total		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	572,609	21,496
Restricted cash	39,900	19,700
Total financial asset	612,509
Warrant liability
Total financial liability
Total		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
Total financial asset
Warrant liability
Total financial liability
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
Total financial asset
Warrant liability	2,461
Total financial liability	$ 2,461
Total

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 $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) shares
Schedule of reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis [Abstract]
Beginning Balance
Issuance of convertible notes (in Shares) \| shares	57,500
Changes in fair value of convertible notes	$ 9,861
Conversion as of Merger (in Shares) \| shares	(67,361)
Ending Balance

Fair Value Measurement (Details) - Schedule of reconciliation of the beginning and ending balances for Level 3 warrant liability $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Schedule of reconciliation of the beginning and ending balances for Level 3 warrant liability [Abstract]
Balance as of January 1, 2021
Assumed warrant liability upon Merger	3,574
Changes in fair value	(1,113)
Balance as of September 30, 2021	$ 2,461

Common Stock (Details) - USD ($)	9 Months Ended
Common Stock (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock (Details) [Line Items]
Authorized shares	750,000,000	240,450,000	240,450,000
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Designated as common stock shares	750,000,000
Redeemable convertible preferred stock (in Dollars)	$ 50,000,000
Merger agreement, description	The Company has retroactively adjusted the shares issued and outstanding prior to July 23, 2021 to give effect to the Common Exchange Ratio of 160.3 established in the Merger Agreement
Merger [Member]
Common Stock (Details) [Line Items]
Common stock, par value (in Dollars per share)	$ 0.0001
Immediately after merger	300,516,237
Common stock share issued	300,522,394
Common stock shares outstanding	298,834,894
Common Class A [Member]
Common Stock (Details) [Line Items]
Authorized shares	800,000,000
Common stock, par value (in Dollars per share)	$ 0.0001

Preferred Shares (Details) - Schedule of preferred shares issued and outstanding - shares	9 Months Ended
	Sep. 30, 2021	Jan. 01, 2018
Preferred Units [Line Items]
Number of Shares	69,318,224	69,318,224
Series C1 Preferred [Member]
Preferred Units [Line Items]
Number of Shares	26,757,258
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	20,249,450
Shareholders	Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC
Series D1 Preferred [Member]
Preferred Units [Line Items]
Number of Shares	22,311,516
Shareholders	Evergreen Ever Limited (“EEL”)

Preferred Shares (Details) - Schedule of balance of Series Preferred and redeemable noncontrolling interests - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Series C1 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 80,581	$ 76,684	$ 76,684
Accretion	2,257	2,923
Conversion as of Merger	(82,838)
Ending balance		79,607	80,581
Series C2 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	81,966	73,100	73,100
Accretion	5,132	6,650
Conversion as of Merger	(87,098)
Ending balance		79,750	81,966
Series D1 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	146,583	127,935	127,935
Accretion	10,708	13,986
Conversion as of Merger	(157,291)
Ending balance		141,921	146,583
Redeemable noncontrolling interests [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	90,820	80,561	80,561
Accretion	5,841	7,681	10,259
Conversion as of Merger	(96,661)
Ending balance		$ 88,242	$ 90,820

Share-Based Payment (Details) - Schedule of stock option activity plan

9 Months Ended

Sep. 30, 2021

$ / shares

Share-Based Payment (Details) - Schedule of stock option activity plan [Line Items]

Expected lives (years)

2 years 4 months 6 days

^[1]

Volatility

63.06%

^[2]

Average correlation coefficient of peer companies (in Dollars per share)

$ 0.796

^[3]

Risk-free interest rate

0.31%

^[4]

Expected dividend yields

0.00%

^[5]

Minimum [Member]

Share-Based Payment (Details) - Schedule of stock option activity plan [Line Items]

Exercise price (in Dollars per share)

$ 4.37

^[1]

Expected lives (years)

4 years 6 months

^[2]

Volatility

47.60%

^[3]

Risk-free interest rate

1.26%

^[4]

Weighted average fair value of options modified (in Dollars per share)

$ 4.7

Maximum [Member]

Share-Based Payment (Details) - Schedule of stock option activity plan [Line Items]

Exercise price (in Dollars per share)

$ 6.28

^[1]

Expected lives (years)

9 years 4 months 24 days

^[2]

Volatility

53.10%

^[3]

Risk-free interest rate

1.87%

^[4]

Weighted average fair value of options modified (in Dollars per share)

$ 5.36

[1]	Exercise price Exercise price was extracted from option agreements
[2]	Expected lives Expected lives was derived from option agreements.
[3]	Volatility The volatility of the underlying common 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 and the implied volatility of the Company.
[4]	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.
[5]	Expected dividend yield The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.

