0001213900-22-028757 | S-1/A | XBRL Viewer

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Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2022
Document Information Line Items
Entity Registrant Name	Microvast Holdings, Inc.
Document Type	S-1/A
Amendment Flag	true
Amendment Description	AMENDMENT NO. 8
Entity Central Index Key	0001760689
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 416,165	$ 480,931	$ 21,496
Restricted cash	54,568	55,178	19,700
Accounts receivable (net of allowance for credit losses of $5,005 and $5,354 as of December 31, 2021 and March 31, 2022, respectively)	79,970	88,717	76,298
Notes receivable	24,688	11,144	20,839
Inventories, net	58,081	53,424	44,968
Prepaid expenses and other current assets	19,691	17,127	6,022
Amount due from related parties		85
Total Current Assets	653,163	706,606	189,323
Property, plant and equipment, net	271,248	253,057	198,017
Land use rights, net	13,999	14,008	14,001
Acquired intangible assets, net	1,821	1,882	2,279
Operating lease right-of-use assets	18,388
Other non-current assets	40,096	19,738	890
Total Assets	998,715	995,291	404,510
Current liabilities:
Accounts payable	32,007	40,408	42,007
Advance from customers	3,601	1,526	2,446
Accrued expenses and other current liabilities	61,103	58,740	60,628
Income tax payables	667	666	664
Short-term bank borrowings	13,335	13,301	12,184
Notes payable	70,677	60,953	35,782
Bonds payable			29,915
Total Current Liabilities	181,390	175,594	183,626
Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”)			21,792
Long-term bonds payable	73,147	73,147	73,147
Warrant liability	1,540	1,105
Share-based compensation liability	32,884	18,925
Operating lease liabilities	16,146
Other non-current liabilities	36,233	39,822	110,597
Total Liabilities	341,340	308,593	389,162
Mezzanine Equity (Note 18 and Note 20)
Series C1 convertible redeemable preferred shares (“Series C1 Preferred”) (US$0.0001 par value; 26,757,258 authorized, issued and outstanding as of December 31, 2020 and nil authorized, issued and outstanding as of December 31, 2021)			80,581
Series C2 convertible redeemable preferred shares (“Series C2 Preferred”) (US$0.0001 par value; 20,249,450 authorized, issued and outstanding as of December 31, 2020 and nil authorized, issued and outstanding as of December 31, 2021)			81,966
Series D1 convertible redeemable preferred shares (“Series D1 Preferred”) (US$0.0001 par value; 22,311,516 authorized, issued and outstanding as of December 31, 2020 and nil authorized, issued and outstanding as of December 31, 2021)			146,583
Redeemable noncontrolling interests			90,820
Total Mezzanine Equity			399,950
Commitments and contingencies (Note 16)
Shareholders’ (Deficit)/Equity
Common Stock (par value of US$0.0001 per share, 750,000,000 and 750,000,000 shares authorized as of December 31, 2021 and March 31, 2022; 300,530,516 and 300,538,640 shares issued, and 298,843,016 and 298,851,140 shares outstanding as of December 31, 2021 and March 31, 2022)	30	30	6
Additional paid-in capital	1,320,367	1,306,034
Statutory reserves	6,032	6,032	6,032
Accumulated deficit	(676,741)	(632,099)	(397,996)
Accumulated other comprehensive income	7,687	6,701	7,356
Total Shareholders’ Equity	657,375	686,698	(384,602)
Total Liabilities and Shareholders’ Equity	$ 998,715	$ 995,291	$ 404,510

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net of allowance for doubtful accounts (in Dollars)	$ 5,354	$ 5,005	$ 5,047
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	750,000,000	750,000,000	240,450,000
Common stock, shares issued	300,538,640	300,530,516	99,028,297
Common stock, shares outstanding	298,851,140	298,843,016	99,028,297
Series C1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)		$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized			26,757,258
Convertible redeemable preferred shares, issued			26,757,258
Convertible redeemable preferred shares, outstanding			26,757,258
Series C2 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)		$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized			20,249,450
Convertible redeemable preferred shares, issued			20,249,450
Convertible redeemable preferred shares, outstanding			20,249,450
Series D1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares, par value (in Dollars per share)		$ 0.0001	$ 0.0001
Convertible redeemable preferred shares, authorized			22,311,516
Convertible redeemable preferred shares, issued			22,311,516
Convertible redeemable preferred shares, outstanding			22,311,516

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 36,668	$ 14,938	$ 151,976	$ 107,518	$ 76,434
Cost of revenues	(36,655)	(16,175)	(194,719)	(90,378)	(76,665)
Gross (loss)/profit	13	(1,237)	(42,743)	17,140	(231)
Operating expenses:
General and administrative expenses	(26,101)	(4,574)	(101,632)	(18,849)	(15,166)
Research and development expenses	(11,309)	(3,786)	(34,385)	(16,637)	(25,995)
Selling and marketing expenses	(5,998)	(3,156)	(21,431)	(13,761)	(15,712)
Total operating expenses	(43,408)	(11,516)	(157,448)	(49,247)	(56,873)
Subsidy income	137	1,918	6,127	3,000	3,243
Loss from operations	(43,258)	(10,835)	(194,064)	(29,107)	(53,861)
Other income and expenses:
Interest income	314	96	446	571	884
Interest expense	(796)	(1,846)	(5,411)	(5,738)	(6,352)
Loss on changes in fair value of convertible notes		(3,600)	(9,861)
Gain on change in fair value of warrant liability	(435)		2,469
Other (expense)/income, net	399	(5)	(62)	650	(145)
Loss before provision for income taxes	(43,776)	(16,190)	(206,483)	(33,624)	(59,474)
Income tax expense		(109)		(1)	(189)
Net loss	(43,776)	(16,299)	(206,483)	(33,625)	(59,663)
Less: Net loss attributable to noncontrolling interest					(2,123)
Net loss attributable to Microvast Holdings, Inc.			(206,483)	(33,625)	(57,540)
Less: Accretion of Series C1 Preferred		1,003	2,257	3,897	4,102
Less: Accretion of Series C2 Preferred		2,281	5,132	8,866	7,948
Less: Accretion of Series D1 Preferred		4,759	10,708	18,648	30,839
Less: Accretion for noncontrolling interests		3,971	9,523	15,927	15,050
Net loss attributable to Common Stock shareholders of Microvast Holdings, Inc.	$ (43,776)	$ (28,313)	$ (234,103)	$ (80,963)	$ (115,479)
Net loss per share attributable to Common Stock shareholders of Microvast Holdings, Inc.
Basic and diluted (in Dollars per share)	$ (0.15)	$ (0.29)	$ (1.26)	$ (0.82)	$ (1.17)
Weighted average shares used in calculating net loss per share of common stock:
Basic and diluted (in Shares)	298,843,016	99,028,297	185,896,482	99,028,297	99,028,297

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (43,776)	$ (16,299)	$ (206,483)	$ (33,625)	$ (59,663)
Foreign currency translation adjustment	986	(2,913)	(655)	16,622	(3,949)
Comprehensive loss	$ (42,790)	$ (19,212)	(207,138)	(17,003)	(63,612)
Less:
Comprehensive loss attributable to noncontrolling interests					(2,107)
Total comprehensive loss attributable to Microvast Holdings, Inc.			$ (207,138)	$ (17,003)	$ (61,505)

- Definition

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

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ 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 Holdings, Inc. Shareholders’ Deficit	Noncontrolling interest	Total
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			(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
Net loss			(16,299)			(16,299)
Accretion for Series C1 Preferred			(1,003)			(1,003)
Accretion for Series C2 Preferred			(2,281)			(2,281)
Accretion for Series D1 Preferred			(4,759)			(4,759)
Accretion for redeemable noncontrolling interests			(2,577)			(2,577)
Accretion for the exiting noncontrolling interests			(1,394)			(1,394)
Foreign currency translation adjustments				(2,913)		(2,913)
Balance at Mar. 31, 2021	$ 6		(426,309)	4,443	6,032	(415,828)
Balance (in Shares) at Mar. 31, 2021	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			(206,483)			(206,483)
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 redeemable noncontrolling interests			(5,841)			(5,841)
Accretion for the exiting noncontrolling interests			(3,682)			(3,682)
Issuance of common stock upon the reverse recapitalization, net of issuance costs (Note 3)	$ 23	1,241,828				1,241,851
Issuance of common stock upon the reverse recapitalization, net of issuance costs (Note 3) (in Shares)	191,254,950
Issuance of common stock in connection with vesting of restricted stock units and stock options (including the conversion and vesting of Series B2 preferred)	$ 1	39,532				39,533
Issuance of common stock in connection with vesting of restricted stock units and stock options (including the conversion and vesting of Series B2 preferred) (in Shares)	8,559,769
Share-based compensation		24,674				24,674
Foreign currency translation adjustments				(655)		(655)
Balance at Dec. 31, 2021	$ 30	1,306,034	(632,099)	6,701	6,032	686,698
Balance (in Shares) at Dec. 31, 2021	298,843,016
Net loss			(43,776)			(43,776)
Cumulative effect adjustment related to opening retained earnings for adoption of ASU2016-13, Financial instruments – Credit losses (Topic 326)			(866)			(866)
Issuance of common stock in connection with vesting of restricted stock units
Issuance of common stock in connection with vesting of restricted stock units (in Shares)	8,124
Share-based compensation		14,333				14,333
Foreign currency translation adjustments				986		986
Balance at Mar. 31, 2022	$ 30	$ 1,320,367	$ (676,741)	$ 7,687	$ 6,032	$ 657,375
Balance (in Shares) at Mar. 31, 2022	298,851,140

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (43,776)	$ (16,299)	$ (206,483)	$ (33,625)	$ (59,663)
Adjustments to reconcile net loss to net cash used in operating activities:
(Gain)/loss on disposal of property, plant and equipment	12		13	207	(458)
Depreciation of property, plant and equipment	5,310	4,688	19,975	16,097	14,676
Amortization of land use rights and intangible assets	143	188	738	695	711
Noncash lease expenses	557
Share-based compensation	28,130		82,894
Changes in fair value of warrant liability	435		(2,469)
Changes in fair value of convertible notes		3,600
Reversal of credit losses	(545)	(514)
Changes in fair value of Bridge Notes			9,861
(Reversal)/allowance of doubtful accounts			721	(240)	(4,250)
Provision for obsolete inventories	471	218	18,295	1,343	4,233
Impairment loss from property, plant and equipment	6	258	2,443	567	2,908
Product warranty	2,685	909	52,932	3,477	3,501
Changes in operating assets and liabilities:
Notes receivable	(13,468)	3,681	10,016	13,940	31,834
Accounts receivable	8,746	13,790	(11,844)	(3,599)	46,928
Inventories	(4,878)	(7,374)	(25,892)	13,611	10,446
Prepaid expenses and other current assets	(2,586)	(2,667)	(10,980)	(1,693)	1,424
Amount due from/to related parties	85	(175)	(84)	1,872	(1,158)
Operating lease right-of-use assets	(18,945)
Other non-current assets	(51)	19	(2,135)	(139)	280
Notes payable	9,391	542	24,159	(1,643)	(25,896)
Accounts payable	(8,605)	(3,419)	(2,499)	3,818	(12,880)
Advance from customers	2,063	203	(971)	(1,395)	2,296
Accrued expenses and other liabilities	(6,165)	178	(5,947)	2,256	(1,480)
Operating lease liabilities	16,146
Other non-current liabilities	(75)		2,218
Income tax payables				7	(81)
Net cash used in operating activities	(24,914)	(2,174)	(45,039)	15,556	13,371
Cash flows from investing activities
Purchases of property, plant and equipment	(41,061)	(25,429)	(87,862)	(18,645)	(20,260)
Proceeds on disposal of property, plant and equipment	1			13	24
Purchase of short-term investments				(4,635)	(20,353)
Proceeds from maturity of short-term investments				5,593	36,635
Net cash used in investing activities	(41,060)	(25,429)	(87,862)	(17,674)	(3,954)
Cash flows from financing activities
Proceeds from borrowings		13,445	38,926	17,308	17,735
Repayment of loan					(14,475)
Repayment of bank borrowings		(12,265)	(37,568)	(17,815)	(71,674)
Loans borrowing from related parties		4,242	8,426	18,889	15,142
Repayment of related party loans		(4,242)	(8,426)	(18,889)	(15,142)
Loans to related party		(1,874)
Payment to exited noncontrolling interests		(33,047)
Issuance of convertible notes		57,500
Cash received from the trust account upon Merger, net of transaction costs (Note 3)			222,629
Cash received from Private Investment in Public Equity (“PIPE”) investors upon Merger			482,500
Payment to exited noncontrolling interests (Note 18)			(139,038)		(32,700)
Issuance of Bridge Notes			57,500		48,934
Net cash generated from financing activities		23,759	624,949	(507)	(52,180)
Effect of exchange rate changes	598	474	2,865	2,037	(994)
(Decrease) Increase in cash, cash equivalents and restricted cash	(65,376)	(3,370)	494,913	(588)	(43,757)
Cash, cash equivalents and restricted cash at beginning of the period	536,109	41,196	41,196	41,784	85,541
Cash, cash equivalents and restricted cash at end of the period	470,733	37,826	536,109	41,196	41,784
Reconciliation to amounts on consolidated balance sheets
Cash and cash equivalents	416,165	9,633	480,931	21,496	27,978
Restricted cash	54,568	28,193	55,178	19,700	13,806
Total cash, cash equivalents and restricted cash	$ 470,733	$ 37,826	536,109	41,196	41,784
Supplemental disclosure of cash flow information
Interest paid			2,686	1,969	2,487
Income tax paid					58
Non-cash investing and financing activities
Payable for redemption of noncontrolling interest				124,316	114,870
Payable for purchase of property, plant and equipment			$ 18,500	$ 15,122	$ 23,515

Description of Organization and Business Operations

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Accounting Policies [Abstract]

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE 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. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

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 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.

On July 23, 2021 (the “Closing Date”), Microvast, Inc. and Tuscan Holdings Corp. consummated the previously announced merger (the “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 the Merger Agreement, 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”). Please refer to Note 3 “Reverse Recapitalization” for further details of the Merger.

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 stockholders in the financial statements for each of the three years ended December 31, 2021 were retroactively recast to reflect the exchange ratio established in the Merger Agreement. Refer to Note 3 for details.

As of December 31, 2021, details of the Company’s major subsidiaries are as follows:

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

Significant Accounting Policies

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 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 Company’s audited consolidated financial statements for the period ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2022, which provides a more complete discussion of the Company’s accounting policies and certain other information. 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 months ended March 31, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2022.

The financial information as of December 31, 2021 included on the condensed consolidated balance sheets is derived from the Group’s audited consolidated financial statements for the year ended December 31, 2021.

Except for the adoption of ASU 2016-02, Leases (Topic 842) and ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) on January 1, 2022, 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, 2021 and 2020 and for the years ended December 31, 2021, 2020, and 2019.

Significant accounting estimates reflected in the Group’s financial statements include allowance for credit losses, provision for obsolete inventories, impairment of long-lived assets, valuation allowance for deferred tax assets, product warranty, fair value measurement of warrant liability and share based compensation.

All intercompany transactions and balances have been eliminated upon consolidation.

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 “Business Combination,” and, collectively with the other transactions described in the Merger Agreement, the “Reverse Recapitalization”). As a result of the Business Combination, Tuscan was renamed “Microvast Holdings, Inc.” .

The Business Combination 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 Business Combination 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 Business Combination 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 Business Combination, have been retroactively restated as shares reflecting the Common Exchange Ratio established in the Business Combination Agreement.

Each of the options to purchase Microvast, Inc.’s common stock that was outstanding before the Business Combination 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”).

Emerging Growth Company

Pursuant to the JOBS Act, an emerging growth company (the “EGC”) 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-ion 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 March 31, 2021 and 2022, the Group derived revenues from geographic regions as follows:

	Three Months Ended March 31,
	2021		2022
China and Asia & Pacific	$	12,484	$	33,242
Europe		2,327		2,751
USA		127		675
Total	$	14,938	$	36,668

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 credit losses reflects the best estimate of probable losses inherent to the accounts receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheets, 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 March 31, 2021 and 2022, the Group recognized $1,186 and $479 of revenue previously included in advance from customers as of January 1, 2021 and January 1, 2022, 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 stock options and performance-based awards with a market condition, such as awards using total shareholder return (“TSR”) as a performance metric, 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.

Operating leases

On January 1, 2022, the Company adopted ASU No. 2016-02, Leases (Topic 842) (“ASC 842”), using the modified retrospective transition method resulting in the recording of operating lease right-of-use (ROU) assets of $18,826 and operating lease liabilities of $18,776 upon adoption. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance. The adoption of the new guidance did not have a material effect on the unaudited condensed consolidated statements of operations. As of March 31, 2022, the Company recorded operating lease right-of-use (ROU) assets of $18,388 and operating lease liabilities of $18,323, including current portion in the amount of $2,177, which was recorded under accrued expenses and other current liabilities on the balance sheet.

Table of Contents

The Company determines if an arrangement is a lease or contains a lease at lease inception. Operating leases are required to record in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The Company also elected the practical expedient not to separate lease and non-lease components of contracts. Lastly, for lease assets other than real estate, such as printing machine and electronic appliances, the Company elected the short-term lease exemption as their lease terms are 12 months or less.

As the rate implicit in the lease is not readily determinable, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated in a portfolio approach to approximate the interest rate on a collateralized basis with similar terms and payments in a similar economic environment. Lease expense is recorded on a straight-line basis over the lease term.

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 in Note 10 — Warrants) 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.

Recent accounting pronouncements adopted

In February 2016, the FASB issued ASU No. 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. For public companies, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In July 2018, ASU 2016-02 was updated with ASU 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 nonlease 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 financial statements.

As an EGC, the Company adopted this standard on January 1, 2022, and elected not to recast the comparative periods presented. The adoption did not have a material impact on the Company’s unaudited condensed consolidated statements of operations or consolidated statements of cash flows, and the adoption of Topic 842 did not result in a cumulative-effect adjustment to retained earnings. Further information is disclosed in Note 12 — Leases.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing

incurred loss model and is applicable to the measurement of credit losses on 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. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. As an EGC, the Company adopted this standard on January 1, 2022, using a modified retrospective transition method and did not restate the comparable periods, which resulted in a cumulative-effect adjustment to decrease the opening balance of retained earnings on January 1, 2022 by $866. The adoption did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

Recent accounting pronouncements not yet adopted

In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company is currently evaluating the impact that ASU 2020-06 may have on the condensed consolidated financial statements and related disclosures.

