0001760689-24-000007 | 10-K | XBRL Viewer

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BANK BORROWINGS - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Bank Borrowings [Roll Forward]
Beginning balance		$ 46,395	$ 13,301	$ 12,184
Proceeds from bank borrowings	$ 47,852	58,708	38,926
Repayments of principal	(14,119)	(24,482)	(37,568)
Exchange difference	(975)	(1,132)	(241)
Ending balance	79,153	46,395	$ 13,301
Current	35,392	17,398
Non-current	43,761	28,997
Total	$ 79,153	$ 46,395

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Limitation income tax, percentage	80.00%
Total provision for income tax	$ 10	$ 33	$ 0
Operating loss carried forward	381,636
Remaining operating loss	$ 114,053
Hongwei
Income Tax Contingency [Line Items]
Income tax, percentage	15.00%	15.00%	15.00%
PRC
Income Tax Contingency [Line Items]
Tax rates subsidiaries, percentage	25.00%
Tax rates substantially lower	25.00%
Income tax, percentage	15.00%	15.00%	15.00%
Withholding income tax, percentage	10.00%
Operating loss carried forward	$ 267,583
Germany
Income Tax Contingency [Line Items]
Income tax, percentage	29.90%	27.90%	29.10%

RELATED PARTY BALANCES AND TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Loans from related parties, accumulative amount	$ 0	$ 0	$ 8,426
Outstanding balance due from related party		$ 0

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31, 2022		December 31, 2023
Payables for purchase of property, plant and equipment	$	29,183	$	96,350
Other current liabilities	8,608		14,312
Product warranty	13,044		13,738
Accrued payroll and welfare	4,716		8,089
Other tax payable	6,296		7,117
Accrued expenses	2,641		6,224
Operating lease liabilities, current	1,934		2,413
Interest payable	298		41
Total	$	66,720	$	148,284

ACCOUNTS RECEIVABLE - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 143,288	$ 123,711
Allowance for credit losses	(4,571)	(4,407)
Accounts receivable, net	$ 138,717	$ 119,304

STATUTORY RESERVES AND RESTRICTED NET ASSETS	12 Months Ended
STATUTORY RESERVES AND RESTRICTED NET ASSETS	Dec. 31, 2023
Disclosure Text Block Supplement [Abstract]
STATUTORY RESERVES AND RESTRICTED NET ASSETS	24. 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 the retained earnings account in the 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 incurs 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 $523,087 and $528,337 as of December 31, 2022 and 2023, respectively.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Auditor location	Beijing, the People’s Republic of China
Auditor firm ID	1113

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (106,412)	$ (158,200)	$ (206,483)
Foreign currency translation adjustment	(7,621)	(24,782)	(655)
Comprehensive loss	(114,033)	(182,982)	(207,138)
Comprehensive loss attributable to noncontrolling interests	(164)	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (113,869)	$ (182,982)	$ (207,138)

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

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

ACQUIRED INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Net


	December 31, 2022		December 31, 2023
Cost of acquired intangible assets	$	3,493	$	5,472
Less: accumulated amortization	(1,857)		(2,336)
Acquired intangible assets, net	$	1,636	$	3,136

Schedule of Annual Amortization Expense

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


2024	$	488
2025	484
2026	482
2027	476
2028	385
Thereafter	821
Total	$	3,136

WARRANTS - Schedule of Under the Binomial-Lattice Model (“BLM”) that Assumes Optimal Exercise of the Company’s Redemption Option (Details) - Warrant	Dec. 31, 2023 $ / shares
Warrants [Line Items]
Market price of public stock (in dollars per share)	$ 1.40
Exercise price (in dollars per share)	$ 11.50
Expected term (years)	2 years 6 months 25 days
Volatility	75.07%
Risk-free interest rate	4.01%
Dividend rate	0.00%

PRODUCT WARRANTY

12 Months Ended

Dec. 31, 2023

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

11. PRODUCT WARRANTY

Movement of product warranty was as follows:


	Year Ended December 31,
	2021		2022		2023
Balance at beginning of the year	$	19,356	$	58,458	$	42,060
Provided during the year	52,932		14,097		12,688
Utilized during the year	(13,830)		(26,916)		(18,379)
Exchange difference	—		(3,579)		(1,152)
Balance at end of the year	$	58,458	$	42,060	$	35,217
Product warranty – current	$	20,922	$	13,044	$	13,738
Product warranty – non-current	37,536		29,016		21,479

Warranty provisions are based upon historical experience.

In 2021, changes in provisions related to pre-existing legacy products were made based on actual claims and intensive testing and analysis on the legacy products. 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 determined that the impacted legacy products sold would need to be replaced before the expiration of the warranty term. This reassessment resulted in a change in estimate for additional accrual in 2021 of $46,485 relating to those legacy products. As the component was not incorporated into other products, no additional accrual was made to other existing products sold.

PRODUCT WARRANTY - Narrative (Details) $ in Thousands	12 Months Ended
PRODUCT WARRANTY - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Product Warranties Disclosures [Abstract]
Warrants expense	$ 46,485