Share-Based Payment (Details) - Schedule of effective time fair value of the stock options was determined using the BLM - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of effective time fair value of the stock options was determined using the BLM [Abstract]
Number of shares, outstanding at beginning (in Shares)	34,737,967	7,578,503	7,578,503
Weighted average exercise price, outstanding at beginning	$ 6.19	$ 5.5	$ 5.5
Weighted average grant date fair value, outstanding at beginning	$ 2.92	$ 2.14	$ 2.14
Weighted average remaining contractual, outstanding at beginning	9 years	7 years 1 month 6 days			9 years 1 month 6 days
Number of shares, granted (in Shares)		27,874,727	28,350,160		160,270
Weighted average exercise price, granted		$ 6.27	$ 6.28		$ 6.28
Weighted average grant date fair value, granted		$ 3.06	$ 3.09		$ 1.41
Weighted average remaining contractual, granted
Number of shares, forfeited (in Shares)	(1,186,220)	(1,196,158)	(1,190,696)	(1,231,675)	(384,684)
Weighted average exercise price, forfeited	$ 6.27	$ 3.89	$ 3.89	$ 5.83	$ 6.28
Weighted average grant date fair value, forfeited	$ 3.13	$ 2.04	$ 2.04	$ 2.27	$ 2.42
Weighted average remaining contractual, forfeited
Number of shares, outstanding at ending (in Shares)	33,551,747	34,257,072	34,737,967	7,578,503
Weighted average exercise price, outstanding at ending	$ 6.19	$ 6.19	$ 6.19	$ 5.5
Weighted average grant date fair value, outstanding at ending	$ 4.95	$ 2.9	$ 2.92	$ 2.14
Weighted average remaining contractual life, outstanding at ending	8 years 2 months 12 days	9 years 2 months 12 days	9 years	7 years 1 month 6 days	8 years 1 month 6 days
Number of shares, expected to vest and exercisable (in Shares)	33,551,747	34,257,072	34,737,967
Weighted average exercise price, expected to vest and exercisable	$ 6.19	$ 6.19	$ 6.19
Weighted average grant date fair value, expected to vest and exercisable	$ 4.95	$ 2.9	$ 2.92
Weighted average remaining contractual life, expected to vest and exercisable	8 years 2 months 12 days	9 years 2 months 12 days	9 years

Share-Based Payment (Details) - Schedule non-vested shares activity - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Non-Vested Share Units [Member]
Share-Based Payment (Details) - Schedule non-vested shares activity [Line Items]
Number of non-vested shares, outstanding at beginning	23,027,399	19,809,056
Weighted average grant date fair value per share, outstanding at beginning	$ 0.93	$ 0.9
Number of non-vested shares, forfeited		(71,494)
Weighted average grant date fair value per share, forfeited		$ 1.42
Number of non-vested shares, transfer from non-vested shares		3,289,837
Weighted average grant date fair value per share, transfer from non-vested shares		$ 1.14
Number of non-vested shares, outstanding at ending	23,027,399	23,027,399
Weighted average grant date fair value per share, outstanding at ending	$ 6.27	$ 0.93
Non-Vested Share [Member]
Share-Based Payment (Details) - Schedule non-vested shares activity [Line Items]
Number of non-vested shares, outstanding at beginning		3,289,837
Weighted average grant date fair value per share, outstanding at beginning		$ 1.14
Number of non-vested shares, grant	197,940
Weighted average grant date fair value per share, grant	$ 9.6
Number of non-vested shares, vested	(6,157)
Weighted average grant date fair value per share, vested	$ 8.52
Number of non-vested shares, transfer from non-vested shares		(3,289,837)
Weighted average grant date fair value per share, transfer from non-vested shares		$ 1.14
Number of non-vested shares, outstanding at ending	191,783
Weighted average grant date fair value per share, outstanding at ending	$ 9.63

Share-Based Payment (Details) - Schedule of classification of stock-based compensation $ in Thousands	3 Months Ended
	Sep. 30, 2021 USD ($)
Schedule of classification of stock-based compensation [Abstract]
Cost of sales	$ 2,306
General and administrative	44,164
Research and development expenses	8,303
Selling and marketing expenses	3,518
Construction in process	103
Total	$ 58,394

Related Party Balances and Transactions (Details) - Schedule of relationship with the group	9 Months Ended
	Sep. 30, 2021
Ochem [Member]
Related Party Balances and Transactions (Details) - Schedule of relationship with the group [Line Items]
Relationship	Controlled by CEO
Ochemate [Member]
Related Party Balances and Transactions (Details) - Schedule of relationship with the group [Line Items]
Relationship	Controlled by CEO

Related Party Balances and Transactions (Details) - Schedule of related party transactions - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Related Party Transactions [Abstract]
Raw material sold to Ochem	$ 113	$ 11	$ 406	$ 11

- 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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss attributable to ordinary shareholders	$ (120,003)	$ (21,944)	$ (187,464)	$ (64,557)	$ (80,963)	$ (115,479)	$ (100,033)
Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share	243,861,780	99,028,297	147,836,650	99,028,297	99,028,297	99,028,297	99,028,297
Basic and diluted net loss per share	$ (0.49)	$ (0.22)	$ (1.27)	$ (0.65)

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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	33,641,132	26,228,125	33,869,470	16,854,262
Shares issuable upon vesting of non-vested shares	98,094		33,093	365,484	72,122	4,712,098	6,292,521
Shares issuable upon exercise of warrants	21,327,750		7,187,374
Shares issuable upon conversion of series						2,613,042	31,357,306
Shares issuable upon conversion of non-controlling interests of a subsidiary	4,125,761	17,253,182	12,829,289	17,253,182
Shares issuable upon vesting of Earn-out shares	14,999,991		5,054,942
Shares issuable that may be subject to cancellation	1,265,625		426,511
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	7,153,219	8,545,490	8,076,300	8,545,490	8,545,490	8,545,490	8,545,490
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	6,398,475	26,757,258	19,896,422	26,757,258	26,757,258	24,527,400
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	4,842,260	20,249,450	15,057,284	20,249,450	20,249,450	18,561,830
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	5,335,362	22,311,516	16,590,614	22,311,516	22,311,516	22,311,516	22,311,516
Shares Issuable Upon Conversionof 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	1,606,919	6,719,845	4,996,808	6,719,845	6,719,845	6,719,845	2,738,213

Commitments and Contingencies (Details) - Schedule of future minimum payments under lease commitments $ in Thousands	Sep. 30, 2021 USD ($)
Schedule of future minimum payments under lease commitments [Abstract]
Three months period ending December 31, 2021	$ 1,004
2022	3,865
2023	3,310
2024	2,535
2025	2,111
2026	2,111
Thereafter	19,100
Total Lease Liabilities	$ 34,036