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. All intercompany transactions and balances have been eliminated upon consolidation.

Noncontrolling interests and redeemable noncontrolling interests

For the Company’s consolidated subsidiaries, 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 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 Bridge Notes, fair value measurement of warrant liability and share based compensation.

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.

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, 2020 and 2021, the balance of notes receivable were $20,839 and $11,144, 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, $37 and $ nil interest income from the short-term investments for the years ended December 31, 2019, 2020 and 2021, 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, prepaid expenses, 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, 2020 and 2021, the Group recognized impairment losses of $2,908, $567 and $2,443 related to long-lived assets, respectively.

Fair value of financial instrument

Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, notes receivable, other receivable, amount due from/to related parties, accounts payable, short-term bank borrowings, notes payable, bonds payable, Bridge Notes, product warranty and warrant liability. The Group carries its accounts receivable, notes

receivable, other receivable, amount due from/to related parties, accounts payable, short-term bank borrowings, notes payable, product warranty and bonds payable 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.

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.

Contract balances

goods or services at a discount in a future period. During the years ended December 31, 2019, 2020 and 2021, the Group recognized $556, $582 and $1,455 of revenue previously included in advance from customers as of January 1, 2019, January 1, 2020 and January 1, 2021, 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 16% and changed to 13% since April 1, 2019 on revenue from products 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 obsolete inventories and other related cost that are directly attributable to the production of products.

Product Warranty

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

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

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 revenues 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 $2,304, $166 and $269 during the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2020 and 2021, the carrying amount of the current portion of the deferred subsidy income was $215 and $324, and the non-current portion was $1,221 and $2,286, 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 compensation

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 Note 15) 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 statements of operations. The Private Warrants are valued using a Monte Carlo simulation model on the basis of the quoted market price of the Company’s publicly-traded warrants.

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 Common Stock, considering the accretions to redemption value of the preferred shares, by the weighted average number of Common Stock outstanding during the year using the two-class method. Under the two-class method, any net loss is allocated between Common Stock 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 loss is allocated on a pro rata basis to the Common Stock and preferred shares; whereas any undistributed net loss is allocated to ordinary shares only.

Diluted loss per share is calculated by dividing net loss attributable to Common Stock, as adjusted for the accretion and allocation of net loss related to the preferred shares, if any, by the weighted average number of Common Stock and dilutive Common equivalent stock outstanding during the period. Common equivalent stock consist of shares issuable upon the conversion of the preferred shares and convertible bonds using the if-converted method, and Common Stock issuable upon the vesting of non-vested shares or exercise of outstanding share option (using the treasury stock method). Common equivalent stock are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Common equivalent stock 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 and cash equivalents and restricted cash of the Group included aggregate amounts of $35,194 and $102,782 as of December 31, 2020 and 2021, 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 2019, 2020 and 2021:

	December 31, 2019		December 31, 2020	December 31, 2021
Percentage of revenue contributed by Customer A	11	%	—	—
Percentage of revenue contributed by Customer B	—		—	11	%

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

		December 31, 2020			December 31, 2021
Percentage of accounts receivable from Customer C		10	%		18	%

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, 2019, 2020 and 2021, 17%, 12% and 12% of its raw materials were purchased through company 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.

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 adopted ASU 2016-02 on January 1, 2022. The Group does not expect any material impact on net assets and the consolidated statement of comprehensive loss and cash flows as a result of adopting the new 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 adopted ASU 2016-13 on January 1, 2022, and does not expect this standard to have a material impact on its consolidated financial statements

Reverse Recapitalization

12 Months Ended

Dec. 31, 2021

Reverse Recapitalization [Abstract]

REVERSE RECAPITALIZATION

3. REVERSE RECAPITALIZATION

On July 23, 2021, Tuscan merged with Microvast, Inc., with Microvast, Inc. surviving from 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 $57,500 outstanding Bridge Notes issued by Microvast, Inc. (the “Bridge Notes”, refer to Note 14) 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 certain MPS convertible loan investors (the “CL Investors”, refer to Note 14) 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 $482,500;

• 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 $1,500; 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;

Pursuant to the Merger Agreement, the former owners of Microvast, Inc. (“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 Common Stock and converting the exercise price based on the exchange ratio of 160.3 (the “Common Exchange Ratio”). Refer to Note 21.

1 In connection with the Merger Agreement, Tuscan, MPS a subsidiary of Microvast, Inc., CL Investors ( refer to Note 14), 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 18).

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 21.

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 Bridge Notes Holders		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 net proceeds of approximately $705,129, including $482,500 of cash in connection with the PIPE financing and the contribution of $281,726 of cash held in Tuscan’s trust account from its initial public offering, net of redemptions of Tuscan public stockholders of $922 and $58,175 transaction costs.

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.

Accounts Receivable

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Receivables [Abstract]

ACCOUNTS RECEIVABLE

NOTE 3. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:

	December 31, 2021			March 31, 2022
Accounts receivable	$	93,722		$	85,324
Allowance for credit losses		(5,005	)		(5,354	)
Accounts receivable, net	$	88,717		$	79,970

Movement of allowance for credit losses was as follows:

	Three Months Ended March 31,
	2021			2022
Balance at beginning of the period	$	5,047		$	5,005
Cumulative-effect adjustment upon adoption of ASU2016-13, Financial instruments – Credit losses (Topic 326)		—			866
Reversal of expenses		(514	)		(545	)
Write off		(103	)		—
Exchange difference		(14	)		28
Balance at end of the period	$	4,416		$	5,354

4. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:

	December 31, 2020			December 31, 2021
Accounts receivable	$	81,345		$	93,722
Allowance for doubtful accounts		(5,047	)		(5,005	)
Accounts receivable, net	$	76,298		$	88,717

Movement of allowance for doubtful accounts was as follows:

	Year Ended December 31,
	2019			2020			2021
Balance at beginning of the period	$	10,111		$	5,537		$	5,047
(Reserve)/Charge to expenses		(4,250	)		(240	)		721
Write off		(233	)		(493	)		(849	)
Exchange difference		(91	)		243			86
Balance at end of the period	$	5,537		$	5,047		$	5,005

Inventories, Net

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 4. INVENTORIES, NET

Inventories consisted of the following:

	December 31, 2021		March 31, 2022
Work in process	$	20,760	$	23,124
Raw materials		25,266		26,128
Finished goods		7,398		8,829
Total	$	53,424	$	58,081

Provision for obsolete inventories at $218 and $471 were recognized for the three months ended March 31, 2021 and 2022, respectively.

5. INVENTORIES, NET

Inventories consisted of the following:

	December 31, 2020		December 31, 2021
Work in process	$	22,167	$	20,760
Raw materials		17,451		25,266
Finished goods		5,350		7,398
Total	$	44,968	$	53,424

Provision for obsolete inventory at $4,233, $1,343 and $18,295 were recognized for the years ended December 31, 2019, 2020 and 2021, respectively, primarily related to the obsolete inventory as a result of technology development or product upgrade.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Prepaid Expenses And Other Current Assets [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6. PREPAID EXPENSES AND OTHER CURRENT ASSETS

	December 31, 2020		December 31, 2021
Advances to suppliers	$	2,117	$	7,102
Prepaid expenses		208		4,687
VAT receivables		2,471		4,106
Deposits		746		1,029
Other receivables		480		203
Total	$	6,022	$	17,127

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, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

7. PROPERTY, PLANT AND EQUIPMENT, NET

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

	December 31, 2020			December 31, 2021
Machineries and equipment	$	123,889		$	150,519
Buildings		39,988			41,920
Leasehold improvements		26,627			30,035
Fixtures and electronic equipment		9,086			13,848
Motor vehicles		8,073			8,507
Total		207,663			244,829
Less: accumulated depreciation		(67,043	)		(88,745	)
Construction in progress		57,397			96,973
Property, plant and equipment, net	$	198,017		$	253,057

The Group recorded depreciation expenses of $14,676, $16,097 and $19,975 for the years ended December 31, 2019, 2020 and 2021, respectively. $2,908, $567 and $2,443 impairment losses were recognized for the years ended December 31, 2019, 2020 and 2021, 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, 2021

Land Use Rights Net [Abstract]

LAND USE RIGHTS, NET

8. LAND USE RIGHTS, NET

Land use rights consisted of the following:

	December 31, 2020			December 31, 2021
Cost of land use rights	$	16,007		$	16,390
Less: accumulated amortization		(2,006	)		(2,382	)
Land use rights, net	$	14,001		$	14,008

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 $302, $303 and $325 for the years ended December 31, 2019, 2020 and 2021, respectively. Future amortization expense is $325 per year for each of the next five years through December 31, 2026 and thereafter.

Acquired Intangible Assets, Net

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED INTANGIBLE ASSETS, NET

9. ACQUIRED INTANGIBLE ASSETS, NET

	December 31, 2020			December 31, 2021
Cost of acquired intangible assets	$	4,051		$	4,104
Less: accumulated amortization		(1,772	)		(2,222	)
Acquired intangible assets, net	$	2,279		$	1,882

The Group recorded amortization expense of $409, $392 and $413 for the years ended December 31, 2019, 2020 and 2021, respectively. No impairment losses were recognized for the years ended December 31, 2019, 2020 and 2021.

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

2022	$	244
2023		243
2024		237
2025		233
2026		231
Thereafter		694
Total	$	1,882

Accrued Expenses and Other Current Liabilities

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Accrued Expenses and Other Current Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

	December 31, 2021		March 31, 2022
Product warranty, current	$	20,922	$	17,420
Payables for purchase of property, plant and equipment		18,500		20,313
Other current liabilities		10,636		10,817
Accrued payroll and welfare		3,476		3,763
Accrued expenses		2,444		3,101
Interest payable		1,836		2,503
Other tax payable		926		1,009
Operating lease liabilities, current		—		2,177
Total	$	58,740	$	61,103

10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

	December 31, 2020		December 31, 2021
Product warranty	$	4,296	$	20,922
Payables for purchase of property, plant and equipment		15,122		18,500
Other current liabilities		3,959		10,636
Accrued payroll and welfare		2,704		3,476
Accrued expenses		1,696		2,444
Interest payable		1,379		1,836
Other tax payable		1,472		926
Payables to exiting investors(a)		30,000		—
Total	$	60,628	$	58,740

(a) The payables to exiting investors represents the amount for the redemption of the shares owned by certain noncontrolling shareholders of a subsidiary, which was paid out as of December 31, 2021. See Note 18.

Product Warranty

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

NOTE 6. PRODUCT WARRANTY

Movement of product warranty was as follows:

	Three Months Ended March 31,
	2021			2022
Balance at beginning of the period	$	19,356		$	58,458
Provided during the period		909			2,685
Utilized during the period		(1,160	)		(9,712	)
Balance at end of the period	$	19,105		$	51,431

	December 31, 2021		March 31, 2022
Product warranty – current	$	20,922	$	17,420
Product warranty – non-current		37,536		34,011
Total	$	58,458	$	51,431

11. PRODUCT WARRANTY

Movement of product warranty was as follows:

	Year Ended December 31,
	2019			2020			2021
Balance at beginning of the period	$	16,565		$	18,416		$	19,356
Provided for new sales during the period		3,501			3,477			6,447
Provided for pre-existing legacy product		—			—			46,485
Utilized during the year		(1,650	)		(2,537	)		(13,830	)
Balance at end of the year	$	18,416		$	19,356		$	58,458
Product warranty – current	$	3,723		$	4,296		$	20,922
Product warranty – non-current		14,693			15,060			37,536

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 $46,485 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.

Bank Borrowings

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Bank Borrowings [Abstract]

BANK BORROWINGS

NOTE 7. BANK BORROWINGS

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

The original terms of the loans from Chinese banks range from 5 to 12 months and the interest rates range from 3.80% to 6.00% per annum.

Changes in bank borrowings are as follows:

	Three Months Ended March 31,
	2021			2022
Beginning balance	$	12,184		$	13,301
Proceeds from bank borrowings		13,445			—
Repayments of principal		(12,265	)		—
Exchange difference		(208	)		34
Ending balance	$	13,156		$	13,335

All balance of bank borrowings as of March 31, 2022 and December 31, 2021 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, 2021 and March 31, 2022 are as follows:

	December 31, 2021		March 31, 2022
Buildings	$	31,361	$	31,055
Machinery and equipment		7,376		6,559
Land use rights		4,470		4,466
Total	$	43,207	$	42,080

12. 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 4 to 12 months and the interest rates range from 3.80% to 6.00% per annum. As of December 31, 2021, the balance of the loans from Chinese banks were $13,301.

The bank facility agreement with the German bank includes a $13,013 (EUR11 million) 8-year maturity term loan and a $4,732 (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 $4,732 (EUR4 million) revolving facility at 6.00% annual interest, needs to be renewed every year (60 days in advance). During the year ended December 31, 2021, the Group drew down the 8-year maturity term loan to the amount of $9,660. On October 1, 2021, the Company 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 were as follows:

	Year Ended December 31,
	2019			2020			2021
Beginning balance	$	66,267		$	11,922		$	12,184
Proceeds from bank borrowings		17,735			17,308			38,926
Repayments of principal		(71,674	)		(17,815	)		(37,568	)
Exchange difference		(406	)		769			(241	)
Ending balance	$	11,922		$	12,184		$	13,301

All balance of bank borrowings as of December 31, 2021 is current borrowings.

	December 31, 2020		December 31, 2021
Buildings	$	22,732	$	31,361
Machinery and equipment		19,297		7,376
Land use rights		2,789		4,470
Total	$	44,818	$	43,207

Other Non-Current Liabilities

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Other Non-Current Liabilities [Abstract]

OTHER NON-CURRENT LIABILITIES

NOTE 8. OTHER NON-CURRENT LIABILITIES

	December 31, 2021		March 31, 2022
Product warranty – non-current	$	37,536	$	34,011
Deferred subsidy income – non-current		2,286		2,222
Total	$	39,822	$	36,233

13. OTHER NON-CURRENT LIABILITIES

	December 31, 2020		December 31, 2021
Payable to exiting investors	$	94,316	$	—
Product warranty – non-current		15,060		37,536
Deferred subsidy income- non-current		1,221		2,286
Total	$	110,597	$	39,822

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 18. The balance was paid out as of December 31, 2021.

Bonds Payable

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Bonds Payable [Abstract]

BONDS PAYABLE

NOTE 9. BONDS PAYABLE

	December 31, 2021		March 31, 2022
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). The Company pledged its 12.39% equity holding over MPS to Huzhou Saiyuan to facilitate the issuance of convertible bonds. As of March 31, 2022, the subscription and outstanding balance of the convertible bonds was $73,147 (RMB500 million).

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.

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 fair value option was elected for the measurement of the convertible notes. Changes in fair value, a loss of $3,600 were recorded in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2021.

On July 23, 2021, upon the completion of the Business Combination between Microvast, Inc. and Tuscan, the convertible promissory notes were converted into 6,736,106 shares of Common Stock of the combined company.

14. BONDS PAYABLE

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

Long – term bonds payable
Huzhou Saiyuan Equity Investment Partnership (L.P.) (“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 of $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.

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.

Bonds payable are carried at amortized cost and accrued interests are recorded in accrued expenses and other current liabilities. See Note 10. As of December 31, 2021, the outstanding balance of the convertible bonds to Huzhou Saiyuan totaled at $73,147 (RMB500 million).

Convertible Bonds issued to third-party investors

On November 2, 2018, MPS signed a convertible bond agreement with 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 Bridge Notes were contingent upon the occurrence of a 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 Bridge 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 Bridge Notes. Changes in fair value at a loss of $9,861 was recorded in the consolidated statements of operations for the year ended December 31, 2021.

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

Warrants

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Warrants [Abstract]

WARRANTS

NOTE 10. WARRANTS

The Company assumed 27,600,000 publicly-traded warrants (“Public Warrants”) and 837,000 private placement warrants issued to Tuscan Holdings Acquisition LLC (the “Sponsor”) and EarlyBirdCapital, Inc. (“EarlyBirdCapital”) (“Private Warrants” and together with the Public Warrants, the “Warrants”) upon the Business Combination, 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 Business Combination) 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 months ended March 31, 2022, none of Public Warrants and Private Warrants were exercised.

The Public Warrants became exercisable 30 days after the completion of the Business Combination. 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 Business Combination, warrant holders may exercise Warrants on a net-share settlement basis. The Public Warrants will expire five years after the completion of the Business Combination 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 Business Combination.

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 warrant liability was remeasured at fair value as of March 31, 2022, resulting in a loss of $435 for the three months ended March 31, 2022, classified within change in fair value of warrant liability in the unaudited 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:

	March 31, 2022
Market price of public stock	$	6.70
Exercise price	$	11.50
Expected term (years)		4.32
Volatility		50.41	%
Risk-free interest rate		2.41	%
Dividend rate		0.00	%

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.

15. WARRANTS

Upon the Merger, the Company assumed 27,600,000 publicly-traded warrants (“Public Warrants”) which were issued in connection with Tuscan’s initial public offering. The Company also assumed 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). The Warrants entitle the holder to purchase one share of the Company’s Common Stock at an exercise price of $11.50 per share. During the year ended December 31, 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 Common Stock was not completed within 90 days following the Merger, warrant holders may exercise the 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 Public Warrant was determined to be equity classified in accordance with ASC 815, Derivatives and Hedging.

The Private Warrants were initially recognized at fair value of $3,574 in warrant liability upon Merger, and subsequently remeasured at fair value. A remeasurement gain of $2,469 was recorded for the year ended December 31, 2021 in the 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			December 31, 2021
Market price of public stock	$	10.00		$	5.66
Exercise price	$	11.50		$	11.50
Expected term (years)		5.00			4.57
Volatility		54.14	%		50.80	%
Risk-free interest rate		0.72	%		1.20	%
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

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

NOTE 11. FAIR VALUE MEASUREMENT

Measured or disclosed at fair value on a recurring basis

The Group measured its financial assets and liabilities, including cash and cash equivalents, restricted cash and warrant liability at fair value on a recurring basis as of December 31, 2021 and March 31, 2022. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The 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 10 — Warrants.