SHARE-BASED PAYMENT - Schedule of Stock Option Activity Plan (Details) - $ / shares		12 Months Ended
	Jun. 27, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected terms (years)			6 years
Volatility rate, minimum		55.59%	56.16%
Volatility rate, maximum		86.83%	57.84%
Risk-free interest rate, minimum		3.48%	2.79%
Risk-free interest rate, maximum		5.38%	3.02%
Expected dividend yields		0.00%	0.00%
Share Options \| Binomial-Lattice Model
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility rate, minimum				47.60%
Volatility rate, maximum				53.10%
Risk-free interest rate, minimum				1.26%
Risk-free interest rate, maximum				1.87%
Expected dividend yields				0.00%
Capped Non-vested Shares Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility rate, minimum	50.93%
Volatility rate, maximum	73.89%
Risk-free interest rate, minimum	1.15%
Risk-free interest rate, maximum	3.05%
Expected dividend yields	0.00%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected terms (years)		2 years 11 months 1 day	2 years 8 months 4 days
Volatility		61.89%	59.50%
Risk-free interest rate		3.83%	2.72%
Expected dividend yields		0.00%	0.00%
Minimum \| Share Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in dollars per share)		$ 1.21	$ 2.42
Expected terms (years)		3 months
Weighted average fair value of options granted (in dollars per share)		$ 0.005	1.33
Minimum \| Share Options \| Binomial-Lattice Model
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in dollars per share)				$ 4.37
Expected terms (years)				4 years 6 months
Weighted average fair value of options modified (in dollars per share)				$ 4.70
Minimum \| Capped Non-vested Shares Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected terms (years)	25 days
Maximum \| Share Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in dollars per share)		$ 6.28	5.69
Expected terms (years)		6 years
Weighted average fair value of options granted (in dollars per share)		$ 1.48	$ 3.19
Maximum \| Share Options \| Binomial-Lattice Model
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in dollars per share)				$ 6.28
Expected terms (years)				9 years 4 months 24 days
Weighted average fair value of options modified (in dollars per share)				$ 5.36
Maximum \| Capped Non-vested Shares Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected terms (years)	2 years 25 days

REVERSE RECAPITALIZATION - Narrative (Details)	Jul. 23, 2021 USD ($) $ / shares shares
Reverse Recapitalization [Line Items]
Net proceeds \| $	$ 705,129,000
Cash held in Tuscan’s trust account \| $	281,726,000
Transaction costs \| $	$ 58,175,000
Escrow shares (in shares)	1,687,500
Reverse recapitalization, contingent consideration, cancellation period, escrow share percentage	50.00%
Common Stock
Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration, shares (in shares)	19,999,988
Reverse recapitalization, contingent consideration, earnout period, stock price trigger (in dollars per share) \| $ / shares	$ 18.00
Reverse recapitalization, contingent consideration, earnout period, threshold trading days	20 days
Reverse recapitalization, contingent consideration, earnout period, threshold trading day period	30 days
Reverse recapitalization, exchange ratio	160.3
Common Stock \| Escrow Shares Tranche One
Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration, cancellation period, stock price trigger (in dollars per share) \| $ / shares	$ 12.00
Common Stock \| Escrow Shares Tranche Two
Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration, cancellation period, stock price trigger (in dollars per share) \| $ / shares	$ 15.00
Microvast, Inc. (“Microvast”) \| Common Stock
Reverse Recapitalization [Line Items]
Shares issued (in shares)	209,999,991
Bridge Notes
Reverse Recapitalization [Line Items]
Outstanding promissory notes issued \| $	$ 57,500
Bridge Notes \| Common Stock
Reverse Recapitalization [Line Items]
Shares issued (in shares)	6,736,106
PIPE Investors \| Common Stock
Reverse Recapitalization [Line Items]
Shares issued (in shares)	48,250,000
Exercise price (in dollars per share) \| $ / shares	$ 10.00
Sale of stock, consideration received on transaction \| $	$ 482,500,000
Sponsor
Reverse Recapitalization [Line Items]
Shares of common stock (in shares)	150,000
Conversion of notes payable \| $	$ 1,500,000
Sponsor \| Common Stock
Reverse Recapitalization [Line Items]
Shares of common stock (in shares)	150,000
Class of warrant or right, number of securities called by warrants or rights (in shares)	150,000
Warrant exercise price (in dollars per share) \| $ / shares	$ 11.50
CL Investors \| Common Stock
Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration exchange, shares (in shares)	6,719,845
MPS Minority Investors \| Common Stock
Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration exchange, shares (in shares)	17,253,182
Tuscan Public Stockholders
Reverse Recapitalization [Line Items]
Transaction costs \| $	$ 922,000

FAIR VALUE MEASUREMENT - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 44,541	$ 231,420
Restricted cash	43,648	71,197
Total financial asset	88,189	302,617
Warrant liability	67	126
Total financial liability	67	126
Quoted Prices in Active Market for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	44,541	231,420
Restricted cash	43,648	71,197
Total financial asset	88,189	302,617
Warrant liability	0	0
Total financial liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Total financial asset	0	0
Warrant liability	0	0
Total financial liability	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Total financial asset	0	0
Warrant liability	67	126
Total financial liability	$ 67	$ 126

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment are Carried at Cost Less Accumulated Depreciation (Details)	Dec. 31, 2023
Buildings
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	20 years
Machineries and equipment
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	10 years
Motor vehicles
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	5 years
Minimum \| Fixtures and electronic equipment
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	4 years
Maximum \| Fixtures and electronic equipment
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	5 years

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Microvast, Inc. was incorporated under the laws of the State of Texas in the United States of America on October 12, 2006 and re-domiciled to the State of Delaware on December 31, 2015. On July 23, 2021 (the “Closing Date”), Microvast, Inc. and Tuscan Holdings Corp.(“Tuscan”) consummated the previously announced merger (the “Merger” or the "Business Combination"), 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, Inc. and Tuscan, the share, per share value and net loss per share available to Microvast Inc.’s common stockholders in the financial statements for each of the year 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, 2023, details of the Company’s major subsidiaries are as follows:

Subsidiaries

Place of incorporation

Date of
incorporation

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 GmbH (“MV GmbH”)

Germany

May 2016

100

Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”)

Huzhou, PRC

December 2016

100

Microvast Energy, Inc. (“MV Energy”)

Colorado, USA

July 2022

100

The Company and its subsidiaries (collectively, the “Group”) are primarily engaged in developing, manufacturing, and selling lithium-ion battery technologies for use in commercial electric vehicles and battery energy storage systems across the globe.