As of December 31, 2021 and March 31, 2022, 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, 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	$	480,931	—	—	$	480,931
Restricted cash		55,178	—	—		55,178
Total financial asset	$	536,109	—	—	$	536,109
Warrant liability	$	—	—	1,105	$	1,105
Total financial liability	$	—	—	1,105	$	1,105

	Fair Value Measurement as of March 31, 2022
(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	$	416,165	—	—	$	416,165
Restricted cash	$	54,568	—	—	$	54,568
Total financial asset	$	470,733	—	—	$	470,733
Warrant liability	$	—	—	1,540	$	1,540
Total financial liability	$	—	—	1,540	$	1,540

The following is a reconciliation of the beginning and ending balances for Level 3 convertible notes during the three months ended March 31, 2021:

(In thousands)	Convertible Notes
Balance as of January 1, 2021	$	—
Issuance of convertible notes	$	57,500
Changes in fair value of convertible notes	$	3,600
Balance as of March 31, 2021	$	61,100

The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the three months ended March 31, 2022 and March 31, 2021:

(In thousands)	Three Months Ended March 31,
(In thousands)	2021		2022
Balance at the beginning of the period		—	$	1,105
Changes in fair value		—		435
Balance at end of the period	$	—	$	1,540

Measured or disclosed at fair value on a nonrecurring basis

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.

16. FAIR VALUE MEASUREMENT

Measured or disclosed at fair value on a recurring basis

The Group measured its financial assets and liabilities, including cash and cash equivalents, restricted cash, and warrants at fair value on a recurring basis as of December 31, 2020 and 2021. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The fair value of the warrant liability and Bridge Notes are 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 15.

As of December 31, 2020 and December 31, 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 December 31, 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	$	480,931	—	—	$	480,931
Restricted cash		55,178	—	—		55,178
Total financial asset	$	536,109	—	—	$	536,109
Warrant liability	$	—	—	1,105	$	1,105
Total financial liability	$	—	—	1,105	$	1,105

The following is a reconciliation of the beginning and ending balances for Level 3 Bridge Notes during the year ended December 31, 2021:

(In thousands)	Bridge Notes
Balance as of January 1, 2021	$	—
Issuance of Bridge Notes		57,500
Changes in fair value of Bridge Notes		9,861
Conversion as of Merger		(67,361	)
Balance as of December 31, 2021	$	—

The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the year ended December 31, 2021:

(In thousands)	Warrant Liability
Balance as of January 1, 2021	$	—
Assumed warrant liability upon Merger		3,574
Changes in fair value		(2,469	)
Balance as of December 31, 2021	$	1,105

Measured or disclosed at 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 Group measured the fair value of 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.

- 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

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

INCOME TAXES

17. INCOME TAXES

The Company is incorporated in the U.S. and is subject to the U.S. state and federal income tax. 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, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was enacted and signed into law in the United States. The CARES Act includes measures to assist companies, including temporary changes to income and non-income-based tax laws. The CARES Act contains several corporate income tax provisions, including making remaining alternative minimum tax (AMT) credits immediately refundable; providing a 5-year carryback of net operating losses (NOLs) generated in tax years 2018, 2019, and 2020. NOLs arising in 2018, 2019, and 2020 can be 100% utilized if taxable income was generated prior to 2021. Any portion of

an NOL that arises in a tax year beginning in 2018, 2019, or 2020 that is not absorbed prior to a tax year beginning before 2021 is subject to the 80 percent limitation in tax years beginning after 2020. The CARES Act did not have a material impact on the Company’s tax provision for the year ended December 31, 2019, 2020 and 2021.

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, 2018 and 2021. Therefore, MPS, as the NHTE, is entitled to a rate of 15% for 2019, 2020 and 2021.

Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”) was recognized as a NHTE by relevant PRC government authorities in 2020 and it is entitled to a rate of 15% for 2020 and 2021.

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, 2019, 2020 and 2021, 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, 2019, 2020 and 2021, 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, 2019, 2020 and 2021.

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, 2019 and 2020, and 29.1% for the years ended December 31, 2021 for the Company’s subsidiary located in Germany in accordance with relevant tax rules and regulations in Germany.

A provision for income tax of $189, $1, and $nil has been recognized for the years ended December 31, 2019, 2020 and 2021, respectively, related primarily to the domestic company. Loss before provision for income taxes for the years ended December 31, 2019, 2020 and 2021 was as follows:

	December 31, 2019			December 31, 2020			December 31, 2021
Domestic(USA)	$	(3,030	)	$	(3,584	)	$	(98,821	)
Foreign		(56,444	)		(30,040	)		(107,662	)
Loss before income tax	$	(59,474	)	$	(33,624	)	$	(206,483	)

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

	December 31, 2019		December 31, 2020		December 31, 2021
Current tax expenses:
Domestic	$	—	$	—	$	—
Foreign		189		1		—
Total current tax expense		189		1		—
Deferred tax expense:
Domestic		—		—		—
Foreign		—		—		—
Total current tax expense		—		—		—
Total provision for income taxes	$	189	$	1	$	—

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

	December 31, 2020			December 31, 2021
Deferred tax assets:
Net operating loss carry-forwards	$	28,484		$	38,858
Allowance for doubtful accounts and inventory provision		3,443			4,712
Product warranty		2,903			8,769
Impairment of property, plant and equipment		821			1,210
Deferred income		216			392
Accrued expense		805			239
Others		615			920
Less: valuation allowance		(37,287	)		(55,100	)
Net deferred tax assets	$	—		$	—

The movements of valuation allowance for the years end December 31, 2019, 2020 and 2021 are as follows:

	December 31, 2019			December 31, 2020			December 31, 2021
Balance at beginning of the period	$	19,503		$	30,857		$	37,287
Additions		11,649			7,402			17,912
Reversal		(295	)		(972	)		(99	)
Balance at end of the period	$	30,857		$	37,287		$	55,100

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:

	December 31, 2019			December 31, 2020			December 31, 2021
Loss before income tax	$	(59,474	)	$	(33,624	)	$	(206,483	)
Tax credit at the U.S. federal corporate income tax rate of 21%		(12,490	)		(7,061	)		(43,361	)
Tax effect of permanent differences – Share-based compensation		—			—			17,408
Tax effect of permanent differences – Others		(2,961	)		(2,152	)		(1,411	)
Tax effect of income tax rate difference in other jurisdictions		4,076			2,511			6,287
Changes in valuation allowance		11,669			6,702			21,077
Others		(105	)		1			—
Income tax expense	$	189		$	1		$	—

As of December 31, 2021, the Group had $241,923 operating loss carried forward. The operating loss carried forward for the Company’s PRC subsidiaries amounted to $211,863, which will expire on various dates from 2023 to 2031. For the remaining operating loss, $30,060 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.

- 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 https://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)
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+ Details

Noncontrolling Interests

12 Months Ended

Dec. 31, 2021

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

18. 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. As a result, the Group reclassified the outstanding balance of noncontrolling interest as liability (included in accrued expenses and other current liabilities and other non-current liabilities line items as payable to exiting investors) and measured at amortized cost. See Note 10 and 13.

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 was fully repaid to the Exiting Investors as of December 31, 2021.

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.

Common Stock

12 Months Ended

Dec. 31, 2021

Common Stock [Abstract]

COMMON STOCK

19. 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 December 31, 2021, there were 300,530,516 shares of Common Stock issued and 298,843,016 shares outstanding.

Preferred Shares

12 Months Ended

Dec. 31, 2021

Disclosure of Preferred Shares [Abstract]

PREFERRED SHARES

20. PREFERRED SHARES

As of January 1, 2019, Microvast, Inc. 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 A1 Preferred	31,357,306	Ashmore Global Special Situations Fund 4 Limited Partnership and Ashmore Global Special Situations 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	69,317,905

In 2018, upon issuance of the convertible bonds 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.

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 A1/C1 Preferred, Series B1/C2 Preferred, Series EEL/D1 Preferred and redeemable noncontrolling interests included in the mezzanine equity for the years ended December 31, 2019, 2020 and 2021 were as follows:

(In thousands)	Series A1/C1 Preferred			Series B1/C2 Preferred			Series EEL/D1 Preferred			Redeemable noncontrolling interests
Balance as of January 1, 2019	$	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
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 December 31, 2021	$	—		$	—		$	—		$	—

Share-Based Payment

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Share-Based Payment Arrangement [Abstract]

SHARE-BASED PAYMENT

NOTE 13. SHARE-BASED PAYMENT

On July 21, 2021, the Company adopted 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. Concurrently with the closing of the Business Combination, the share awards granted under 2012 Share Incentive Plan of Microvast, Inc. (the “2012 Plan”) were rolled over by removing original performance conditions and converting into options and capped non-vested share units with modified vesting schedule, using the Common Exchange Ratio of 160.3. 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 March 31, 2022, 76,660,009 shares of Common Stock was available under the 2021 Plan.

Stock options

During three months ended March 31, 2022, the Company recorded share-based compensation expense of $13,630 related to the option awards.

Stock options activity for the three months ended March 31, 2021 and 2022 was as follows (all stock award activity was retroactively restated to reflect the conversion in July 2021):

Stock options life	Number of Shares		Weighted Average Exercise Price (US$)		Weighted Average Grant Date Fair Value (US$)		Weighted Average Remaining Contractual Life
Outstanding as of January 1, 2021	34,737,967		$	6.19	$	2.92	9.0
Grant	—			—		—
Forfeited	(913,710	)		6.28		2.97
Outstanding as of March 31, 2021	33,824,257		$	6.19	$	2.92	8.7
Expected to vest and exercisable as of March 31, 2021	33,824,257		$	6.19	$	2.92	8.7
Outstanding as of January 1, 2022	33,503,657			6.19		4.95	7.9
Forfeited	(72,135	)		6.28		4.92
Outstanding as of March 31, 2022	33,431,522		$	6.18	$	4.98	7.7
Expected to vest and exercisable as of March 31, 2022	33,431,522		$	6.18	$	4.98	7.7

The total unrecognized equity-based compensation costs as of March 31, 2022 related to the stock options was $128,612, which is expected to be recognized over a weighted-average period of 2.3 years. The aggregate intrinsic value of the stock options as of March 31, 2022 was $17,217.

Capped Non-vested share units

The capped non-vested share 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 share units were accounted for as liability classified awards. Upon conversion, the Company adjusted the terms of capped non-vested share units outstanding as described above. The Company recorded share-based compensation expense of $13,959 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 March 31, 2022.

Non-vested share units activity for the three months ended March 31, 2021 and 2022 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, 2021	23,027,399	$	0.93
Outstanding as of March 31, 2021	23,027,399	$	0.93
Outstanding as of March 31, 2022	23,027,399	$	8.741

The total unrecognized equity-based compensation costs as of March 31, 2022 related to the non-vested share units was $111,728.

Restricted Stock Units

Following the Business Combination, the Company granted 437,377 restricted stock units (“RSUs”) and 328,789 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 relative to a comparator group during a specified performance period.

The fair value of RSUs is determined by the market closing price of Common Stock at the grant date and is amortized over the vesting period on a straight-line basis. For RSU awards with performance conditions, share-based compensation expense is only recognized if the performance conditions become probable to be satisfied.

The fair value of PSUs that include vesting based on market conditions are estimated using the Monte Carlo valuation method. Compensation cost for these awards is amortized on a straight-line basis over the vesting period based on the grant date fair value, regardless of whether the market condition is satisfied.

Accordingly, the Company recorded share-based compensation expense of $344 related to these RSUs and $359 related to these PSUs during the three months ended March 31, 2022.

1 The amount represented modification date value per share.As of modification date, the settled price was the capped price as described above.

The non-vested shares activity for the three months ended March 31, 2021 and 2022 was as follows:

	Number of Non-Vested Shares		Weighted Average Grant Date Fair Value Per Share (US$)
Outstanding as of January 1, 2021	—			—
Outstanding as of March 31, 2021	—			—
Outstanding as of January 1, 2022	671,441			9.08
Grant	38,566		$	6.78
Vested	(8,124	)	$	8.52
Forfeited	(13,196	)	$	8.87
Outstanding as of March 31, 2022	688,687		$	8.96

The total unrecognized equity-based compensation costs as of March 31, 2022 related to the non-vested shares was $4,904.

The following summarizes the classification of share-based compensation:

	Three Months Ended March 31, 2022
Cost of revenues	$	1,934
General and administrative expenses		18,136
Research and development expenses		5,139
Selling and marketing expenses		2,921
Construction in process		162
Total	$	28,292

21. 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 share-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 modified from the 2012 Plan) for issuance in accordance with the 2021 Plan’s terms. As of December 31, 2021, 76,613,244 shares of Common Stock was available for grant under the 2021 Plan.

Share options

During the year ended December 31, 2021, the Company recorded share-based compensation expense of $24,222 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 yield(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 years ended December 31, 2019, 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, 2019	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
Expected to vest and exercisable as of December 31, 2019	7,578,503		5.50	2.14		7.1

Outstanding as of January 1, 2020	7,578,503		5.50	2.14		7.1
Grant	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

Outstanding as of January 1, 2021	34,737,967		6.19	2.92		9.0
Granted	—		—	—
Forfeited	(1,234,310	)	6.28	3.20
Outstanding as of December 31, 2021	33,503,657		6.19	4.95	(a)	7.9
Expected to vest and exercisable as of December 31, 2021	33,503,657		6.19	4.95	(a)	7.9

(a) The amount represented weighted average modification date value per share.

The total unrecognized equity-based compensation costs as of December 31, 2021 related to the stock options was $142,598, which is expected to be recognized over a weighted-average period of 2.6 years. The aggregate intrinsic value of the share options as of December 31, 2021 was $nil.

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 share-based compensation expense of $18,925 related to these non-vested share units awards based on the fair value determined by the lower of the capped price and stock market price as of December 31, 2021.

Non-vested share units activity for the years ended December 31, 2019, 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, 2019	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
Forfeited	—		—
Outstanding as of December 31, 2021	23,027,399		8.74	(a)

(a) The amount represented weighted average modification date value per share. As of modification date, the settled price was the capped price as described above.

The total unrecognized equity-based compensation costs as of December 31, 2021 related to the non-vested share units was $111,410.

Restricted Stock Units

Following the Merger, the Company granted 398,811 restricted stock units (“RSUs”) and 328,789 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 PSU 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 $434 related to these RSU awards and $323 related to these PSU awards during the year ended December 31, 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:

	Year Ended December 31, 2021
Expected term (years)(1)	2.18 – 2.35
Volatility(2)	63.06	% – 64.31%
Average correlation coefficient of peer companies(3)	0.7960 – 0.8120
Risk-free interest rate(4)	0.31	% – 0.55%
Expected dividend yield(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 restricted stock units activity for the years ended December 31, 2019, 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, 2019	5,578,012		0.93
Transfer to capped non-vested share units	(2,288,175	)	0.64
Outstanding as of December 31, 2019	3,289,837		1.14

Transfer to capped non-vested share units	(3,289,837	)	1.14
Outstanding as of December 31, 2020	—		—
Grant	727,600		9.07
Vested	(14,279	)	8.52
Forfeited	(41,880	)	9.05
Outstanding as of December 31, 2021	671,441		9.08

The total unrecognized equity-based compensation costs as of December 31, 2021 related to the non-vested restricted stock units was $5,462.

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.

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 8,545,490 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 $39,227 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 share-based compensation:

	Year Ended December 31,
	2019		2020		2021
Cost of revenues	$	—	$	—	$	4,309
General and administrative expenses		—		—		59,492
Research and development expenses		—		—		13,064
Selling and marketing expenses		—		—		6,029
Construction in process		—		—		237
Total	$	—	$	—	$	83,131

Mainland China Contribution Plan

12 Months Ended

Dec. 31, 2021

Defined Contribution Plan [Abstract]

MAINLAND CHINA CONTRIBUTION PLAN

22. 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 $2,722, $2,192 and $2,774 for the years ended December 31, 2019, 2020 and 2021, respectively.

Statutory Reserves and Restricted Net Assets

12 Months Ended

Dec. 31, 2021

Disclosure Text Block Supplement [Abstract]

STATUTORY RESERVES AND RESTRICTED NET ASSETS

23. STATUTORY RESERVES AND RESTRICTED NET ASSETS

Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries.

Because the Group’s entities in the PRC can only be paid out of distributable profits reported in accordance with PRC accounting standards, the Group’s entities in the PRC are restricted from transferring a portion of their net assets to the Company. In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts, which is included in retained earnings accounts in equity section of the consolidated balance sheets. A wholly-owned foreign invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve reaches 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. If any PRC subsidiary incur debt on its own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to the Group. Any limitation on the ability of the PRC subsidiaries to distribute dividends or other payments to their respective shareholders could materially and adversely limit the ability to grow, make investments or acquisitions that could be beneficial to pay dividends.

The restricted amounts include the paid-in capital and statutory reserves of the Group’s entities in the PRC. The aggregate amount of paid-in capital and statutory reserves, which is the amount of net assets of the Group’s entities in the PRC (mainland) not available for distribution, were $156,333 and $378,506 as of December 31, 2020 and 2021, respectively.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

24. SEGMENT INFORMATION

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

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

Geographic regions	December 31, 2020			December 31, 2021
	Amount	%		Amount	%
PRC	198,921	94	%	211,139	79	%
Asia & Pacific	198,921	94	%	211,139	79	%
Germany	12,747	6	%	21,966	8	%
United Kingdom	120	0	%	67	0	%
Europe	12,867	6	%	22,033	8	%
United States	230	0	%	33,893	13	%
Total	212,018	100	%	267,065	100	%

Disaggregation of revenue

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

Geographic regions	Year ended December 31, 2019			Year ended December 31, 2020			Year ended December 31, 2021
	Amount	%		Amount	%		Amount	%
PRC	49,346	64	%	66,160	62	%	93,326	61	%
India	4,988	7	%	8,570	8	%	17,805	12	%
Russia	3,673	5	%	5,671	5	%	12,213	8	%
Other countries	7,430	10	%	2,254	2	%	8,172	5	%
Asia & Pacific	65,437	86	%	82,655	77	%	131,516	86	%
United Kingdom	668	1	%	11,544	11	%	11,386	7	%
Other countries	10,011	13	%	12,770	12	%	8,156	6	%
Europe	10,679	14	%	24,314	23	%	19,542	13	%
Other	318	0	%	549	0	%	918	1	%
Total	76,434	100	%	107,518	100	%	151,976	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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 26
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Related Party Balances and Transactions

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

RELATED PARTY BALANCES AND TRANSACTIONS

NOTE 14. RELATED PARTY BALANCES AND TRANSACTIONS

Name		Relationship with the Group
Ochem Chemical Co., Ltd (“Ochem”)		Controlled by CEO
Ochemate Material Technologies Co., Ltd (“Ochemate”)		Controlled by CEO

(1) Related party transaction

	Three Months Ended March 31,
	2021		2022
Raw material sold to Ochem	$	155	$	—

(2) Interest-free loans

MPS received certain interest-free loans from related parties, Ochemate and Ochem, for the three months ended March 31, 2021 and 2022 with accumulative amounts of $1,874 and $0, respectively.

The outstanding balance for the amount due from Ochem was $85 as of December 31, 2021 and $0 as of March 31, 2022, respectively.

25. RELATED PARTY BALANCES AND TRANSACTIONS

Name		Relationship with the Group
Ochem Chemical Co., Ltd (“Ochem”)		Controlled by CEO
Ochemate Material Technologies Co., Ltd (“Ochemate”)		Controlled by CEO

(1) Related party transaction

	Year Ended December 31,
	2019		2020		2021
Raw material sold to Ochem	$	—	$	167	$	390

(2) Interest-free loans

MPS received certain interest-free loans from related parties, Ochemate and Ochem, for the years ended December 31, 2019, 2020 and 2021, with accumulative amounts of $15,142, $18,889 and $8,426, respectively.

The outstanding balance for the amount due from Ochem was nil as of December 31, 2020 and $85 as of December 31, 2021, respectively.

Net Loss Per Share

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Earnings Per Share [Abstract]

NET LOSS PER SHARE

NOTE 15. 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 March 31,
	2021			2022
Numerator:
Net loss attributable to common stock shareholders	$	(28,313	)	$	(43,776	)
Denominator:
Weighted average common stock used in computing basic and diluted net loss per share		99,028,297			298,843,016
Basic and diluted net loss per share	$	(0.29	)	$	(0.15	)

For the three months ended March 31, 2021 and 2022, the following Common Stock outstanding were excluded from the calculation of diluted net loss per share, as their inclusion would have been anti-dilutive for the periods prescribed.

	Three Months Ended March 31,
	2021	2022
Shares issuable upon exercise of stock options	34,203,051	33,482,818
Shares issuable upon vesting of non-vested shares	—	673,534
Shares issuable upon exercise of warrants	—	28,437,000
Shares issuable upon conversion of Series B2 Preferred	8,545,490	—
Shares issuable upon conversion of Series C1 Preferred	26,757,258	—
Shares issuable upon conversion of Series C2 Preferred	20,249,450	—
Shares issuable upon conversion of Series D1 Preferred	22,311,516	—
Shares issuable upon conversion of Series D2 Preferred	16,432,674	—
Shares issuable upon conversion of non-controlling interests of a subsidiary	17,253,182	—
Shares issuable upon vesting of Earn-out shares	—	19,999,988
Shares issuable that may be subject to cancellation	—	1,687,500

26. NET LOSS PER SHARE

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

	Year Ended December 31,
	2019			2020			2021
Numerator:
Net loss attributable to Common Stock shareholders	$	(115,479	)	$	(80,963	)	$	(234,103	)
Denominator:
Weighted average Common Stock outstanding used in computing basic and diluted net loss per share		99,028,297			99,028,297			185,896,482
Basic and diluted net loss per share	$	(1.17	)	$	(0.82	)	$	(1.26	)

For the years ended December 31, 2019, 2020 and 2021, the following Common Stock outstanding were excluded from the calculation of diluted net loss per share, as their inclusion would have been anti-dilutive for the periods prescribed.

	Year ended December 31,
	2019	2020	2021
Shares issuable upon exercise of share options	8,108,700	18,281,198	33,786,356
Shares issuable upon vesting of non-vested shares	4,712,098	72,122	167,268
Shares issuable upon exercise of warrants	—	—	12,543,444
Shares issuable upon conversion of Series A1 Preferred	2,613,042	—	—
Shares issuable upon conversion of Series B1 Preferred	1,304,117	—	—
Shares issuable upon conversion of Series B2 Preferred	8,545,490	8,545,490	6,035,544
Shares issuable upon conversion of Series C1 Preferred	24,527,400	26,757,258	14,881,434
Shares issuable upon conversion of Series C2 Preferred	18,561,830	20,249,450	11,262,023
Shares issuable upon conversion of Series D1 Preferred	22,311,516	22,311,516	12,408,870
Shares issuable upon conversion of Series D2 Preferred	16,432,674	16,432,674	9,139,268
Shares issuable upon conversion of non-controlling interests of a subsidiary	17,253,182	17,253,182	9,595,605
Shares issuable upon vesting of Earn-out shares	—	—	8,821,913
Shares issuable that may be subject to cancellation	—	—	744,349

Commitments and Contingencies

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16. 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 (the equivalent of 416,780 shares following the Business Combination) and (2) various damages and other equitable remedies over $1,000. The Company has denied all allegations and wrongful conduct. A trial is currently expected to begin in mid-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 unaudited condensed consolidated financial statements for the three months ended March 31, 2021 and 2022.

Capital commitments

Capital commitments for construction of property and purchase of property, plant and equipment were $234,613 as of March 31, 2022, which is mainly for the construction of lithium battery production lines.

27. COMMITMENTS AND CONTINGENCIES

Litigation

• Mr. Smith

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 416,702 ordinary shares (the number of shares were retroactively recast to reflect the exchange ratio established in the Merger) 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 postponed the trial until 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 years ended December 31, 2019, 2020 and 2021.

Capital commitments

Capital commitments for construction of property and purchase of property, plant and equipment were $225,247 as of December 31, 2021, which is mainly for the construction of the lithium battery production line.

Lease commitments

Future minimum payments under lease commitments as of December 31, 2021 were as follows:

	December 31, 2021
	December 31, 2021
2022	$	3,763
2023		3,151
2024		2,345
2025		1,879
2026		1,879
Thereafter		17,109
Total Lease Liabilities	$	30,126

Subsequent Events

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 17. SUBSEQUENT EVENTS

New RSU and PSU Grants

On April 28, 2022, the Company granted 513,067 RSUs and 432,366 PSUs to employees, subject to performance and market conditions, respectively, as well as a service condition. The service condition requires the participant’s continued employment with the Company through the applicable vesting date(s), the performance condition requires the achievement of the performance criteria defined in the award agreement, and the market condition is based on the Company’s TSR relative to a comparator group during a specified performance period.

New Stock Option Grants

On April 14, 2022, the Company granted 1,800,000 stock options to two new executive officers with an exercise price of $5.69 per share, subject to service conditions. The service conditions require the participant’s continued employment with the Company through the applicable vesting dates.

Acceleration of Outstanding Equity Awards

On April 14, 2022, the former chief financial officer’s employment with the Company terminated. Simultaneously, a transition services agreement was entered into between the Company and the former chief financial officer for the provision of advisory services with an initial term of 18 months commencing on the date of employment termination. In connection with the employment termination, all 2,860,713 non-vested capped restricted share units and 1,122,100 stock options held by the former chief financial officer were immediately vested in full, with the stock options remaining exercisable until three months following the termination of his transition services in accordance with the terms and conditions of the stock option award agreement. The Company is in process of assessing any accounting implications.

28. SUBSEQUENT EVENTS

New RSU Grants

During the first quarter of 2022, the Company granted 38,566 RSUs to certain employees subject to service condition. The service condition requires the participant’s continued employment with the Company through the applicable vesting date.

Leases

3 Months Ended

Mar. 31, 2022

Disclosure Text Block [Abstract]

LEASES

NOTE 12. LEASES

The Group has operating leases for office spaces and warehouses. Certain leases include renewal options and/or termination options, which are factored into the Group’s determination of lease payments when appropriate.

Operating lease cost for the three months ended March 31, 2022 was $783, which excluded cost of short-term contracts. Short-term lease cost for the three months ended March 31, 2022 was $108.

As of March 31, 2022, the weighted average remaining lease term was 12.2 years and weighted average discount rate was 4.9% for the Group’s operating leases.

Supplemental cash flow information of the leases were as follows:

	For the period ended March 31, 2022
Cash payments for operating leases	$	798
Right-of-use assets obtained in exchange for new operating lease liabilities	$	119

The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of March 31, 2022:

	As of March 31, 2022
Nine months period ending December 31, 2022	$	2,321
2023	$	2,665
2024	$	2,004
2025	$	1,552
2026	$	1,552
2027	$	1,552
Thereafter	$	12,546
Total future lease payments	$	24,192
Less: Imputed interest	$	(5,869	)
Present value of operating lease liabilities	$	18,323

Accounting Policies, by Policy (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of presentation and use of estimates

All intercompany transactions and balances have been eliminated upon consolidation.

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

Noncontrolling interests and redeemable noncontrolling interests

Use of estimates

Emerging Growth Company

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, prepaid expenses, 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.

Revenue recognition

Nature of Goods and Services

Disaggregation of revenue

For the three months ended March 31, 2021 and 2022, the Group derived revenues from geographic regions as follows:

	Three Months Ended March 31,
	2021		2022
China and Asia & Pacific	$	12,484	$	33,242
Europe		2,327		2,751
USA		127		675
Total	$	14,938	$	36,668

Contract balances

Revenue recognition

Nature of Goods and Services

Contract balances

Value added taxes

Cost of revenues

Product Warranty

Research and development expenses

Subsidy income

Government subsidies represent government grants received from local government authorities.

Income taxes

Share-based compensation

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 Note 15) 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 statements of operations. The Private Warrants are valued using a Monte Carlo simulation model on the basis of the quoted market price of the Company’s publicly-traded warrants.

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 2019, 2020 and 2021:

	December 31, 2019		December 31, 2020	December 31, 2021
Percentage of revenue contributed by Customer A	11	%	—	—
Percentage of revenue contributed by Customer B	—		—	11	%

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

		December 31, 2020			December 31, 2021
Percentage of accounts receivable from Customer C		10	%		18	%

Supplier Concentration

Recent accounting pronouncements adopted

Newly adopted accounting pronouncements

Recent accounting pronouncements not yet adopted

Operating leases

Table of Contents

Warrant Liability

Description of Organization and Business Operations (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of company’s major subsidiaries

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

Significant Accounting Policies (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

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, 2019		December 31, 2020	December 31, 2021
Percentage of revenue contributed by Customer A	11	%	—	—
Percentage of revenue contributed by Customer B	—		—	11	%

Schedule of accounts receivable from customers

		December 31, 2020			December 31, 2021
Percentage of accounts receivable from Customer C		10	%		18	%

Disaggregation of Revenue

	Three Months Ended March 31,
	2021		2022
China and Asia & Pacific	$	12,484	$	33,242
Europe		2,327		2,751
USA		127		675
Total	$	14,938	$	36,668

Reverse Recapitalization (Tables)

12 Months Ended

Dec. 31, 2021

Reverse Recapitalization [Abstract]

Schedule of ownership interests of the company’s stockholders

		Shares
Existing Microvast Equity Holders(a)		209,999,991
Existing Microvast Bridge Notes Holders		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.

Accounts Receivable (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Receivables [Abstract]

Schedule of accounts receivable

Accounts receivable consisted of the following:

	December 31, 2021			March 31, 2022
Accounts receivable	$	93,722		$	85,324
Allowance for credit losses		(5,005	)		(5,354	)
Accounts receivable, net	$	88,717		$	79,970

	December 31, 2020			December 31, 2021
Accounts receivable	$	81,345		$	93,722
Allowance for doubtful accounts		(5,047	)		(5,005	)
Accounts receivable, net	$	76,298		$	88,717

Schedule of allowance for doubtful accounts

Movement of allowance for credit losses was as follows:

	Three Months Ended March 31,
	2021			2022
Balance at beginning of the period	$	5,047		$	5,005
Cumulative-effect adjustment upon adoption of ASU2016-13, Financial instruments – Credit losses (Topic 326)		—			866
Reversal of expenses		(514	)		(545	)
Write off		(103	)		—
Exchange difference		(14	)		28
Balance at end of the period	$	4,416		$	5,354

	Year Ended December 31,
	2019			2020			2021
Balance at beginning of the period	$	10,111		$	5,537		$	5,047
(Reserve)/Charge to expenses		(4,250	)		(240	)		721
Write off		(233	)		(493	)		(849	)
Exchange difference		(91	)		243			86
Balance at end of the period	$	5,537		$	5,047		$	5,005

Inventories, Net (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of inventories

	December 31, 2021		March 31, 2022
Work in process	$	20,760	$	23,124
Raw materials		25,266		26,128
Finished goods		7,398		8,829
Total	$	53,424	$	58,081

	December 31, 2020		December 31, 2021
Work in process	$	22,167	$	20,760
Raw materials		17,451		25,266
Finished goods		5,350		7,398
Total	$	44,968	$	53,424

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expenses and Other Current Assets Table [Abstract]

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

	December 31, 2020		December 31, 2021
Advances to suppliers	$	2,117	$	7,102
Prepaid expenses		208		4,687
VAT receivables		2,471		4,106
Deposits		746		1,029
Other receivables		480		203
Total	$	6,022	$	17,127

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment, net

	December 31, 2020			December 31, 2021
Machineries and equipment	$	123,889		$	150,519
Buildings		39,988			41,920
Leasehold improvements		26,627			30,035
Fixtures and electronic equipment		9,086			13,848
Motor vehicles		8,073			8,507
Total		207,663			244,829
Less: accumulated depreciation		(67,043	)		(88,745	)
Construction in progress		57,397			96,973
Property, plant and equipment, net	$	198,017		$	253,057

Land Use Rights, Net (Tables)

12 Months Ended

Dec. 31, 2021

Land Use Rights Net [Abstract]

Schedule of land use rights

	December 31, 2020			December 31, 2021
Cost of land use rights	$	16,007		$	16,390
Less: accumulated amortization		(2,006	)		(2,382	)
Land use rights, net	$	14,001		$	14,008

Acquired Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets net

	December 31, 2020			December 31, 2021
Cost of acquired intangible assets	$	4,051		$	4,104
Less: accumulated amortization		(1,772	)		(2,222	)
Acquired intangible assets, net	$	2,279		$	1,882

Schedule of annual amortization expense

2022	$	244
2023		243
2024		237
2025		233
2026		231
Thereafter		694
Total	$	1,882

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

	December 31, 2021		March 31, 2022
Product warranty, current	$	20,922	$	17,420
Payables for purchase of property, plant and equipment		18,500		20,313
Other current liabilities		10,636		10,817
Accrued payroll and welfare		3,476		3,763
Accrued expenses		2,444		3,101
Interest payable		1,836		2,503
Other tax payable		926		1,009
Operating lease liabilities, current		—		2,177
Total	$	58,740	$	61,103

	December 31, 2020		December 31, 2021
Product warranty	$	4,296	$	20,922
Payables for purchase of property, plant and equipment		15,122		18,500
Other current liabilities		3,959		10,636
Accrued payroll and welfare		2,704		3,476
Accrued expenses		1,696		2,444
Interest payable		1,379		1,836
Other tax payable		1,472		926
Payables to exiting investors(a)		30,000		—
Total	$	60,628	$	58,740

Product Warranty (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Product Warranties Disclosures [Abstract]

Schedule of movement of product warranty

Movement of product warranty was as follows:

	Three Months Ended March 31,
	2021			2022
Balance at beginning of the period	$	19,356		$	58,458
Provided during the period		909			2,685
Utilized during the period		(1,160	)		(9,712	)
Balance at end of the period	$	19,105		$	51,431

	Year Ended December 31,
	2019			2020			2021
Balance at beginning of the period	$	16,565		$	18,416		$	19,356
Provided for new sales during the period		3,501			3,477			6,447
Provided for pre-existing legacy product		—			—			46,485
Utilized during the year		(1,650	)		(2,537	)		(13,830	)
Balance at end of the year	$	18,416		$	19,356		$	58,458
Product warranty – current	$	3,723		$	4,296		$	20,922
Product warranty – non-current		14,693			15,060			37,536

Schedule of warranty cost

	December 31, 2021		March 31, 2022
Product warranty – current	$	20,922	$	17,420
Product warranty – non-current		37,536		34,011
Total	$	58,458	$	51,431

Bank Borrowings (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Bank Borrowings [Abstract]

Schedule of bank borrowings

Changes in bank borrowings are as follows:

	Three Months Ended March 31,
	2021			2022
Beginning balance	$	12,184		$	13,301
Proceeds from bank borrowings		13,445			—
Repayments of principal		(12,265	)		—
Exchange difference		(208	)		34
Ending balance	$	13,156		$	13,335

	Year Ended December 31,
	2019			2020			2021
Beginning balance	$	66,267		$	11,922		$	12,184
Proceeds from bank borrowings		17,735			17,308			38,926
Repayments of principal		(71,674	)		(17,815	)		(37,568	)
Exchange difference		(406	)		769			(241	)
Ending balance	$	11,922		$	12,184		$	13,301

Schedule of banking facilities and aggregate carrying amount

	December 31, 2021		March 31, 2022
Buildings	$	31,361	$	31,055
Machinery and equipment		7,376		6,559
Land use rights		4,470		4,466
Total	$	43,207	$	42,080

	December 31, 2020		December 31, 2021
Buildings	$	22,732	$	31,361
Machinery and equipment		19,297		7,376
Land use rights		2,789		4,470
Total	$	44,818	$	43,207

Other Non-Current Liabilities (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Other Non-Current Liabilities [Abstract]

Schedule of other non-current liabilities

	December 31, 2021		March 31, 2022
Product warranty – non-current	$	37,536	$	34,011
Deferred subsidy income – non-current		2,286		2,222
Total	$	39,822	$	36,233

	December 31, 2020		December 31, 2021
Payable to exiting investors	$	94,316	$	—
Product warranty – non-current		15,060		37,536
Deferred subsidy income- non-current		1,221		2,286
Total	$	110,597	$	39,822

Bonds Payable (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Bonds Payable [Abstract]