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Net cash generated (used) in operating activities	$ (75,303)	$ (53,928)	$ (45,039)
Cash flows from investing activities
Purchases of property, plant and equipment	(186,788)	(150,880)	(87,862)
Investment in subsidiaries	(5,966)	(25,070)	0
Net cash used in investing activities	(165,605)	(175,945)	(87,862)
Cash flows from financing activities
Cash received from the trust account upon Merger, net of transaction costs	0	0	222,629
Cash received from PIPE investors upon Merger	0	0	482,500
Issuance of Bridge Notes (Note 14)	0	0	57,500
Payment to exited noncontrolling interests	0	0	(139,038)
Net cash generated from financing activities	33,041	4,967	624,949
Increase (Decrease) in cash, cash equivalents and restricted cash	(214,428)	(233,492)	494,913
Cash, cash equivalents and restricted cash at beginning of the year	302,617	536,109	41,196
Cash, cash equivalents and restricted cash at end of the year	88,189	302,617	536,109
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net cash generated (used) in operating activities	2,552	(4,498)	(2,846)
Cash flows from investing activities
Purchases of property, plant and equipment	0	0	(18,465)
Investment in subsidiaries	(125,449)	(255,662)	(354,014)
Purchases of short-term investment	(430)	(25,070)	0
Proceeds from maturity of short-term investments	25,500	0	0
Net cash used in investing activities	(100,379)	(280,732)	(372,479)
Cash flows from financing activities
Cash received from the trust account upon Merger, net of transaction costs	0	0	223,605
Cash received from PIPE investors upon Merger	0	0	482,500
Issuance of Bridge Notes (Note 14)	0	0	57,500
Payment to exited noncontrolling interests	0	0	(32,872)
Cash received from shareholders	0	27,559	0
Net cash generated from financing activities	0	27,559	730,733
Increase (Decrease) in cash, cash equivalents and restricted cash	(97,827)	(257,671)	355,408
Cash, cash equivalents and restricted cash at beginning of the year	99,337	357,008	1,600
Cash, cash equivalents and restricted cash at end of the year	$ 1,510	$ 99,337	$ 357,008

BANK BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2023

Bank Borrowings [Abstract]

Schedule of Bank Borrowings Repayment


Repayment Date						Repayment Amount
June 10, 2024						$8,753 (RMB62.1 million)
December 10, 2024						$8,752 (RMB62.1 million)
June 10, 2025						$8,752 (RMB62.1 million)
December 10, 2025						$8,752 (RMB62.1 million)
June 10, 2026						$13,128 (RMB93.2 million)
December 10, 2026						$13,129 (RMB93.2 million)

Schedule of Bank Borrowings

Changes in bank borrowings were as follows:


	Year Ended December 31,
	2021		2022		2023
Beginning balance	$	12,184	$	13,301	$	46,395
Proceeds from bank borrowings	38,926		58,708		47,852
Repayments of principal	(37,568)		(24,482)		(14,119)
Exchange difference	(241)		(1,132)		(975)
Ending balance	$	13,301	$	46,395	$	79,153


Balance of bank borrowings includes:	December 31, 2022		December 31, 2023
Current	$	17,398	$	35,392
Non-current	28,997		43,761
Total	$	46,395	$	79,153

Schedule of Aggregate Carrying Amount of the Assets Pledged by the Group

The aggregate carrying amount of the assets pledged by the Group as of December 31, 2022 and December 31, 2023 were as follows:


	December 31, 2022		December 31, 2023
Buildings	$	27,245	$	124,565
Land use rights	12,639		11,984
Total	$	39,884	$	136,549

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

As of December 31, 2022 and 2023, 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, 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	$	231,420	—	—	$	231,420
Restricted cash	71,197		—	—	71,197
Total financial asset	$	302,617	—	—	$	302,617
Warrant liability	$	—	—	126	$	126
Total financial liability	$	—	—	126	$	126


	Fair Value Measurement as of December 31, 2023
(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	$	44,541	—	—	$	44,541
Restricted cash	43,648		—	—	43,648
Total financial asset	$	88,189	—	—	$	88,189
Warrant liability	$	—	—	67	$	67
Total financial liability	$	—	—	67	$	67

Schedule of Reconciliation of the Beginning and Ending Balances for Level 3 Warrant Liability

The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the year ended December 31, 2022 and 2023:


(In thousands)	Year Ended December 31,
	2022		2023
Balance at the beginning of the year	$	1,105	$	126
Assumed warrant liability upon Merger	—		—
Changes in fair value	(979)		(59)
Balance at end of the year	$	126	$	67