Schedule of bonds payable

	December 31, 2021		March 31, 2022
Long – term bonds payable
Huzhou Saiyuan	$	73,147	$	73,147
Total	$	73,147	$	73,147

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

Long – term bonds payable
Huzhou Saiyuan Equity Investment Partnership (L.P.) (“Huzhou Saiyuan”)	$	73,147	$	73,147
Total	$	73,147	$	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%

Warrants (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Warrants [Abstract]

Schedule of optimal exercise of the Company’s redemption option at the earliest possible date

	July 23, 2021			December 31, 2021
Market price of public stock	$	10.00		$	5.66
Exercise price	$	11.50		$	11.50
Expected term (years)		5.00			4.57
Volatility		54.14	%		50.80	%
Risk-free interest rate		0.72	%		1.20	%
Dividend rate		0.00	%		0.00	%

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

	March 31, 2022
Market price of public stock	$	6.70
Exercise price	$	11.50
Expected term (years)		4.32
Volatility		50.41	%
Risk-free interest rate		2.41	%
Dividend rate		0.00	%

Fair Value Measurement (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 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, 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	$	480,931	—	—	$	480,931
Restricted cash		55,178	—	—		55,178
Total financial asset	$	536,109	—	—	$	536,109
Warrant liability	$	—	—	1,105	$	1,105
Total financial liability	$	—	—	1,105	$	1,105

	Fair Value Measurement as of March 31, 2022
(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	$	416,165	—	—	$	416,165
Restricted cash	$	54,568	—	—	$	54,568
Total financial asset	$	470,733	—	—	$	470,733
Warrant liability	$	—	—	1,540	$	1,540
Total financial liability	$	—	—	1,540	$	1,540

	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 December 31, 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	$	480,931	—	—	$	480,931
Restricted cash		55,178	—	—		55,178
Total financial asset	$	536,109	—	—	$	536,109
Warrant liability	$	—	—	1,105	$	1,105
Total financial liability	$	—	—	1,105	$	1,105

Schedule of reconciliation of the beginning and ending balances for level 3 convertible notes

(In thousands)	Convertible Notes
Balance as of January 1, 2021	$	—
Issuance of convertible notes	$	57,500
Changes in fair value of convertible notes	$	3,600
Balance as of March 31, 2021	$	61,100

(In thousands)	Bridge Notes
Balance as of January 1, 2021	$	—
Issuance of Bridge Notes		57,500
Changes in fair value of Bridge Notes		9,861
Conversion as of Merger		(67,361	)
Balance as of December 31, 2021	$	—

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

(In thousands)	Three Months Ended March 31,
(In thousands)	2021		2022
Balance at the beginning of the period		—	$	1,105
Changes in fair value		—		435
Balance at end of the period	$	—	$	1,540

(In thousands)	Warrant Liability
Balance as of January 1, 2021	$	—
Assumed warrant liability upon Merger		3,574
Changes in fair value		(2,469	)
Balance as of December 31, 2021	$	1,105

- 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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Schedule of loss before provision for income taxes

	December 31, 2019			December 31, 2020			December 31, 2021
Domestic(USA)	$	(3,030	)	$	(3,584	)	$	(98,821	)
Foreign		(56,444	)		(30,040	)		(107,662	)
Loss before income tax	$	(59,474	)	$	(33,624	)	$	(206,483	)

Schedule of current and deferred components of the income tax expense

	December 31, 2019		December 31, 2020		December 31, 2021
Current tax expenses:
Domestic	$	—	$	—	$	—
Foreign		189		1		—
Total current tax expense		189		1		—
Deferred tax expense:
Domestic		—		—		—
Foreign		—		—		—
Total current tax expense		—		—		—
Total provision for income taxes	$	189	$	1	$	—

Schedule of deferred tax assets

	December 31, 2020			December 31, 2021
Deferred tax assets:
Net operating loss carry-forwards	$	28,484		$	38,858
Allowance for doubtful accounts and inventory provision		3,443			4,712
Product warranty		2,903			8,769
Impairment of property, plant and equipment		821			1,210
Deferred income		216			392
Accrued expense		805			239
Others		615			920
Less: valuation allowance		(37,287	)		(55,100	)
Net deferred tax assets	$	—		$	—

Schedule of valuation allowance

	December 31, 2019			December 31, 2020			December 31, 2021
Balance at beginning of the period	$	19,503		$	30,857		$	37,287
Additions		11,649			7,402			17,912
Reversal		(295	)		(972	)		(99	)
Balance at end of the period	$	30,857		$	37,287		$	55,100

Schedule of reconciliation between the income tax expense

	December 31, 2019			December 31, 2020			December 31, 2021
Loss before income tax	$	(59,474	)	$	(33,624	)	$	(206,483	)
Tax credit at the U.S. federal corporate income tax rate of 21%		(12,490	)		(7,061	)		(43,361	)
Tax effect of permanent differences – Share-based compensation		—			—			17,408
Tax effect of permanent differences – Others		(2,961	)		(2,152	)		(1,411	)
Tax effect of income tax rate difference in other jurisdictions		4,076			2,511			6,287
Changes in valuation allowance		11,669			6,702			21,077
Others		(105	)		1			—
Income tax expense	$	189		$	1		$	—

Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2021

Preferred Shares [Abstract]

Schedule of preferred shares issued and outstanding

Preferred Shares	Number of Shares	Shareholders
Series A1 Preferred	31,357,306	Ashmore Global Special Situations Fund 4 Limited Partnership and Ashmore Global Special Situations 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	69,317,905

Schedule of balance of Series Preferred and redeemable noncontrolling interests

(In thousands)	Series A1/C1 Preferred			Series B1/C2 Preferred			Series EEL/D1 Preferred			Redeemable noncontrolling interests
Balance as of January 1, 2019	$	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
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 December 31, 2021	$	—		$	—		$	—		$	—

Share-Based Payment (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Share-Based Payment Arrangement [Abstract]

Schedule of modification date fair value of the stock options was determined using the Binomial-Lattice Model

		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 yield(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

(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.

	Year Ended December 31, 2021
Expected term (years)(1)	2.18 – 2.35
Volatility(2)	63.06	% – 64.31%
Average correlation coefficient of peer companies(3)	0.7960 – 0.8120
Risk-free interest rate(4)	0.31	% – 0.55%
Expected dividend yield(5)	0.00	%

Schedule of share options activity

Stock options life	Number of Shares		Weighted Average Exercise Price (US$)		Weighted Average Grant Date Fair Value (US$)		Weighted Average Remaining Contractual Life
Outstanding as of January 1, 2021	34,737,967		$	6.19	$	2.92	9.0
Grant	—			—		—
Forfeited	(913,710	)		6.28		2.97
Outstanding as of March 31, 2021	33,824,257		$	6.19	$	2.92	8.7
Expected to vest and exercisable as of March 31, 2021	33,824,257		$	6.19	$	2.92	8.7
Outstanding as of January 1, 2022	33,503,657			6.19		4.95	7.9
Forfeited	(72,135	)		6.28		4.92
Outstanding as of March 31, 2022	33,431,522		$	6.18	$	4.98	7.7
Expected to vest and exercisable as of March 31, 2022	33,431,522		$	6.18	$	4.98	7.7

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, 2019	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
Expected to vest and exercisable as of December 31, 2019	7,578,503		5.50	2.14		7.1

Outstanding as of January 1, 2020	7,578,503		5.50	2.14		7.1
Grant	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

Outstanding as of January 1, 2021	34,737,967		6.19	2.92		9.0
Granted	—		—	—
Forfeited	(1,234,310	)	6.28	3.20
Outstanding as of December 31, 2021	33,503,657		6.19	4.95	(a)	7.9
Expected to vest and exercisable as of December 31, 2021	33,503,657		6.19	4.95	(a)	7.9

(a) The amount represented weighted average modification date value per share.

Schedule non-vested shares activity

	Number on Non-Vested Shares	Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of January 1, 2021	23,027,399	$	0.93
Outstanding as of March 31, 2021	23,027,399	$	0.93
Outstanding as of March 31, 2022	23,027,399	$	8.741

1 The amount represented modification date value per share.As of modification date, the settled price was the capped price as described above.

	Number of Non-Vested Shares		Weighted Average Grant Date Fair Value Per Share (US$)
Outstanding as of January 1, 2021	—			—
Outstanding as of March 31, 2021	—			—
Outstanding as of January 1, 2022	671,441			9.08
Grant	38,566		$	6.78
Vested	(8,124	)	$	8.52
Forfeited	(13,196	)	$	8.87
Outstanding as of March 31, 2022	688,687		$	8.96

	Number on Non-Vested Shares		Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of January 1, 2019	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
Forfeited	—		—
Outstanding as of December 31, 2021	23,027,399		8.74	(a)

(a) The amount represented weighted average modification date value per share. As of modification date, the settled price was the capped price as described above.

	Number of Non-Vested Shares		Weighted Average Grant Date Fair Value Per Share (US$)
Outstanding as of January 1, 2019	5,578,012		0.93
Transfer to capped non-vested share units	(2,288,175	)	0.64
Outstanding as of December 31, 2019	3,289,837		1.14

Transfer to capped non-vested share units	(3,289,837	)	1.14
Outstanding as of December 31, 2020	—		—
Grant	727,600		9.07
Vested	(14,279	)	8.52
Forfeited	(41,880	)	9.05
Outstanding as of December 31, 2021	671,441		9.08

Schedule of classification of stock-based compensation

	Three Months Ended March 31, 2022
Cost of revenues	$	1,934
General and administrative expenses		18,136
Research and development expenses		5,139
Selling and marketing expenses		2,921
Construction in process		162
Total	$	28,292

	Year Ended December 31,
	2019		2020		2021
Cost of revenues	$	—	$	—	$	4,309
General and administrative expenses		—		—		59,492
Research and development expenses		—		—		13,064
Selling and marketing expenses		—		—		6,029
Construction in process		—		—		237
Total	$	—	$	—	$	83,131

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of long-lived assets, classified by major geographic regions

Geographic regions	December 31, 2020			December 31, 2021
	Amount	%		Amount	%
PRC	198,921	94	%	211,139	79	%
Asia & Pacific	198,921	94	%	211,139	79	%
Germany	12,747	6	%	21,966	8	%
United Kingdom	120	0	%	67	0	%
Europe	12,867	6	%	22,033	8	%
United States	230	0	%	33,893	13	%
Total	212,018	100	%	267,065	100	%

Schedule of assets and revenues major geographic regions

Geographic regions	Year ended December 31, 2019			Year ended December 31, 2020			Year ended December 31, 2021
	Amount	%		Amount	%		Amount	%
PRC	49,346	64	%	66,160	62	%	93,326	61	%
India	4,988	7	%	8,570	8	%	17,805	12	%
Russia	3,673	5	%	5,671	5	%	12,213	8	%
Other countries	7,430	10	%	2,254	2	%	8,172	5	%
Asia & Pacific	65,437	86	%	82,655	77	%	131,516	86	%
United Kingdom	668	1	%	11,544	11	%	11,386	7	%
Other countries	10,011	13	%	12,770	12	%	8,156	6	%
Europe	10,679	14	%	24,314	23	%	19,542	13	%
Other	318	0	%	549	0	%	918	1	%
Total	76,434	100	%	107,518	100	%	151,976	100	%

Related Party Balances and Transactions (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Schedule of relationship with the group

Name		Relationship with the Group
Ochem Chemical Co., Ltd (“Ochem”)		Controlled by CEO
Ochemate Material Technologies Co., Ltd (“Ochemate”)		Controlled by CEO

(1) Related party transaction

Name		Relationship with the Group
Ochem Chemical Co., Ltd (“Ochem”)		Controlled by CEO
Ochemate Material Technologies Co., Ltd (“Ochemate”)		Controlled by CEO

(1) Related party transaction

Schedule of related party transactions

	Three Months Ended March 31,
	2021		2022
Raw material sold to Ochem	$	155	$	—

(2) Interest-free loans

MPS received certain interest-free loans from related parties, Ochemate and Ochem, for the three months ended March 31, 2021 and 2022 with accumulative amounts of $1,874 and $0, respectively.

The outstanding balance for the amount due from Ochem was $85 as of December 31, 2021 and $0 as of March 31, 2022, respectively.

	Year Ended December 31,
	2019		2020		2021
Raw material sold to Ochem	$	—	$	167	$	390

(2) Interest-free loans

Net Loss Per Share (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net loss per share

	Three Months Ended March 31,
	2021			2022
Numerator:
Net loss attributable to common stock shareholders	$	(28,313	)	$	(43,776	)
Denominator:
Weighted average common stock used in computing basic and diluted net loss per share		99,028,297			298,843,016
Basic and diluted net loss per share	$	(0.29	)	$	(0.15	)

	Year Ended December 31,
	2019			2020			2021
Numerator:
Net loss attributable to Common Stock shareholders	$	(115,479	)	$	(80,963	)	$	(234,103	)
Denominator:
Weighted average Common Stock outstanding used in computing basic and diluted net loss per share		99,028,297			99,028,297			185,896,482
Basic and diluted net loss per share	$	(1.17	)	$	(0.82	)	$	(1.26	)

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

	Three Months Ended March 31,
	2021	2022
Shares issuable upon exercise of stock options	34,203,051	33,482,818
Shares issuable upon vesting of non-vested shares	—	673,534
Shares issuable upon exercise of warrants	—	28,437,000
Shares issuable upon conversion of Series B2 Preferred	8,545,490	—
Shares issuable upon conversion of Series C1 Preferred	26,757,258	—
Shares issuable upon conversion of Series C2 Preferred	20,249,450	—
Shares issuable upon conversion of Series D1 Preferred	22,311,516	—
Shares issuable upon conversion of Series D2 Preferred	16,432,674	—
Shares issuable upon conversion of non-controlling interests of a subsidiary	17,253,182	—
Shares issuable upon vesting of Earn-out shares	—	19,999,988
Shares issuable that may be subject to cancellation	—	1,687,500

	Year ended December 31,
	2019	2020	2021
Shares issuable upon exercise of share options	8,108,700	18,281,198	33,786,356
Shares issuable upon vesting of non-vested shares	4,712,098	72,122	167,268
Shares issuable upon exercise of warrants	—	—	12,543,444
Shares issuable upon conversion of Series A1 Preferred	2,613,042	—	—
Shares issuable upon conversion of Series B1 Preferred	1,304,117	—	—
Shares issuable upon conversion of Series B2 Preferred	8,545,490	8,545,490	6,035,544
Shares issuable upon conversion of Series C1 Preferred	24,527,400	26,757,258	14,881,434
Shares issuable upon conversion of Series C2 Preferred	18,561,830	20,249,450	11,262,023
Shares issuable upon conversion of Series D1 Preferred	22,311,516	22,311,516	12,408,870
Shares issuable upon conversion of Series D2 Preferred	16,432,674	16,432,674	9,139,268
Shares issuable upon conversion of non-controlling interests of a subsidiary	17,253,182	17,253,182	9,595,605
Shares issuable upon vesting of Earn-out shares	—	—	8,821,913
Shares issuable that may be subject to cancellation	—	—	744,349

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies [Abstract]

Schedule of future minimum payments under lease commitments

	December 31, 2021
	December 31, 2021
2022	$	3,763
2023		3,151
2024		2,345
2025		1,879
2026		1,879
Thereafter		17,109
Total Lease Liabilities	$	30,126

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Text Block [Abstract]

Schedule of supplemental cash flow information related to leases

	For the period ended March 31, 2022
Cash payments for operating leases	$	798
Right-of-use assets obtained in exchange for new operating lease liabilities	$	119

Summary of the annual undiscounted cash flows for lease liabilities maturity analysis

	As of March 31, 2022
Nine months period ending December 31, 2022	$	2,321
2023	$	2,665
2024	$	2,004
2025	$	1,552
2026	$	1,552
2027	$	1,552
Thereafter	$	12,546
Total future lease payments	$	24,192
Less: Imputed interest	$	(5,869	)
Present value of operating lease liabilities	$	18,323

Description of Organization and Business Operations (Details) - Schedule of company’s major subsidiaries	12 Months Ended
	Dec. 31, 2021
Microvast, Inc. (“Microvast”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Delaware, USA
Date of incorporation or acquisition	October 2006
Percentage of ownership	100.00%
Microvast Power Solutions, Inc (“MP Solutions”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Texas, USA
Date of incorporation or acquisition	July 2013
Percentage of ownership	100.00%
Microvast Power Systems Co., Ltd. (“MPS”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Huzhou, PRC
Date of incorporation or acquisition	December 2006
Percentage of ownership	100.00%
Microvast Power Systems UK Limited (“MP UK”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Cardiff, United Kingdom (“UK”)
Date of incorporation or acquisition	September 2014
Percentage of ownership	100.00%
Microvast GmbH (“MV GmbH”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Germany
Date of incorporation or acquisition	May 2016
Percentage of ownership	100.00%
Huzhou Microvast Electric Vehicle Sales Service, Ltd. (“MV E-Vehicle”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Huzhou, PRC
Date of incorporation or acquisition	July 2017
Percentage of ownership	100.00%
Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Huzhou, PRC
Date of incorporation or acquisition	December 2016
Percentage of ownership	100.00%

Significant Accounting Policies (Details) $ in Thousands		3 Months Ended		12 Months Ended
Significant Accounting Policies (Details) $ in Thousands	Apr. 01, 2019	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2022 USD ($)	Jul. 23, 2021	Jan. 01, 2019
Significant Accounting Policies (Details) [Line Items]
Notes receivable				$ 11,144	$ 20,839
Interest income from the short-term investments					37	$ 366
Estimated useful life term				50 years
Recognized impairment loss of long lived assets				$ 2,443	567	2,908
Revenue recognized				1,455	582	556
Amortized deferred subsidy				269	166	$ 2,304
Deferred subsidy income				324	215
Deferred non current portion				2,286	1,221
Aggregate amount				$ 102,782	$ 35,194
Net revenues percentage				10.00%
Percentage of accounts receivable				10.00%
Purchase percentage				12.00%	12.00%	17.00%
Adjustment to retained earnings and accumulate deficit				$ 1,565
Exchange ratio				160.3				160.3	160.3
Revenue recognition		$ 479	$ 1,186
Operating lease right-of-use assets		18,388					$ 18,826
Present value of operating lease liabilities		18,323					18,776
Operating lease liabilities, current		2,177
Stockholders' equity, including portion attributable to noncontrolling interest		$ 657,375		$ 686,698	$ (384,602)
Maximum [Member]
Significant Accounting Policies (Details) [Line Items]
Value added tax rate percentage	16.00%
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%
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Retained Earnings [Member]
Significant Accounting Policies (Details) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest							$ 866
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%