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	28. COMMITMENTS AND CONTINGENCIES Litigation Corporate Governance Actions The directors of Company predecessor, Tuscan (the “Tuscan Defendants”), and certain former and current Company officers have been named as defendants in a litigation filed in the Delaware Court of Chancery (the "Court of Chancery") captioned Matt Jacob v. Stephen A. Vogel, et al., No. 2022-0600-PAF (Del. Ch.) (filed July 7, 2022). The plaintiff is seeking to certify the litigation as a stockholder class action. As amended, the complaint alleges that Tuscan Defendants breached their fiduciary duties in connection with Tuscan’s acquisition of Microvast, Inc., including by making inadequate disclosures concerning the projected earnings of Microvast, Inc., and asserts claims for aiding and abetting that breach against the Company defendants. The plaintiff further alleges that once the earnings of the combined company became public, the Company’s stock dropped, causing losses to investors. On December 13, 2023, in response to a stockholder litigation demand, the Company filed a petition in the Court of Chancery pursuant to Section 205 of the Delaware General Corporation Law seeking validation of an amendment to the Company’s Amended Certificate of Incorporation, the Business Combination and the issuance of the shares issued pursuant thereto, and the Company’s Second Amended and Restated Certificate of Incorporation adopted in connection with the Business Combination (collectively, the "Acts") to resolve any uncertainty with respect to those matters, which action was captioned In re Microvast Holdings Inc., C.A. No. 2023-1245-PAF. On March 18, 2024, the Court of Chancery granted the petition, validating and declaring effective each Act as of the time and date such Act was originally taken. The Company, the directors of Company predecessor, Tuscan, and certain former and current Company officers and directors have also been named as defendants in a litigation filed in the Court of Chancery captioned Denish Bhavsar v. Stephen Vogel, et al., Case No. 2024-0137-PAF (Del. Ch.) (filed Feb. 14, 2024). The plaintiff purports to assert derivative claims on behalf of the Company. The complaint alleges that the individual defendants breached their fiduciary duties in connection with Tuscan’s acquisition of Microvast, Inc., including by making inadequate disclosures concerning Microvast, Inc.’s earnings and alleged conflicts of interest that existed between certain directors and Company stockholders. The Company has received additional demands from purported Company stockholders, requesting that the Company’s Board of Directors investigate whether current and former directors and officers of the Company and its predecessors, Tuscan and Microvast Inc., breached their fiduciary duties by allegedly making material misrepresentations about inter alia (1) Microvast Inc.’s performance and financial health in connection with the merger between Tuscan and Microvast Inc., and (2) the Company’s loss of a conditional grant from the United States Department of Energy. The Company is reviewing the demands. Securities Litigation The Company and certain of its officers have also been named as defendants in a putative class action complaint by a shareholder of the Company in the U.S. District Court for the Southern District of Texas under the caption Schelling v. Microvast Holdings, Inc., Case No. 4:23-cv-04565 (S.D. Tex.) (filed Dec. 5, 2023) (the "Schelling Action"). The complaint alleges that defendants violated certain federal securities laws by making misleading statements regarding the receipt of a conditional grant from the United States Department of Energy, the Company’s profitability, and the nature of Company-associated operations in China. On March 1, 2024, the court appointed Co-Lead Plaintiffs and Co-Lead Counsel for the proposed class of Company investors. On March 14, 2024, the court approved a proposed schedule for filing of an amended complaint and briefing of a motion to dismiss. Plaintiffs must file an amended complaint by May 13, 2024. Defendants must file a motion to dismiss by June 27, 2024. Briefing on the motion to dismiss will be completed by September 10, 2024. The Company and certain of its officers and directors have also been named as defendants in three derivative actions filed in the Southern District of Texas under the captions Bhavsar v. Wu et al., No. 4:24-cv-00372 (S.D. Tex.) (filed Jan. 31, 2024), Marti et al v. Wu et al, Case No. 4:24-cv-00633 (S.D. Tex.) (filed Feb. 23, 2024), Gidaro v. Wu et al, Case No. 4:24-cv-00828 (S.D. Tex.) (filed Mar. 6, 2024). The complaints allege that the officer and director defendants violated the federal securities laws by making inadequate disclosures substantially similar to those alleged in the Schelling Action. The complaints further allege that these inadequate disclosures resulted from, and constituted, breaches of the officer and director defendants’ fiduciary duties. On February 24, 2024, the court entered in an order in the first-filed case, Bhavsar v. Wu et al., No. 4:24-cv-00372, consolidating the Bhavsar case and Marti et al v. Wu et al, Case No. 4:24-cv-00633. The consolidated derivative litigation (the “Consolidated Derivative Action”) is captioned In re Microvast Holdings, Inc. Derivative Litigation, Lead Case No. 4:24-cv-00372 (S.D. Tex.). The parties in the Gidardo action filed a stipulation to consolidate the Gidaro case into the Consolidated Derivative Action. The Consolidated Derivative Action is stayed pending disposition of an anticipated motion to dismiss in the Schelling Action. Pursuant to the Company's governing documents and indemnification agreements entered into by the Company with certain of the named defendants, in the above-described actions, the Company has indemnified those defendants for all expenses and losses related to the litigation subject to the terms of those indemnification agreements. While the lawsuits are being vigorously defended, other reported lawsuits of this type have resulted in a broad range of outcomes, with each case being dependent on its own unique set of facts and circumstances. Litigation of this kind can lead to settlement negotiations, including negotiations prompted by pre-trial civil court procedures. The outcome of any litigation is inherently uncertain, and there is always the possibility that a court rules in a manner that is adverse to the interests of the Company and the individual defendants. However, the amount of any such loss in that scenario, which could be material, cannot be reasonably estimated at this time. Other Matters The Company and Microvast Energy have been named as defendants in a litigation filed in the Chancery Court for the State of Tennessee under the caption Stoncor Group, Inc. v. Microvast, Inc., et al, Case No. CD-24-12 (Tenn. Ch.) (filed Mar. 18, 2024). The plaintiff alleges that the Company failed to pay it for construction work that it performed on a Microvast Energy facility in Tennessee, and seeks damages of $1,251, plus certain fees and expenses, and foreclosure on the facility to satisfy the payment allegedly owed. The Group is also involved in other litigation, claims, and proceedings. The Group evaluates the status of each legal matter and assesses the potential financial exposure. If the potential loss from any legal proceedings or litigation is considered probable and the amount can be reasonably estimated, the Group accrues a liability for the estimated loss. Significant judgment is required to determine the probability of a loss and whether the amount of the loss is reasonably estimated. As of December 31, 2022 and 2023, based on the information currently available, the Group believes that any loss contingencies that may arise as a result of currently pending legal proceedings cannot be accurately quantified at this time and thus cannot determine whether they will have a material adverse effect on the Group’s business, results of operations, financial condition, and cash flows. Capital commitments Capital commitments for construction of property and purchase of property, plant and equipment were $64,686 as of December 31, 2023, which is mainly for the construction of capacity expansion projects in Huzhou, PRC and Clarksville, Tennessee, USA. Purchase Commitments Purchase commitments for non-cancelable contractual obligations primarily related to purchases of inventory were $52,588 as of December 31, 2023. Pledged assets Other than the pledges disclosed in Note 12, the Group may pledge certain assets to banks to secure the issuance of bank acceptance notes for the Group. As of December 31, 2023, notes receivable from customers in the amount of $18,184 and certificate of deposits in the amount of $3,665, together with certain of the Group's machinery and equipment with a carrying value of $28,286 has been pledged to secure the issuance of such notes.

NONCONTROLLING INTERESTS	12 Months Ended
NONCONTROLLING INTERESTS	Dec. 31, 2023
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	19. 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 a 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 eight of these who 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. Pursuant to an extension agreement signed in September 2020, $30,000 was paid to the Exiting Investors in March 2021, and the remaining repayments were deferred to 2023 and thereafter, depending on the successful completion of a financing by the Company 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. Noncontrolling interests of Microvast Inc. On December 19, 2022, Microvast Inc. and a third party set up a company named Microvast Precision Works Co., Ltd ("MPW"). The Company holds a 70% shareholding in MPW and consolidates MPW, and the third party holds 30%. The total registered capital of MPW is $7,246 which the shareholders intended to fund pro-rata to their shareholding. As of December 31, 2022, no investment was paid by any of the parties and MPW had no operation. In 2023, the Company invested cash of $5,072 in MPW and fulfilled its funding obligation. The third party shareholder did not fully inject its funding as was required, and informed the Company that it would withdraw from MPW. As a result, Microvast Inc. became MPW's sole owner as of December 31, 2023. The amount of net loss attributable to noncontrolling interests was $—, $— and $76 for the years ended December 31, 2021, 2022 and 2023, respectively.

FAIR VALUE MEASUREMENT - Schedule of Reconciliation of the Beginning and Ending Balances for Level 3 Warrant Liability (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the year	$ 126,000	$ 1,105,000
Assumed warrant liability upon Merger	0	0
Changes in fair value	(59,000)	(979,000)
Balance at end of the year	$ 67,000	$ 126,000
Fair value recurring basis unobservable input reconciliation liability gain loss statement of income extensible list not disclosed flag	true	true

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Text Block Supplement [Abstract]
Reserve percentage	10.00%
Registered capital percentage	50.00%
Restricted net asset	$ 528,337	$ 523,087

ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following:


	December 31, 2022		December 31, 2023
Accounts receivable	$	123,711	$	143,288
Allowance for credit losses	(4,407)		(4,571)
Accounts receivable, net	$	119,304	$	138,717

Schedule of Allowance for Credit Losses

Movement of allowance for credit losses was as follows:


	Year Ended December 31,
	2021		2022		2023
Balance at beginning of the period	$	5,047	$	5,005	$	4,407
Cumulative-effect adjustment upon adoption of ASU2016-13, Financial instruments- Credit losses (Topic 326)	—		866		—
Charge of expenses	721		1,640		236
Write off	(849)		(2,631)		(128)
Recoveries of credit losses	—		—		121
Exchange difference	86		(473)		(65)
Balance at end of the period	$	5,005	$	4,407	$	4,571

SHARE-BASED PAYMENT - Narrative (Details)					12 Months Ended		29 Months Ended
SHARE-BASED PAYMENT - Narrative (Details)	Jun. 27, 2022 shares	Jul. 23, 2021 shares	Jul. 21, 2021	Oct. 30, 2015 $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2020 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option					$ 29,708,000
Weighted-average period					8 months 12 days
Aggregate intrinsic value					$ 10,000		$ 10,000
Equity-based compensation costs					2,839,000
Compensation cost					$ 5,282,000
Convertible promissory notes converted common stock shares (in shares) \| shares		6,736,106
Series B2 Preferred
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense						$ 39,227,000
Shares issued (in shares) \| shares				79,107				53,319
Exercise price (in dollars per share) \| $ / shares				$ 366.0
Fair market value percentage				70.00%
Convertible promissory notes converted common stock shares (in shares) \| shares		8,545,490
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Plan expire date			10 years
Common Stock Reserved For ESOP Plan			5.00%
Number of shares available for grants (in shares) \| shares					16,729,872		16,729,872
2012 Share Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common exchange ratio		160.3
Share Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					$ 51,289,000
Capped Non-vested Shares Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period \| shares	20,023,699
Stock-based compensation expense					9,647,000
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					1,992,000
Granted (in shares) \| shares							2,641,715
Performance Based Restricted Stock Unit (PSU)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					$ 2,386,000
Granted (in shares) \| shares							2,680,372

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 407,063		$ 240,500
Less: accumulated depreciation	(108,309)		(100,902)
Construction in progress	321,913		195,542
Property, plant and equipment, net	620,667		335,140
Machineries and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	204,599		140,160
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	144,497		44,680
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	32,808		28,625
Fixtures and electronic equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,132		16,193
Motor vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 6,027		$ 10,842
China Phase 3.1
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		$ 168,467

LEASES - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Leases [Abstract]
Cash payments for operating leases	$ 3,633
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 5,725

BANK BORROWINGS - Schedule of Aggregate Carrying Amount of the Assets Pledged by the Group (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Bank Borrowings [Abstract]
Buildings	$ 124,565	$ 27,245
Land use rights	11,984	12,639
Total	$ 136,549	$ 39,884

SUBSEQUENT EVENTS (Details) - USD ($)	Apr. 01, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Property, plant and equipment, net			$ 620,667,000	$ 335,140,000
Senior Lien
Subsequent Event [Line Items]
Property, plant and equipment, net			$ 1,251,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Short-term bank loans and notes payable		$ 19,014,000
Liens amount	$ 31,907,000
Debt instrument, debt default, amount	$ 5,548,000

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

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 warrant liability at fair value on a recurring basis as of December 31, 2022 and 2023. 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 Model that assumes optimal exercise of the Company’s redemption option at the earliest possible date. See Note 15.


	Fair Value Measurement as of December 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	$	231,420	—	—	$	231,420
Restricted cash	71,197		—	—	71,197
Total financial asset	$	302,617	—	—	$	302,617
Warrant liability	$	—	—	126	$	126
Total financial liability	$	—	—	126	$	126


	Fair Value Measurement as of December 31, 2023
(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	$	44,541	—	—	$	44,541
Restricted cash	43,648		—	—	43,648
Total financial asset	$	88,189	—	—	$	88,189
Warrant liability	$	—	—	67	$	67
Total financial liability	$	—	—	67	$	67

Measured or disclosed at fair value on a recurring basis-continued

The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the year ended December 31, 2022 and 2023:


(In thousands)	Year Ended December 31,
	2022		2023
Balance at the beginning of the year	$	1,105	$	126
Assumed warrant liability upon Merger	—		—
Changes in fair value	(979)		(59)
Balance at end of the year	$	126	$	67

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.

- 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

LAND USE RIGHTS, NET - Schedule of Land Use Rights (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Land and Land Improvements [Abstract]
Cost of land use rights	$ 14,711	$ 15,143
Less: accumulated amortization	(2,727)	(2,504)
Land use rights, net	$ 11,984	$ 12,639

MAINLAND CHINA CONTRIBUTION PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Total provisions of employee benefits	$ 3,552	$ 3,370	$ 2,774

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

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.