Significant Accounting Policies (Details) - Schedule of property, plant and equipment are carried at cost less accumulated depreciation	12 Months Ended
	Dec. 31, 2021
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Percentage of Revenue Contributed by Customer A [Member]
Significant Accounting Policies (Details) - Schedule of net revenues from customers [Line Items]
Percentage of revenue contribution			11.00%
Percentage of Revenue Contributed by Customer B [Member]
Significant Accounting Policies (Details) - Schedule of net revenues from customers [Line Items]
Percentage of revenue contribution	11.00%

Significant Accounting Policies (Details) - Schedule of accounts receivable from customers	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of accounts receivable from customers [Abstract]
Percentage of accounts receivable from Customer C	18.00%	10.00%

Reverse Recapitalization (Details) - USD ($)	12 Months Ended
Reverse Recapitalization (Details) - USD ($)	Dec. 31, 2021	Jul. 23, 2021
Reverse Recapitalization (Details) [Line Items]
Purchase price, per share	$ 10
Conversion of notes payable	$ 1,500
Warrant exercise price	$ 11.5
Additional shares of common stock	19,999,988
Weighted average price of the common stock	$ 18
Common stock receiving a 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 Common Stock and converting the exercise price based on the exchange ratio of 160.3 (the “Common Exchange Ratio”). Refer to Note 21.1 In connection with the Merger Agreement, Tuscan, MPS a subsidiary of Microvast, Inc., CL Investors ( refer to Note 14), 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 18).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 21.
Shares subject to cancellation	1,687,500
Net proceeds	$ 705,129,000
Cash in connection with the PIPE financing	482,500,000
Cash held in Tuscan’s trust accoun	281,726,000
transaction costs	$ 58,175,000
Cancellation condition description	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.
Escrow shares	1,687,500
Microvast Inc [Member]
Reverse Recapitalization (Details) [Line Items]
Shares issued	209,999,991
Bridge Notes [Member]
Reverse Recapitalization (Details) [Line Items]
Outstanding promissory notes issued		$ 57,500
Shares issued	6,736,106
PIPE Investors [Member]
Reverse Recapitalization (Details) [Line Items]
Shares issued	48,250,000
Sponsor [Member]
Reverse Recapitalization (Details) [Line Items]
Shares of common stock	150,000
Warrats to purchase of common stock	$ 150,000
Sponsor [Member] \| Common Stock [Member]
Reverse Recapitalization (Details) [Line Items]
Shares of common stock	150,000
Tuscan public stockholders [Member]
Reverse Recapitalization (Details) [Line Items]
transaction costs	$ 922,000

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

Dec. 31, 2021

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

Existing Microvast Equity Holders

209,999,991

^[1]

Existing Microvast Bridge Notes Holders

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	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of accounts receivable [Abstract]
Accounts receivable	$ 85,324	$ 93,722	$ 81,345
Allowance for doubtful accounts	(5,354)	(5,005)	(5,047)
Accounts receivable, net	$ 79,970	$ 88,717	$ 76,298

Accounts Receivable (Details) - Schedule of allowance for doubtful accounts - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of allowance for doubtful accounts [Abstract]
Balance at beginning of the period	$ 5,005	$ 5,047	$ 5,047	$ 5,537	$ 10,111
(Reserve)/Charge to expenses			721	(240)	(4,250)
Write off		103	(849)	(493)	(233)
Exchange difference	28	(14)	86	243	(91)
Balance at end of the period	$ 5,354	$ 4,416	$ 5,005	$ 5,047	$ 5,537

Inventories, Net (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Provision for obsolete inventory	$ 471	$ 218	$ 18,295	$ 1,343	$ 4,233

Inventories, Net (Details) - Schedule of inventories - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of inventories [Abstract]
Work in process	$ 23,124	$ 20,760	$ 22,167
Raw materials	26,128	25,266	17,451
Finished goods	8,829	7,398	5,350
Total	$ 58,081	$ 53,424	$ 44,968

Prepaid Expenses and Other Current Assets (Details) - Schedule of receivables represented the amount available for future deduction against VAT payable - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of receivables represented the amount available for future deduction against VAT payable [Abstract]
Advances to suppliers	$ 7,102	$ 2,117
Prepaid expenses	4,687	208
VAT receivables	4,106	2,471
Deposits	1,029	746
Other receivables	203	480
Total	$ 17,127	$ 6,022

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 19,975	$ 16,097	$ 14,676
Impairment losses	$ 2,443	$ 567	$ 2,908

Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 244,829	$ 207,663
Less: accumulated depreciation	(88,745)	(67,043)
Construction in progress	96,973	57,397
Property, plant and equipment, net	253,057	198,017
Machineries and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	150,519	123,889
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	41,920	39,988
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	30,035	26,627
Fixtures and electronic equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	13,848	9,086
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 8,507	$ 8,073

Land Use Rights, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Land Use Rights, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Land Use Rights Net [Abstract]
Estimated usage term period	50 years
Amortization expenses	$ 325	$ 303	$ 302
Description of future amortization expense	Future amortization expense is $325 per year for each of the next five years through December 31, 2026 and thereafter.

Land Use Rights, Net (Details) - Schedule of land use rights - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of land use rights [Abstract]
Cost of land use rights	$ 16,390	$ 16,007
Less: accumulated amortization	(2,382)	(2,006)
Land use rights, net	$ 14,008	$ 14,001

Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 413	$ 392	$ 409

Acquired Intangible Assets, Net (Details) - Schedule of intangible assets net - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of intangible assets net [Abstract]
Cost of acquired intangible assets	$ 4,104	$ 4,051
Less: accumulated amortization	(2,222)	(1,772)
Acquired intangible assets, net	$ 1,882	$ 2,279

Acquired Intangible Assets, Net (Details) - Schedule of annual amortization expense $ in Thousands	Dec. 31, 2021 USD ($)
Schedule of annual amortization expense [Abstract]
2022	$ 244
2023	243
2024	237
2025	233
2026	231
Thereafter	694
Total	$ 1,882

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Schedule of accrued expenses and other current liabilities [Abstract]

Product warranty

$ 17,420

$ 20,922

$ 4,296

Payables for purchase of property, plant and equipment

20,313

18,500

15,122

Other current liabilities

10,817

10,636

3,959

Accrued payroll and welfare

3,763

3,476

2,704

Accrued expenses

3,101

2,444

1,696

Interest payable

2,503

1,836

1,379

Other tax payable

1,009

926

1,472

Payables to exiting investors

^[1]

30,000

Total

$ 61,103

$ 58,740

$ 60,628

[1]	The payables to exiting investors represents the amount for the redemption of the shares owned by certain noncontrolling shareholders of a subsidiary, which was paid out as of December 31, 2021. See Note 18.

Product Warranty (Details) $ in Thousands	12 Months Ended
Product Warranty (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Product Warranties Disclosures [Abstract]
Estimate additional accrual amount	$ 46,485

Product Warranty (Details) - Schedule of movement of product warranty - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of movement of product warranty [Abstract]
Balance at beginning of the period	$ 58,458	$ 19,356	$ 19,356	$ 18,416	$ 16,565
Provided during the period	2,685	909	6,447	3,477	3,501
Provided for pre-existing legacy product			46,485
Utilized during the year	9,712	1,160	(13,830)	(2,537)	(1,650)
Balance at end of the period	51,431	$ 19,105	58,458	19,356	18,416
Product warranty – current	17,420		20,922	4,296	3,723
Product warranty – non-current	$ 34,011		$ 37,536	$ 15,060	$ 14,693

Bank Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
Bank Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2022
Bank Borrowings (Details) [Line Items]
Debt instrument term, description	The original terms of the loans from Chinese banks range from 4 to 12 months and the interest rates range from 3.80% to 6.00% per annum.
Loan balance	$ 13,301
Bank facility agreement, description	the German bank includes a $13,013 (EUR11 million) 8-year maturity term loan and a $4,732 (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 $4,732 (EUR4 million) revolving facility at 6.00% annual interest, needs to be renewed every year (60 days in advance). During the year ended December 31, 2021, the Group drew down the 8-year maturity term loan to the amount of $9,660.
Minimum [Member]
Bank Borrowings (Details) [Line Items]
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate		3.80%
Maximum [Member]
Bank Borrowings (Details) [Line Items]
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate		6.00%

Bank Borrowings (Details) - Schedule of bank borrowings - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of bank borrowings [Abstract]
Beginning balance	$ 13,301	$ 12,184	$ 12,184	$ 11,922	$ 66,267
Proceeds from bank borrowings		13,445	38,926	17,308	17,735
Repayments of principal		(12,265)	(37,568)	(17,815)	(71,674)
Exchange difference	34	(208)	(241)	769	(406)
Ending balance	$ 13,335	$ 13,156	$ 13,301	$ 12,184	$ 11,922

Bank Borrowings (Details) - Schedule of banking facilities and aggregate carrying amount - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of banking facilities and aggregate carrying amount [Abstract]
Buildings	$ 31,055	$ 31,361	$ 22,732
Machinery and equipment	6,559	7,376	19,297
Land use rights	4,466	4,470	2,789
Total	$ 42,080	$ 43,207	$ 44,818

Other Non-Current Liabilities (Details) - Schedule of other Non-Current Liabilities - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of other Non-Current Liabilities [Abstract]
Payable to exiting investors			$ 94,316
Product warranty - non-current	$ 34,011	$ 37,536	15,060
Deferred subsidy income- non-current	2,222	2,286	1,221
Total	$ 36,233	$ 39,822	$ 110,597

Bonds Payable (Details) ¥ in Millions										1 Months Ended						3 Months Ended			12 Months Ended
Bonds Payable (Details) ¥ in Millions	Jun. 30, 2022	Jan. 04, 2021 USD ($)	Jan. 04, 2021 USD ($)	Feb. 01, 2019 USD ($)	Feb. 01, 2019 CNY (¥)	Jan. 09, 2019 USD ($)	Jan. 09, 2019 CNY (¥)	Nov. 02, 2018 USD ($)	Nov. 02, 2018 CNY (¥)	Jun. 30, 2022	Jul. 23, 2021 shares	Feb. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)	Dec. 29, 2018 USD ($)	Dec. 29, 2018 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2021 CNY (¥)
Bonds Payable (Details) [Line Items]
Bond loan				$ 29,259,000	¥ 200.0	$ 14,629,000	¥ 100.0							$ 87,776,000	¥ 600.0
Converted from the existing non interest bearing loan														$ 29,259,000	¥ 200.0
Equity holding pledged percentage														12.39%	12.39%
Previous converted bond loan														$ 29,259,000	¥ 200.0
Subscribed bonds, description																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.	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.		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.
Extended maturity date																1 year	1 year		1 year
Aggregate amount of bond loan								$ 73,147,000	¥ 500.0							$ 73,147,000	¥ 500.0
Subscribed by bond holders																				$ 29,915,000	¥ 204.5
Shares of common stock (in Shares) \| shares											6,719,845
Purchase agreement to issue convertible promissory note amount		$ 57,500,000	$ 57,500,000
Convertible promissory notes issued amount																			$ 1,500
Changes in fair value																			9,861,000
Convertible promissory notes converted common stock shares (in Shares) \| shares											6,736,106
Changes in fair value																		$ 3,600,000
Subsequent Event [Member]
Bonds Payable (Details) [Line Items]
Interest rate	6.00%
Forecast [Member]
Bonds Payable (Details) [Line Items]
Interest rate										6.00%
Huzhou Saiyuan [Member]
Bonds Payable (Details) [Line Items]
Outstanding balance																			$ 73,147,000			¥ 500.0
Third Party Investors [Member]
Bonds Payable (Details) [Line Items]
Aggregate amount of bond loan								$ 58,516,000	¥ 400.0
First Tranche [Member]
Bonds Payable (Details) [Line Items]
Convertible promissory notes issued amount													$ 25,000,000
Discounted rate													80.00%
Second Tranche [Member]
Bonds Payable (Details) [Line Items]
Convertible promissory notes issued amount												$ 32,500,000
Discounted rate												90.00%

Bonds Payable (Details) - Schedule of bonds payable - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Bonds payable
Bonds payable, Total			$ 29,915
Long – term bonds payable
Long-term bonds payable, Total	$ 73,147	73,147	73,147
Third-party investors [Member]
Bonds payable
Bonds payable, Total			29,915
Huzhou Saiyuan [Member]
Long – term bonds payable
Long-term bonds payable, Total	$ 73,147	$ 73,147	$ 73,147

Bonds Payable (Details) - Schedule of repayments and interests - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
February 1, 2019 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Jun. 30, 2023	Jun. 30, 2023
February 1, 2019 [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 29,259	$ 29,259
Repayment Amount	$ 29,259	$ 29,259
Annual Interest Rate	3.00%	3.00%
February 1, 2019 [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 200	$ 200
Repayment Amount	$ 200	$ 200
Annual Interest Rate	4.00%	4.00%
December 31, 2018 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Apr. 28, 2024	Apr. 28, 2024
December 31, 2018 [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 29,259	$ 29,259
Repayment Amount	$ 14,629	$ 14,629
Annual Interest Rate	0.00%	0.00%
December 31, 2018 [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 200	$ 200
Repayment Amount	$ 100	$ 100
Annual Interest Rate	4.00%	4.00%
December 31, 2018 One [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Jul. 11, 2024	Jul. 11, 2024
December 31, 2018 One [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Repayment Amount	$ 7,315	$ 7,315
Annual Interest Rate	0.00%	0.00%
December 31, 2018 One [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Repayment Amount	$ 50	$ 50
Annual Interest Rate	4.00%	4.00%
December 31, 2018 Two [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Oct. 01, 2024	Oct. 01, 2024
December 31, 2018 Two [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Repayment Amount	$ 7,315	$ 7,315
Annual Interest Rate	0.00%	0.00%
December 31, 2018 Two [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Repayment Amount	$ 50	$ 50
Annual Interest Rate	4.00%	4.00%
January 1, 2020 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Apr. 13, 2026	Apr. 13, 2026
January 1, 2020 [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 14,629	$ 14,629
Repayment Amount	$ 14,629	$ 14,629
Annual Interest Rate	3.00%	3.00%
January 1, 2020 [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 100	$ 100
Repayment Amount	$ 100	$ 100
Annual Interest Rate	4.00%	4.00%

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Feb. 05, 2018	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Warrants (Details) [Line Items]
Common stock exercise price per share (in Dollars per share)			$ 11.5
Public warrants expire period		5 years
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.	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 warrant liability (in Dollars)			$ 3,574
Remeasurement gain (in Dollars)			2,469
Public warrants	416,780	27,600,000
Exercisable period		30 days
Completion period		90 days
Private warrant liability (in Dollars)		$ 435	$ (2,469)
Warrant [Member]
Warrants (Details) [Line Items]
Common stock exercise price per share (in Dollars per share)		$ 11.5
Public warrants expire period		5 years
Private warrants		150,000
Private warrant liability (in Dollars)		$ 435
Public Warrants [Member]
Warrants (Details) [Line Items]
Shares issued			27,600,000
Public warrants expire period			5 years
Private Warrants [Member]
Warrants (Details) [Line Items]
Shares issued			150,000
Public warrants expire period			5 years
EarlyBirdCapital, Inc.[Member]
Warrants (Details) [Line Items]
Shares issued			837,000
Tuscan Holdings Corp and Early Bird Capital Inc [Member]
Warrants (Details) [Line Items]
Public warrants		837,000

Warrants (Details) - Schedule of optimal exercise of the Company’s redemption option at the earliest possible date - $ / shares	1 Months Ended	12 Months Ended
	Jul. 23, 2021	Dec. 31, 2021
Schedule of optimal exercise of the Company’s redemption option at the earliest possible date [Abstract]
Market price of public stock (in Dollars per share)	$ 10	$ 5.66
Exercise price (in Dollars per share)	$ 11.5	$ 11.5
Expected term (years)	5 years	4 years 6 months 25 days
Volatility	54.14%	50.80%
Risk-free interest rate	0.72%	1.20%
Dividend rate	0.00%	0.00%

Fair Value Measurement (Details)	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value measurement percentage	20.00%

Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 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	$ 416,165	$ 480,931	$ 21,496
Restricted cash	54,568	55,178	19,700
Total financial asset	470,733	536,109
Warrant liability	1,540	1,105
Total financial liability	1,540	1,105
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	416,165	480,931	21,496
Restricted cash	54,568	55,178	19,700
Total financial asset	470,733	536,109
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	1,540	1,105
Total financial liability	$ 1,540	$ 1,105
Total

Fair Value Measurement (Details) - Schedule of reconciliation of the beginning and ending balances for level 3 convertible notes $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Schedule of reconciliation of the beginning and ending balances for level 3 convertible notes [Abstract]
Beginning balance
Issuance of Bridge Notes	57,500
Changes in fair value of Bridge Notes	9,861
Conversion as of Merger	(67,361)
Ending balance

Fair Value Measurement (Details) - Schedule of reconciliation of the beginning and ending balances for Level 3 warrant liability - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of reconciliation of the beginning and ending balances for Level 3 warrant liability [Abstract]
Balance as of January 1, 2021	$ 1,105
Assumed warrant liability upon Merger			3,574
Changes in fair value	$ 435		(2,469)
Balance as of December 31, 2021			$ 1,105

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 27, 2020	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes (Details) [Line Items]
Income tax, description	The CARES Act contains several corporate income tax provisions, including making remaining alternative minimum tax (AMT) credits immediately refundable; providing a 5-year carryback of net operating losses (NOLs) generated in tax years 2018, 2019, and 2020. NOLs arising in 2018, 2019, and 2020 can be 100% utilized if taxable income was generated prior to 2021
Limitation income tax, percentage			80.00%
Income tax, percentage			19.00%
Provision for income tax (in Dollars)		$ 109		$ 1	$ 189
Federal corporate income tax rate			21.00%
Operating loss carried forward (in Dollars)			$ 241,923
Remaining operating loss (in Dollars)			$ 30,060
PRC [Member]
Income Taxes (Details) [Line Items]
Income tax, description			The operating loss carried forward for the Company’s PRC subsidiaries amounted to $211,863, which will expire on various dates from 2023 to 2031.
Tax rates subsidiaries, percentage			25.00%
Tax rates substantially lower			25.00%
Income tax, percentage			15.00%	2021.00%	15.00%
Withholding income tax, percentage			10.00%
Operating loss carried forward (in Dollars)			$ 211,863
UK [Member]
Income Taxes (Details) [Line Items]
Income tax, percentage				19.00%	19.00%
Germany [Member]
Income Taxes (Details) [Line Items]
Income tax, percentage			29.10%	31.90%	31.90%
Hongwei [Member]
Income Taxes (Details) [Line Items]
Income tax, percentage			15.00%	15.00%

Income Taxes (Details) - Schedule of loss before provision for income taxes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of loss before provision for income taxes [Abstract]
Domestic(USA)	$ (98,821)	$ (3,584)	$ (3,030)
Foreign	(107,662)	(30,040)	(56,444)
Loss before income tax	$ (206,483)	$ (33,624)	$ (59,474)

Income Taxes (Details) - Schedule of current and deferred components of the income tax expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax expenses:
Domestic
Foreign		1	189
Total current tax expense		1	189
Deferred tax expense:
Domestic
Foreign
Total deferred tax expense
Total provision for income taxes		$ 1	$ 189

Income Taxes (Details) - Schedule of deferred tax assets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carry-forwards	$ 38,858	$ 28,484
Allowance for doubtful accounts and inventory provision	4,712	3,443
Product warranty	8,769	2,903
Impairment of property, plant and equipment	1,210	821
Deferred income	392	216
Accrued expense	239	805
Others	920	615
Less: valuation allowance	(55,100)	(37,287)
Net deferred tax assets

Income Taxes (Details) - Schedule of valuation allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of valuation allowance [Abstract]
Balance at beginning of the period	$ 37,287	$ 30,857	$ 19,503
Additions	17,912	7,402	11,649
Reversal	(99)	(972)	(295)
Balance at end of the period	$ 55,100	$ 37,287	$ 30,857

Income Taxes (Details) - Schedule of reconciliation between the income tax expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of reconciliation between the income tax expense [Abstract]
Loss before income tax	$ (206,483)	$ (33,624)	$ (59,474)
Tax credit at the U.S. federal corporate income tax rate of 21%	(43,361)	(7,061)	(12,490)
Tax effect of permanent differences – Share-based compensation	17,408
Tax effect of permanent differences – Others	(1,411)	(2,152)	(2,961)
Tax effect of income tax rate difference in other jurisdictions	6,287	2,511	4,076
Changes in valuation allowance	21,077	6,702	11,669
Others		1	(105)
Income tax expense		$ 1	$ 189

Income Taxes (Details) - Schedule of reconciliation between the income tax expense (Parentheticals)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of reconciliation between the income tax expense [Abstract]
U.S. federal corporate income tax rate	21.00%	21.00%	21.00%

Noncontrolling Interests (Details) - USD ($) $ in Thousands	1 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Mar. 31, 2017	Jul. 23, 2021	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Percentage of equity interest		17.39%
Cash consideration received (in Dollars)		$ 400,000
Redemption of noncontroling equity interest percentage	14.05%
Simple annual interest percentage	6.00%
Group paid capital (in Dollars)				$ 30,000
Convertible of common shares (in Shares)			17,253,182

Common Stock (Details)	12 Months Ended
Common Stock (Details)	Dec. 31, 2021 USD ($) $ / shares shares
Common Stock (Details) [Line Items]
Authorized shares	800,000,000
Common stock, par value (in Dollars per share) \| $ / shares	$ 0.0001
Designated as common stock shares	750,000,000
Redeemable convertible preferred stock (in Dollars) \| $	$ 50,000,000
Common stock shares issued	300,530,516
Common Stock one vote	one
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.
Common stock shares outstanding	298,843,016
Merger [Member]
Common Stock (Details) [Line Items]
Common stock, par value (in Dollars per share) \| $ / shares	$ 0.0001
Common stock shares issued	300,516,237

Preferred Shares (Details)	12 Months Ended
Preferred Shares (Details)	Dec. 31, 2021 USD ($)	Jul. 23, 2021	Jan. 01, 2019
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Exchange ratio	160.3	160.3	160.3
Decrease of fair value (in Dollars)	$ 61,138

Preferred Shares (Details) - Schedule of preferred shares issued and outstanding	12 Months Ended
	Dec. 31, 2021 shares
Preferred Units [Line Items]
Number of Shares	69,317,905
Series A1 Preferred [Member]
Preferred Units [Line Items]
Number of Shares	31,357,306
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 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Series A1/C1 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning	$ 80,581	$ 76,684	$ 76,864
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
Accretion from January 1 to July 23	2,257
Conversion as of Merger	(82,838)
Ending at balance		80,581	76,684
Series B1/C2 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning	81,966	73,100	65,881
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
Accretion from January 1 to July 23	5,132
Conversion as of Merger	(87,098)
Ending at balance		81,966	73,100
Series EEL/D1 Preferred [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning	146,583	127,935	153,223
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
Accretion from January 1 to July 23	10,708
Conversion as of Merger	(157,291)
Ending at balance		146,583	127,935
Redeemable noncontrolling interests [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning	90,820	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		10,259
Accretion from January 1 to July 23	5,841
Conversion as of Merger	(96,661)
Ending at balance		$ 90,820	$ 80,561

Share-Based Payment (Details)		1 Months Ended		3 Months Ended	12 Months Ended
Share-Based Payment (Details)	Jul. 21, 2021	Jul. 21, 2021	Oct. 30, 2015 $ / shares shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Jul. 23, 2021	Jan. 01, 2019
Share-Based Payment (Details) [Line Items]
Total issued and outstanding percentage					17.00%
Granted options (in Shares) \| shares					209,906
Granted options non-vested shares (in Shares) \| shares					143,652
Converted options (in Shares) \| shares					33,647,927
Converted options non-vested shares (in Shares) \| shares					23,027,399
Common exchange ratio					160.3
Plan expire no grant year	10 years	10 years
Reserves percentage	5.00%	5.00%
Shares of common stock (in Shares) \| shares				76,660,009	76,613,244
Recorded share-based compensation expense					$ 24,222
Unrecognized equity-based compensation costs related to the stock options				$ 128,612,000	$ 142,598,000
Weighted-average period				2 years 3 months 18 days	2 years 7 months 6 days
Aggregate intrinsic value of the stock options				$ 17,217,000
Share based compensation expense					18,925,000
Non-vested share units				111,728,000	111,410,000
Unrecognized equity-based compensation costs				4,904,000	$ 5,462,000
Stock options value per share (in Dollars per share) \| $ / shares					$ 11.5
Fair market value percentage			70.00%
Common stock, however shares (in Shares) \| shares					8,545,490
Common exchange ratio					160.3		160.3	160.3
Diluted shares of common stock outstanding	5.00%	5.00%
Share Options [Member]
Share-Based Payment (Details) [Line Items]
Recorded share-based compensation expense				13,630,000
Series B2 Preferred [Member]
Share-Based Payment (Details) [Line Items]
Shares issued (in Shares) \| shares			79,107			53,319
Stock options value per share (in Dollars per share) \| $ / shares			$ 366,000
Deposit liability						$ 21,792,000
Non-vested share units awards based on the fair value					$ 39,227,000
Restricted Stock Units (RSUs) [Member]
Share-Based Payment (Details) [Line Items]
Recorded share-based compensation expense				$ 344,000	$ 434,000
Granted shares (in Shares) \| shares				437,377	398,811
Phantom Share Units (PSUs) [Member]
Share-Based Payment (Details) [Line Items]
Recorded share-based compensation expense					$ 323,000
Granted shares (in Shares) \| shares					328,789
Capped Non-vested Shares Units [Member]
Share-Based Payment (Details) [Line Items]
Non-vested share units awards based on the fair value				$ 13,959,000
Performance Based Restricted Stock Unit (PSU) [Member]
Share-Based Payment (Details) [Line Items]
Recorded share-based compensation expense				$ 359,000
Granted shares (in Shares) \| shares				328,789

Share-Based Payment (Details) - Schedule of modification date fair value of the stock options was determined using the Binomial-Lattice Model

12 Months Ended

Dec. 31, 2021

$ / shares

Binomial-Lattice Model [Member]

Share-Based Payment (Details) - Schedule of modification date fair value of the stock options was determined using the Binomial-Lattice Model [Line Items]

Expected

0 years

Binomial-Lattice Model [Member] | Minimum [Member]

Share-Based Payment (Details) - Schedule of modification date fair value of the stock options was determined using the Binomial-Lattice Model [Line Items]

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

$ 4.7

Binomial-Lattice Model [Member] | Maximum [Member]

Share-Based Payment (Details) - Schedule of modification date fair value of the stock options was determined using the Binomial-Lattice Model [Line Items]

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

$ 5.36

Monte Carlo pricing model [Member]

Share-Based Payment (Details) - Schedule of modification date fair value of the stock options was determined using the Binomial-Lattice Model [Line Items]

Volatility

63.06%

Risk-free interest rate

0.31%

Expected dividend yield

0.00%

^[1]

Monte Carlo pricing model [Member] | Minimum [Member]

Share-Based Payment (Details) - Schedule of modification date fair value of the stock options was determined using the Binomial-Lattice Model [Line Items]

Volatility

^[2]

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

$ 0.796

^[3]

Risk-free interest rate

^[4]

Monte Carlo pricing model [Member] | Maximum [Member]

Share-Based Payment (Details) - Schedule of modification date fair value of the stock options was determined using the Binomial-Lattice Model [Line Items]

Volatility

^[2]

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

$ 0.812

^[3]

Risk-free interest rate

^[4]

[1]	The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.
[2]	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]	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 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.

Share-Based Payment (Details) - Schedule of share options activity - $ / shares

3 Months Ended

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Schedule of share options activity [Abstract]

Number of Shares, outstanding at beginning (in Shares)

33,503,657

34,737,967

7,578,503

8,810,178

Weighted Average Exercise Price, outstanding at beginning

$ 6.19

$ 5.5

$ 5.55

Weighted average grant date fair value, outstanding at beginning

$ 4.95

^[1]

$ 2.92

$ 2.14

$ 2.16

Weighted Average Remaining Contractual, outstanding at beginning

7 years 10 months 24 days

9 years

7 years 1 month 6 days

8 years 1 month 6 days

Number of Shares, granted (in Shares)

28,350,160

Weighted Average Exercise Price, granted

$ 6.28

Weighted Average Grant Date Fair Value, granted

$ 3.09

Number of Shares, forfeited (in Shares)

(72,135)

(913,710)

(1,234,310)

(1,190,696)

(1,231,675)

Weighted Average Exercise Price, forfeited

$ 6.28

$ 3.89

$ 5.83

Weighted average grant date fair value, forfeited

$ 4.92

$ 2.97

$ 3.2

$ 2.04

$ 2.27

Number of Shares, outstanding at ending (in Shares)

33,503,657

34,737,967

7,578,503

Weighted Average Exercise Price, at ending

$ 6.19

$ 5.5

Weighted Average Grant Date Fair Value, at ending

$ 4.95

^[1]

$ 2.92

$ 2.14

Weighted Average Remaining Contractual, at ending

7 years 10 months 24 days

9 years

7 years 1 month 6 days

Number of Shares, Expected to vest and exercisable (in Shares)

33,431,522

33,824,257

33,503,657

34,737,967

7,578,503

Weighted Average Exercise Price, Expected to vest and exercisable

$ 6.19

$ 5.5

Weighted Average Grant Date Fair Value, Expected to vest and exercisable

$ 4.98

$ 2.92

$ 4.95

^[1]

$ 2.92

$ 2.14

Weighted Average Remaining Contractual, Expected to vest and exercisable

7 years 10 months 24 days

9 years

7 years 1 month 6 days

[1]	The amount represented weighted average modification date value per share.

Share-Based Payment (Details) - Schedule non-vested shares activity - $ / shares

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Non-Vested Share Units [Member]

Share-Based Payment (Details) - Schedule non-vested shares activity [Line Items]

Number on Non-Vested Shares, Outstanding at beginning

23,027,399

19,809,056

17,291,560

Weighted Average Grant Date Fair Value per Share, Outstanding at beginning (in Dollars per share)

$ 0.93

$ 0.9

$ 0.96

Number on Non-Vested Shares, Forfeited

(71,494)

(772,341)

Weighted Average Grant Date Fair Value per Share, Forfeited (in Dollars per share)

$ 1.42

$ 1.6

Number on Non-Vested Shares, Transfer from non-vested shares

3,289,837

Weighted Average Grant Date Fair Value per Share, Transfer from non-vested shares (in Dollars per share)

$ 1.14

$ 0.64

Number on Non-Vested Shares, Outstanding at ending

23,027,399

19,809,056

Weighted Average Grant Date Fair Value per Share, Outstanding at ending (in Dollars per share)

$ 8.74

^[1]

$ 0.93

$ 0.9

Non-Vested Share [Member]

Share-Based Payment (Details) - Schedule non-vested shares activity [Line Items]

Number on Non-Vested Shares, Outstanding at beginning

3,289,837

5,578,012

Weighted Average Grant Date Fair Value per Share, Outstanding at beginning (in Dollars per share)

$ 1.14

$ 0.93

Number on Non-Vested Shares, Transfer to capped non-vested share units

(3,289,837)

(2,288,175)

Weighted Average Grant Date Fair Value per Share, Transfer to capped non-vested share units (in Dollars per share)

$ 1.14

$ 0.64

Number on Non-Vested Shares, Forfeited

(41,880)

Weighted Average Grant Date Fair Value per Share, Forfeited (in Dollars per share)

$ 9.05

Number on Non-Vested Shares, Outstanding at ending

671,441

3,289,837

Weighted Average Grant Date Fair Value per Share, Outstanding at ending (in Dollars per share)

$ 9.08

$ 1.14

Number on Non-Vested Shares, Grant

727,600

Weighted Average Grant Date Fair Value per Share, Grant (in Dollars per share)

$ 9.07

Number on Non-Vested Shares, Vested

(14,279)

Weighted Average Grant Date Fair Value per Share, Vested (in Dollars per share)

$ 8.52

[1]	The amount represented weighted average modification date value per share. As of modification date, the settled price was the capped price as described above.

Share-Based Payment (Details) - Schedule of classification of stock-based compensation - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of classification of stock-based compensation [Abstract]
Cost of sales		$ 4,309
General and administrative	$ 18,136	59,492
Research and development expenses	5,139	13,064
Selling and marketing expenses	2,921	6,029
Construction in process		237
Total	$ 28,292	$ 83,131

Mainland China Contribution Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan [Abstract]
Total provisions of employee benefits	$ 2,774	$ 2,192	$ 2,722

Statutory Reserves and Restricted Net Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Text Block Supplement [Abstract]
Reserve percentage	10.00%
Registered capital percentage	50.00%
Restricted net asset	$ 378,506	$ 156,333

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

Segment Information (Details) - Schedule of long-lived assets, classified by major geographic regions - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Information (Details) - Schedule of long-lived assets, classified by major geographic regions [Line Items]
Long-lived assets	$ 267,065	$ 212,018
Long-lived assets percentage	100.00%	100.00%
PRC [Member]
Segment Information (Details) - Schedule of long-lived assets, classified by major geographic regions [Line Items]
Long-lived assets	$ 211,139	$ 198,921
Long-lived assets percentage	79.00%	94.00%
Asia & Pacific [Member]
Segment Information (Details) - Schedule of long-lived assets, classified by major geographic regions [Line Items]
Long-lived assets	$ 211,139	$ 198,921
Long-lived assets percentage	79.00%	94.00%
Germany [Member]
Segment Information (Details) - Schedule of long-lived assets, classified by major geographic regions [Line Items]
Long-lived assets	$ 21,966	$ 12,747
Long-lived assets percentage	8.00%	6.00%
United kingdom [Member]
Segment Information (Details) - Schedule of long-lived assets, classified by major geographic regions [Line Items]
Long-lived assets	$ 67	$ 120
Long-lived assets percentage	0.00%	0.00%
Europe [Member]
Segment Information (Details) - Schedule of long-lived assets, classified by major geographic regions [Line Items]
Long-lived assets	$ 22,033	$ 12,867
Long-lived assets percentage	8.00%	6.00%
United States [Member]
Segment Information (Details) - Schedule of long-lived assets, classified by major geographic regions [Line Items]
Long-lived assets	$ 33,893	$ 230
Long-lived assets percentage	13.00%	0.00%

Segment Information (Details) - Schedule of assets and revenues major geographic regions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 151,976	$ 107,518	$ 76,434
Revenue percentage	100.00%	100.00%	100.00%
PRC [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 93,326	$ 66,160	$ 49,346
Revenue percentage	61.00%	62.00%	64.00%
India [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 17,805	$ 8,570	$ 4,988
Revenue percentage	12.00%	8.00%	7.00%
Russia [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 12,213	$ 5,671	$ 3,673
Revenue percentage	8.00%	5.00%	5.00%
Other countries [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 8,172	$ 2,254	$ 7,430
Revenue percentage	5.00%	2.00%	10.00%
Asia & Pacific [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 131,516	$ 82,655	$ 65,437
Revenue percentage	86.00%	77.00%	86.00%
United kingdom [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 11,386	$ 11,544	$ 668
Revenue percentage	7.00%	11.00%	1.00%
Other countries [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 8,156	$ 12,770	$ 10,011
Revenue percentage	6.00%	12.00%	13.00%
Europe [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 19,542	$ 24,314	$ 10,679
Revenue percentage	13.00%	23.00%	14.00%
Other [Member]
Segment Information (Details) - Schedule of assets and revenues major geographic regions [Line Items]
Revenues	$ 918	$ 549	$ 318
Revenue percentage	1.00%	0.00%	0.00%

Related Party Balances and Transactions (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Interest-free loans from related parties accumulative amounts	$ 0	$ 1,874,000	$ 8,426,000	$ 18,889,000	$ 15,142,000
Outstanding due from ochem	$ 0		$ 85,000