Going concern

The accompanying consolidated financial statements of the Group have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realization of assets and the discharge of liabilities in the normal course of business.

For the years ended December 31, 2023, 2022 and 2021, the Group generated revenues of $306,617, $204,495 and $151,976, gross profit /(loss) of $57,227, $9,073 and $(42,743), and incurred net losses of $106,412, $158,200 and $206,483, respectively.

Despite the above, the Group has incurred significant losses and negative cash flows from operations in the last three years. For the years ended December 31, 2023, 2022 and 2021, the Group incurred net losses of $106,412, $158,200 and $206,483, respectively, and generated negative cash flows from operating activities amounting to $75,303, $53,928 and $45,039, respectively. As of December 31, 2023, the Group had working capital of $22,196, shareholders’ equity of $564,190, including an accumulated deficit of $897,501, and cash and cash equivalents balance of $44,541. As of December 31, 2023, the Group also had outstanding borrowings of $79,153, of which the amount to be paid in the next 12 months is $35,392, and other current liabilities of $368,018, including accounts payable, notes payable, accrued expenses and other current liabilities. Purchase commitments for non-cancelable contractual obligations primarily related to purchases of inventory were $52,588 as of December 31, 2023.

In addition, the Group launched its new 53.5Ah cell technology in 2021, which necessitated significant investment in capacity expansions in both Huzhou, China and Tennessee, United States. The 2GWh cell, module and tray expansion in Huzhou was completed in the third quarter of 2023 and is now generating revenue. The Tennessee 2GWh expansion, which utilizes the same production equipment as the one used in the Huzhou expansion, was originally scheduled to be completed in the fourth quarter of 2023. Management now estimates this project will not be in operation until it raises sufficient funding to meet the remaining capital expenditure needs. Due to the Tennessee capacity expansion, as of and for the year ended December 31, 2023, the Group had long-lived assets located in the United States accounting for 49% of the Groups' long-lived assets while revenues from the United States customers only represented 1% of the Group's revenues. Refer to Note 25 for details.

The Group expects that an additional $150,000 to $170,000 of funding will be needed to complete the Tennessee capacity expansion, including payment for certain accounts payable owed to suppliers in relation to assets and services provided for this expansion. As of December 31, 2023, the Group has made total capital commitments for construction and purchase of property, plant and equipment amounting to $64,686, $57,577 of which is payable within one year, and most of which relates to production equipment to be used in the Tennessee facility. These capital commitments have been included in the estimated $150,000 to $170,000 required to complete the Tennessee capacity expansion.

The Group has outstanding payables in relation to assets and services provided for the Tennessee capacity expansion amounting to $56,985 that are currently due to its suppliers as of December 31, 2023 and the Group has received notice of non-payment from certain of these suppliers with a total amount of $5,548. Further, as of today, there are several suppliers which have filed liens mostly with the county in which the Tennessee project is situated, with a total amount of $31,907 received by the Group. One supplier has also filed a litigation alleging that the Group failed to pay for the construction work performed on the Tennessee project. Refer to Note 28 for details.

In light of the Group’s projected capital expenditures required to complete its Tennessee capacity expansion and its operating requirements under its current business plan, the Group is projecting that its existing cash and cash equivalents will not be sufficient to fund its operations and capital expenditure needs through the next twelve months from the date of issuance of its consolidated financial statements. These conditions and events raise substantial doubt about the Group’s ability to continue as a going concern and the Group's ability to continue as a going concern is dependent on its ability to raise additional capital. As of the date of issuance of the financial statements, the Group is pursuing a Proposed Term Loan, further described below.

Going concern - continued

Proposed Term Loan – To meet its funding needs, management is seeking to secure a loan intended to support the Tennessee capacity expansion for which the amount may be disbursed in multiple advances. As of the date of issuance of the financial statements, the Group is in the process of negotiating a credit agreement of $150,000 with a third party lender (the “Proposed Term Loan”) with a maturity term of four years from the closing date. Under the Proposed Term Loan, advances are subject to the satisfaction or waiver of a number of conditions, including but not limited to the delivery of certain customary certifications, as well as opinions from its legal counsel as to certain matters related to the applicability and availability of certain tax credits and enforceability, the assignment to a US subsidiary of certain assets related to the Tennessee project and payment to the lender of certain upfront fees and expenses. Additionally, prior to finalizing the Proposed Term Loan, certain other arrangements have to be negotiated, which include but are not limited to, entering into a $30,000 working capital loan simultaneously with the Proposed Term Loan. The Group is in process of negotiating those arrangements.

There are risks associated with the Proposed Term Loan including but not limited to:

•The Group may not reach a final agreement with the lender due to the reason that the aforementioned arrangements in conjunction with the Proposed Term Loan may not be successfully made, or other causes.

•The Group may not be able to meet all of the conditions precedent to get advances of the loan under the Proposed Term Loan once it entered into.

•There may be a delay in getting advances of the Proposed Term Loan thereby necessitating additional bridge funding to be obtained by the Group.

Besides the Proposed Term Loan, the Group is currently evaluating several different other funding initiatives. Such initiatives in consideration include the issuance of debt or equity instruments and/or the sale or disposal of certain US real estate assets that are not integral to its cell manufacturing or assembly operations. As of the date of issuance of those financial statements, the Group is currently prioritizing closing the Proposed Term Loan whilst any other funding initiatives remain under review.

In addition to the above, the Group has selected and the Board of Directors has approved to engage an investment bank to assess strategic alternatives, provide advisory services and to solicit additional financing from third-party sources.

These plans are not final and are subject to market and other conditions not within the Group’s control. As such, there can be no assurance that the Group will be successful in obtaining sufficient funding. Should sufficient funding not be secured through the plans, or should there be a delay in the timing of securing funds through these funding initiatives, this would have adverse implications for the Group and its shareholders. In these scenarios, the Group will need to seek other options, including delaying or reducing operating and capital expenditure and the possibility of an alternative transaction or fundraising.