Related Party Balances and Transactions (Details) - Schedule of relationship with the group	12 Months Ended
	Dec. 31, 2021
Ochem Chemical Co., Ltd (“Ochem”) [Member]
Related Party Balances and Transactions (Details) - Schedule of relationship with the group [Line Items]
Relationship with the Group	Controlled by CEO
Ochemate Material Technologies Co., Ltd (“Ochemate”) [Member]
Related Party Balances and Transactions (Details) - Schedule of relationship with the group [Line Items]
Relationship with the Group	Controlled by CEO

Related Party Balances and Transactions (Details) - Schedule of related party transactions - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of related party transactions [Abstract]
Raw material sold to Ochem		$ 155	$ 390	$ 167

- 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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&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		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss attributable to Common Stock shareholders	$ (43,776)	$ (28,313)	$ (234,103)	$ (80,963)	$ (115,479)
Denominator:
Weighted average Common Stock outstanding used in computing basic and diluted net loss per share	298,843,016	99,028,297	185,896,482	99,028,297	99,028,297
Basic and diluted net loss per share			$ (1.26)	$ (0.82)	$ (1.17)

Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon exercise of share options	33,482,818	34,203,051	33,786,356	18,281,198	8,108,700
Shares issuable upon vesting of non-vested shares			167,268	72,122	4,712,098
Shares issuable upon exercise of warrants	28,437,000		12,543,444
Shares issuable upon conversion of non-controlling interests of a subsidiary		17,253,182	9,595,605	17,253,182	17,253,182
Shares issuable upon vesting of Earn-out shares	19,999,988		8,821,913
Shares issuable that may be subject to cancellation			744,349
Shares issuable upon conversion of Series A1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series					2,613,042
Shares issuable upon conversion of Series B1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series					1,304,117
Shares issuable upon conversion of Series B2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series		8,545,490	6,035,544	8,545,490	8,545,490
Shares issuable upon conversion of Series C1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series		26,757,258	14,881,434	26,757,258	24,527,400
Shares issuable upon conversion of Series C2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series		20,249,450	11,262,023	20,249,450	18,561,830
Shares issuable upon conversion of Series D1 Preferred [Member]
Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series		22,311,516	12,408,870	22,311,516	22,311,516
Shares issuable upon conversion of Series D2 Preferred [Member]
Net Loss Per Share (Details) - Schedule of outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items]
Shares issuable upon conversion of Series		16,432,674	9,139,268	16,432,674	16,432,674

Commitments and Contingencies (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Feb. 05, 2018	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies (Details) [Line Items]
Ordinary shares (in Shares)	416,702
Other equity remedies	$ 1,000
Shares issued (in Shares)	2,600
Business combination shares (in Shares)	416,780	27,600,000
Capital Addition Purchase Commitments [Member]
Commitments and Contingencies (Details) [Line Items]
Capital commitments		$ 234,613	$ 225,247

Commitments and Contingencies (Details) - Schedule of future minimum payments under lease commitments $ in Thousands	Dec. 31, 2021 USD ($)
Schedule of future minimum payments under lease commitments [Abstract]
2022	$ 3,763
2023	3,151
2024	2,345
2025	1,879
2026	1,879
Thereafter	17,109
Total Lease Liabilities	$ 30,126

Subsequent Events (Details)			3 Months Ended	12 Months Ended
Subsequent Events (Details)	Apr. 28, 2022 shares	Apr. 14, 2022 $ / shares shares	Mar. 31, 2021 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares
Subsequent Events (Details) [Line Items]
Number of shares, granted					28,350,160
Exercise price per share (in Dollars per share) \| $ / shares					$ 6.28
Stock options held by the former				33,503,657	34,737,967		7,578,503	8,810,178
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Number of shares, granted		1,800,000
Number of executive officer		2
Exercise price per share (in Dollars per share) \| $ / shares		$ 5.69
Transition services initial term period		18 months
Forecast [Member]
Subsequent Events (Details) [Line Items]
Granted shares						38,566
Terminated Executive Officer [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Stock options held by the former		1,122,100
Remaining exercisable period		3 months
RSUs [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Granted shares	513,067
PSUs [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Granted shares	432,366
Capped Non-vested Shares Units [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Non-vested capped restricted share units		2,860,713

Significant Accounting Policies (Details) - Disaggregation of revenue - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 36,668	$ 14,938	$ 151,976	$ 107,518	$ 76,434
China and Asia & Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	33,242	12,484
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,751	2,327
USA [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 675	$ 127

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1A
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Receivable (Details) - Schedule of Accounts Receivable - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of accounts receivable [Abstract]
Accounts receivable	$ 85,324	$ 93,722	$ 81,345
Allowance for credit losses	(5,354)	(5,005)	(5,047)
Accounts receivable, net	$ 79,970	$ 88,717	$ 76,298

Accounts Receivable (Details) - Schedule of Allowance for Credit Losses - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable (Details) - Schedule of Allowance for Credit Losses [Line Items]
Balance at beginning of the period	$ 5,005	$ 5,047	$ 5,047	$ 5,537	$ 10,111
Reversal of expenses	(545)	(514)
Write off		(103)	849	493	233
Exchange difference	28	(14)	86	243	(91)
Balance at end of the period	5,354	4,416	$ 5,005	$ 5,047	$ 5,537
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accounts Receivable (Details) - Schedule of Allowance for Credit Losses [Line Items]
Cumulative-effect adjustment upon adoption of ASU2016-13, Financial instruments – Credit losses (Topic 326)	$ 866

Inventories, Net (Details) - Schedule of Inventories - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of inventories [Abstract]
Work in process	$ 23,124	$ 20,760	$ 22,167
Raw materials	26,128	25,266	17,451
Finished goods	8,829	7,398	5,350
Total	$ 58,081	$ 53,424	$ 44,968

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of accrued expenses and other current liabilities [Abstract]
Product warranty, current	$ 17,420	$ 20,922	$ 4,296
Payables for purchase of property, plant and equipment	20,313	18,500	15,122
Other current liabilities	10,817	10,636	3,959
Accrued payroll and welfare	3,763	3,476	2,704
Accrued expenses	3,101	2,444	1,696
Interest payable	2,503	1,836	1,379
Other tax payable	1,009	926	1,472
Operating lease liabilities, current	2,177
Total	$ 61,103	$ 58,740	$ 60,628

Product Warranty (Details) - Schedule of movement of product warranty - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of movement of product warranty [Abstract]
Balance at beginning of the period	$ 58,458	$ 19,356	$ 19,356	$ 18,416	$ 16,565
Provided during the period	2,685	909	6,447	3,477	3,501
Utilized during the period	(9,712)	(1,160)	13,830	2,537	1,650
Balance at end of the period	$ 51,431	$ 19,105	$ 58,458	$ 19,356	$ 18,416

Product Warranty (Details) - Schedule of warranty cost - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of warranty cost [Abstract]
Product warranty – current	$ 17,420	$ 20,922	$ 4,296	$ 3,723
Product warranty – non-current	34,011	37,536	$ 15,060	$ 14,693
Total	$ 51,431	$ 58,458

Bank Borrowings (Details) - Schedule of changes bank borrowings - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of changes bank borrowings [Abstract]
Beginning balance	$ 13,301	$ 12,184	$ 12,184	$ 11,922	$ 66,267
Proceeds from bank borrowings		13,445	38,926	17,308	17,735
Repayments of principal		(12,265)	(37,568)	(17,815)	(71,674)
Exchange difference	34	(208)	(241)	769	(406)
Ending balance	$ 13,335	$ 13,156	$ 13,301	$ 12,184	$ 11,922

Bank Borrowings (Details) - Schedule of banking facilities and aggregate carrying amount - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of banking facilities and aggregate carrying amount [Abstract]
Buildings	$ 31,055	$ 31,361	$ 22,732
Machinery and equipment	6,559	7,376	19,297
Land use rights	4,466	4,470	2,789
Total	$ 42,080	$ 43,207	$ 44,818

Other Non-Current Liabilities (Details) - Schedule of Other Non-Current Liabilities - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of other Non-Current Liabilities [Abstract]
Product warranty – non-current	$ 34,011	$ 37,536	$ 15,060
Deferred subsidy income – non-current	2,222	2,286	1,221
Total	$ 36,233	$ 39,822	$ 110,597

Bonds Payable (Details) - Schedule of bonds payable - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long – term bonds payable
Long-term bonds payable, Total	$ 73,147	$ 73,147	$ 73,147
Huzhou Saiyuan [Member]
Long – term bonds payable
Long-term bonds payable, Total	$ 73,147	$ 73,147	$ 73,147

Bonds Payable (Details) - Schedule of repayments and interests - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
February 1, 2019 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Jun. 30, 2023	Jun. 30, 2023
February 1, 2019 [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 29,259	$ 29,259
Repayment Amount	$ 29,259	$ 29,259
Annual Interest Rate	3.00%	3.00%
February 1, 2019 [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 200	$ 200
Repayment Amount	$ 200	$ 200
Annual Interest Rate	4.00%	4.00%
December 31, 2018 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Apr. 28, 2024	Apr. 28, 2024
December 31, 2018 [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 29,259	$ 29,259
Repayment Amount	$ 14,629	$ 14,629
Annual Interest Rate	0.00%	0.00%
December 31, 2018 [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 200	$ 200
Repayment Amount	$ 100	$ 100
Annual Interest Rate	4.00%	4.00%
December 31, 2018 One [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Jul. 11, 2024	Jul. 11, 2024
December 31, 2018 One [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Repayment Amount	$ 7,315	$ 7,315
Annual Interest Rate	0.00%	0.00%
December 31, 2018 One [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Repayment Amount	$ 50	$ 50
Annual Interest Rate	4.00%	4.00%
December 31, 2018 Two [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Oct. 01, 2024	Oct. 01, 2024
December 31, 2018 Two [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Repayment Amount	$ 7,315	$ 7,315
Annual Interest Rate	0.00%	0.00%
December 31, 2018 Two [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Repayment Amount	$ 50	$ 50
Annual Interest Rate	4.00%	4.00%
January 1, 2020 [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Maturity Date	Apr. 13, 2026	Apr. 13, 2026
January 1, 2020 [Member] \| Minimum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 14,629	$ 14,629
Repayment Amount	$ 14,629	$ 14,629
Annual Interest Rate	3.00%	3.00%
January 1, 2020 [Member] \| Maximum [Member]
Bonds Payable (Details) - Schedule of repayments and interests [Line Items]
Subscribed Amount	$ 100	$ 100
Repayment Amount	$ 100	$ 100
Annual Interest Rate	4.00%	4.00%

Warrants (Details) - Schedule of under the Monte Carlo Model that assumes optimal exercise of the Company’s redemption option - Warrant [Member]	Mar. 31, 2022 $ / shares
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)	$ 6.7
Exercise price (in Dollars per share)	$ 11.5
Expected term (years)	4 years 3 months 25 days
Volatility	50.41%
Risk-free interest rate	2.41%
Dividend rate	0.00%

Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 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	$ 416,165	$ 480,931	$ 21,496
Restricted cash	54,568	55,178	19,700
Total financial asset	470,733	536,109
Warrant liability	1,540	1,105
Total financial liability	1,540	1,105
Quoted Prices in Active Market for Identical Assets (Level 1)
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents	416,165	480,931	21,496
Restricted cash	54,568	55,178	19,700
Total financial asset	470,733	536,109
Warrant liability
Total financial liability
Significant Other Observable Inputs (Level 2)
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
Significant Unobservable Inputs (Level 3)
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	1,540	1,105
Total financial liability	$ 1,540	$ 1,105

Fair Value Measurement (Details) - Schedule of reconciliation of the beginning and ending balances for level 3 convertible notes $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Schedule of reconciliation of the beginning and ending balances for level 3 convertible notes [Abstract]
Balance as of January 1, 2021
Issuance of convertible notes	57,500
Changes in fair value of convertible notes	3,600
Balance as of March 31, 2021	$ 61,100

Fair Value Measurement (Details) - Schedule of reconciliation of the beginning and ending balances for Level 3 warrant liability - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of reconciliation of the beginning and ending balances for Level 3 warrant liability [Abstract]
Balance at the beginning of the period	$ 1,105
Changes in fair value	435		(2,469)
Balance at end of the period	$ 1,540		$ 1,105

Leases (Details) $ in Thousands	3 Months Ended
Leases (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Disclosure Text Block [Abstract]
Operating lease cost	$ 783
Short-term lease, cost	$ 108
Operating lease weighted average remaining lease term	12 years 2 months 12 days
Operating lease weighted average discount rate percentage	4.90%

Leases (Details) - Schedule of supplemental cash flow information related to leases $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Schedule of supplemental cash flow information related to leases [Abstract]
Cash payments for operating leases	$ 798
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 119

Leases (Details) - Summary of the annual undiscounted cash flows for lease liabilities maturity analysis $ in Thousands	Mar. 31, 2022 USD ($)
Summary of the annual undiscounted cash flows for lease liabilities maturity analysis [Abstract]
Nine months period ending December 31, 2022	$ 2,321
2023	2,665
2024	2,004
2025	1,552
2026	1,552
2027	1,552
Thereafter	12,546
Total future lease payments	24,192
Less: Imputed interest	(5,869)
Present value of operating lease liabilities	$ 18,323

Share-Based Payment (Details) - Schedule of stock options activity - $ / shares

3 Months Ended

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Schedule of stock options activity [Abstract]

Number of Shares, Outstanding at beginning (in Shares)

33,503,657

34,737,967

Weighted Average Exercise Price, Outstanding at beginning

$ 6.19

Weighted Average Grant Date Fair Value, Outstanding at beginning

$ 4.95

$ 2.92

Weighted Average Remaining Contractual Life, Outstanding at beginning

7 years 10 months 24 days

9 years

Number of Shares, Grant (in Shares)

28,350,160

Weighted Average Exercise Price, Grant

$ 6.28

Weighted Average Grant Date Fair Value, Grant

$ 3.09

Number of Shares, Forfeited (in Shares)

(72,135)

(913,710)

(1,234,310)

(1,190,696)

(1,231,675)

Weighted Average Exercise Price, Forfeited

$ 6.28

$ 3.89

$ 5.83

Weighted Average Grant Date Fair Value, Forfeited

$ 4.92

$ 2.97

$ 3.2

$ 2.04

$ 2.27

Number of Shares, Outstanding at ending (in Shares)

33,431,522

33,824,257

33,503,657

34,737,967

Weighted Average Exercise Price, Outstanding at ending

$ 6.18

$ 6.19

Weighted Average Grant Date Fair Value, Outstanding at ending

$ 4.98

$ 2.92

$ 4.95

$ 2.92

Weighted Average Remaining Contractual Life, Outstanding at ending

7 years 8 months 12 days

8 years 8 months 12 days

Number of Shares, Expected to vest and exercisable (in Shares)

33,431,522

33,824,257

33,503,657

34,737,967

7,578,503

Weighted Average Exercise Price, Expected to vest and exercisable

$ 6.18

$ 6.19

Weighted Average Grant Date Fair Value, Expected to vest and exercisable

$ 4.98

$ 2.92

$ 4.95

^[1]

$ 2.92

$ 2.14

Weighted Average Remaining Contractual Life, Expected to vest and exercisable

7 years 8 months 12 days

8 years 8 months 12 days

[1]	The amount represented weighted average modification date value per share.

Share-Based Payment (Details) - Schedule non-vested shares activity - $ / shares

3 Months Ended

Mar. 31, 2022

Jan. 01, 2022

Mar. 31, 2021

Jan. 01, 2021

Capped Non-vested Shares Units [Member]

Share-Based Payment (Details) - Schedule non-vested shares activity [Line Items]

Number of Non-Vested Shares, Outstanding

23,027,399

Weighted Average Grant Date Fair Value Per Share, Outstanding

$ 8.741

^[1]

$ 0.93

Restricted Stock Units (RSUs) [Member]

Share-Based Payment (Details) - Schedule non-vested shares activity [Line Items]

Number of Non-Vested Shares, Outstanding

688,687

671,441

Weighted Average Grant Date Fair Value Per Share, Outstanding

$ 8.96

$ 9.08

Number of Non-Vested Shares, Grant

38,566

Weighted Average Grant Date Fair Value Per Share, Grant

$ 6.78

Number of Non-Vested Shares, Vested

(8,124)

Weighted Average Grant Date Fair Value Per Share, Vested

$ 8.52

Number of Non-Vested Shares, Vested

(13,196)

Weighted Average Grant Date Fair Value Per Share, Vested

$ 8.87

[1]	The amount represented modification date value per share.As of modification date, the settled price was the capped price as described above.

Share-Based Payment (Details) - Schedule of classification of stock-based compensation - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of classification of stock-based compensation [Abstract]
Cost of revenues	$ 1,934
General and administrative expenses	18,136	$ 59,492
Research and development expenses	5,139	13,064
Selling and marketing expenses	2,921	6,029
Construction in process	162
Total	$ 28,292	$ 83,131

Related Party Balances and Transactions (Details) - Schedule of relationship with the group	3 Months Ended
	Mar. 31, 2022
Ochem Chemical Co., Ltd (“Ochem”) [Member]
Related Party Balances and Transactions (Details) - Schedule of relationship with the group [Line Items]
Relationship	Controlled by CEO
Ochemate Material Technologies Co., Ltd (“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		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of related party transactions [Abstract]
Raw material sold to Ochem		$ 155	$ 390	$ 167

- 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		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of computation of basic and diluted net loss per share [Abstract]
Net loss attributable to common stock shareholders	$ (43,776)	$ (28,313)	$ (234,103)	$ (80,963)	$ (115,479)
Weighted average common stock used in computing basic and diluted net loss per share	298,843,016	99,028,297
Basic and diluted net loss per share	$ (0.15)	$ (0.29)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
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-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
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-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

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		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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 stock options	33,482,818	34,203,051	33,786,356	18,281,198	8,108,700
Shares issuable upon vesting of non-vested shares	673,534
Shares issuable upon exercise of warrants	28,437,000		12,543,444
Shares issuable upon conversion of non-controlling interests of a subsidiary		17,253,182	9,595,605	17,253,182	17,253,182
Shares issuable upon vesting of Earn-out shares	19,999,988		8,821,913
Shares issuable that may be subject to cancellation	1,687,500
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 Preferred		8,545,490	6,035,544	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 Preferred		26,757,258	14,881,434	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 Preferred		20,249,450	11,262,023	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 Preferred		22,311,516	12,408,870	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 Preferred		16,432,674	9,139,268	16,432,674	16,432,674