Accordingly, management has concluded that these plans do not alleviate the substantial doubt about the Group’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. Based on the factors above, a material uncertainty exists which may cast significant doubt as to whether the Group will continue as a going concern and therefore whether it will realize its assets and discharge its liabilities in the normal course of business and at the amounts stated in the financial statements. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern.

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.

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 credit losses, 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.

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.

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), letters of credit issued by the Group, and restricted use bank borrowings (see Note 12). It is common in the PRC that the banks require the Group to pledge notes receivable or make a deposit 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 credit losses. Beginning on January 1, 2022, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group uses the creditworthiness of customers, aging of the receivables, past transaction history with customers and their current condition, changes in customer payment terms, specific facts and circumstances, and the overall economic climate in the industries the Group serves to monitor the Group's receivables within the scope of expected credit losses model and use these as a basis to develop the Group's expected loss estimates.

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. The Group derecognised the endorsed notes upon transferring them to its suppliers as the Group loses effective control over these notes. Notes receivable and payable are typically non-interest bearing and have maturities of one year or less.

Notes receivable and payable - continued

As of December 31, 2022 and 2023, the balance of notes receivable were $2,196 and $23,736, respectively while certain notes receivable have been pledged to banks to secure their issuance of bank acceptance notes for 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 $—, $70 and $438 interest income from the short-term investments for the years ended December 31, 2021, 2022 and 2023, 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 and production process, including shipping and handling costs charged by suppliers. 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 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 ceases 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. Refer to Note 7 for details.

Fair value of financial instrument

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

Fair value - continued

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-ion batteries. The obligation of the Group is providing the battery 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

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 sheet, represent payment received in advance. During the years ended December 31, 2021, 2022 and 2023, the Group recognized $1,455, $1,151 and $2,492 of revenue previously included in advance from customers as of January 1, 2021, January 1, 2022 and January 1, 2023, respectively, which consist of payments received in advance related to its sales of lithium-ion batteries.

Value added taxes

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, 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 warranty, which entails repair or replacement of non-conforming items, in conjunction with the sales of products. The warranty liability recorded at each balance sheet date reflects management’s best estimates of its product warranty based on historical information and other currently available evidence.

The Group’s product warranty generally ranges 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 warranty that is expected to incur within the next 12 months is recorded in accrued expenses and other current liabilities, while the remaining balance is recorded in other non-current liabilities on the consolidated balance sheets. Product warranty is 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, raw 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 is initially recorded as other current or other non-current liabilities and is amortized on a straight-line basis to offset the cost of revenues over the life of the relevant production assets or amortized on an effective interest method over the term of the loan.

The Group amortized the deferred subsidy at $269, $538 and $390 during the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the carrying amount of the current portion of the deferred subsidy income was $542 and $531, and the non-current portion was $3,066 and $3,382, 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

Share-based payment transactions with employees are measured based on the grant date fair value of the equity instrument and recognized as compensation expense on a straight-line basis over the requisite service period, with a corresponding impact reflected in additional paid-in capital.

For share-based awards granted with performance condition, the compensation cost is recognized when it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance condition at the end of each reporting date and records a cumulative catch-up adjustment for any changes to its assessment. For performance-based awards with a market condition, such as awards based on total shareholder return (“TSR”), compensation expense is recognized on a straight-line basis over the estimated service period of the award, regardless of whether the market condition is satisfied. Forfeitures are recognized as they occur.

Liability-classified awards are remeasured at their fair-value-based measurement as of each reporting date until settlement.

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 consolidated statements of operations. As of December 31, 2023, the Company recorded operating lease right-of-use (ROU) assets of $19,507 and operating lease liabilities of $19,500, including current portion in the amount of $2,413, which was recorded under accrued expenses and other current liabilities on the balance sheet.

Operating leases - continued

The Company determines if an arrangement is a lease or contains a lease at lease inception. Operating leases are required 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. 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 machines 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 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 any 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 that existed before its Merger, were participating securities as they participated in undistributed earnings on an as-if-converted basis. The preferred shares had no contractual obligation to fund or otherwise absorb the Company’s losses. Accordingly, any undistributed net loss was allocated on a pro rata basis to the common stock and preferred shares; whereas any undistributed net loss is allocated to ordinary shares only. All preferred shares that existed prior to the Merger were converted into common stock pursuant to the Merger and as of December 31, 2023, the Company does not have any preferred shares in issue.

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 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 any 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 options (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 all subsidiaries located in the U.S. 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 $98,021 and $62,829 as of December 31, 2022 and 2023, 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 2021, 2022 and 2023:


	December 31, 2021		December 31, 2022		December 31, 2023
Percentage of revenue contributed by Customer A	*%		*%		18	%
Percentage of revenue contributed by Customer B	*%		*%		11	%
Percentage of revenue contributed by Customer C	11	%	12	%	*%

*Revenue from such customer represented less than 10% of the Group's revenue during the respective periods.

Concentration of credit risk - continued

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


	December 31, 2022		December 31, 2023
Percentage of accounts receivable from Customer A	*%		18	%
Percentage of accounts receivable from Customer D	*%		11	%
Percentage of accounts receivable from Customer C	22	%	*%

*Accounts receivable from such customers represented less than 10% of the Group's accounts receivable during the respective years.

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, 2021, 2022 and 2023, 12%, 18% and 15% of our raw materials were purchased through company E and F, respectively, although numerous alternate sources of supply are readily available on comparable terms for the raw materials supplied by company E and F.

Recent accounting pronouncements not yet adopted

In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. The Company is currently assessing the impact this guidance will have on the consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company do not expect a material impact to the consolidated financial statements.

PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 407,063,000	$ 240,500,000
Depreciation expense	22,141,000	19,811,000	$ 19,975,000
Tangible asset impairment charges	504,000	1,798,000	$ 2,443,000
Property, plant and equipment, net	620,667,000	335,140,000
Senior Lien
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 1,251,000	$ 0
China Phase 3.1
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross				$ 168,467,000

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Company’s Major Subsidiaries

As of December 31, 2023, details of the Company’s major subsidiaries are as follows:

Subsidiaries

Place of incorporation

Date of
incorporation

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 GmbH (“MV GmbH”)

Germany

May 2016

100

Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”)

Huzhou, PRC

December 2016

100

Microvast Energy, Inc. (“MV Energy”)

Colorado, USA

July 2022

100

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 23, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Warrants [Line Items]
Shares issued (in shares)	27,600,000
Class of warrant or right, exercisable period	30 days
Class of warrant or right, registration completion period	90 days
Warrant term	5 years
Changes in fair value of warrant liability		$ (59)	$ (979)	$ (2,469)
Private Warrants
Warrants [Line Items]
Warrant term	5 years
Public Warrants
Warrants [Line Items]
Warrant redemption price (in dollars per share)	$ 0.01
Class of warrant or right, notice of redemption, minimum period	30 days
Stock price minimum to redeem warrants (in dollars per share)	$ 18.00
Warrant redemption, consecutive trading days	20 days
Warrant redemption, trading days	30 days
Warrant
Warrants [Line Items]
Warrant issued (in shares)	150,000
Class of warrant or right, number of securities called by each warrant or right (in shares)	1
Exercise price (in dollars per share)	$ 11.50
Changes in fair value of warrant liability		$ 59	$ 979
Tuscan Holdings Corp and Early Bird Capital Inc
Warrants [Line Items]
Shares issued (in shares)	837,000

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2023

Warrants [Abstract]

Schedule of Under the Binomial-Lattice Model (“BLM”) that Assumes Optimal Exercise of the Company’s Redemption Option

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:


	December 31, 2023
Market price of public stock	$	1.40
Exercise price	$	11.50
Expected term (years)	2.57
Volatility	75.07		%
Risk-free interest rate	4.01		%
Dividend rate	0.00		%

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

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


	December 31, 2022		December 31, 2023
Machineries and equipment	$	140,160	$	204,599
Buildings	44,680		144,497
Leasehold improvements	28,625		32,808
Fixtures and electronic equipment	16,193		19,132
Motor vehicles	10,842		6,027
Total	240,500		407,063
Less: accumulated depreciation	(100,902)		(108,309)
Construction in progress	195,542		321,913
Property, plant and equipment, net	$	335,140	$	620,667

BONDS PAYABLE (Tables)

12 Months Ended

Dec. 31, 2023

Bonds Payable [Abstract]

Schedule of Bonds Payable


	December 31, 2022		December 31, 2023
Long–term bonds payable
Huzhou Saiyuan	$	43,888	$	43,157
Total	$	43,888	$	43,157

WARRANTS

12 Months Ended

Dec. 31, 2023

Warrants [Abstract]

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, 2023, none of the Public Warrants or the Private Warrants have been exercised.

The Public Warrants became exercisable 30 days after the completion of the Merger. No Warrants were exercisable for cash until 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 were able to exercise the Warrants on a net-share settlement basis until the registration statement became effective on June 8, 2022. 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 are identical to the Public Warrants, except that the Private Warrants will be exercisable for cash or on a net-share settlement basis, at the holder’s option, and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. In addition, so long as the Private Warrants are held by EarlyBirdCapital and its designee, the Private Warrants will expire five years from the effective date of the Merger.

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

The Private Warrant liability was measured at fair value, resulting in gains of $979 and $59 for the years ended December 31, 2022 and December 31, 2023, respectively. This was classified within changes in fair value of warrant liability 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:


	December 31, 2023
Market price of public stock	$	1.40
Exercise price	$	11.50
Expected term (years)	2.57
Volatility	75.07		%
Risk-free interest rate	4.01		%
Dividend rate	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, the average volatility of peer companies and the Company's historical volatility. 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.

PRODUCT WARRANTY - Schedule of Movement of Product Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of the year		$ 42,060	$ 58,458	$ 19,356
Provided during the year	$ 12,688	14,097	52,932
Utilized during the year	(18,379)	(26,916)	(13,830)
Exchange difference	(1,152)	(3,579)	0
Balance at end of the year	35,217	42,060	58,458
Product warranty	13,738	13,044	20,922
Product warranty – non-current	$ 21,479	$ 29,016	$ 37,536

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands		12 Months Ended			36 Months Ended
	Apr. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Mar. 18, 2024 supplier	Jan. 01, 2022 USD ($)	Dec. 31, 2020 USD ($)
Significant Accounting Policies [Line Items]
Revenues		$ 306,617	$ 204,495	$ 151,976
Gross profit		57,227	9,073	(42,743)
Net loss		(106,412)	(158,200)	(206,483)
Net cash generated (used) in operating activities		(75,303)	(53,928)	(45,039)
Working capital		22,196			$ 22,196
Total Equity		564,190	612,977	686,698	564,190			$ (384,602)
Accumulated deficit		(897,501)	(791,165)		(897,501)
Cash and cash equivalents		44,541	231,420	480,931	44,541
Ending balance		79,153	46,395	13,301	79,153
Short-term bank borrowings		35,392	17,398		35,392
Other accrued liabilities, current		368,018			368,018
Total cash, cash equivalents and restricted cash		$ 88,189	$ 302,617	$ 536,109	$ 88,189			$ 41,196
Long-lived assets, percentage		100.00%	100.00%		100.00%
Revenues, percentage		100.00%	100.00%	100.00%
Payables for purchase of property, plant and equipment		$ 96,350	$ 29,183		$ 96,350
Notes receivable		23,736	2,196		23,736
Interest income from the short-term investments		$ 438	70	$ 0
Estimated useful life term		50 years
Revenue recognized		$ 2,492	1,151	1,455
Amortized deferred subsidy		390	538	$ 269
Deferred subsidy income		531	542		531
Deferred non current portion		3,382	3,066		3,382
Operating lease right-of-use assets		19,507	16,368		19,507		$ 18,826
Present value of operating lease liabilities		19,500			19,500		$ 18,776
Operating lease liabilities, current		$ 2,413	$ 1,934		$ 2,413
Net revenues percentage					10.00%
Percentage of accounts receivable		10.00%	10.00%		10.00%
Purchase percentage		15.00%	18.00%	12.00%
China, Yuan Renminbi
Significant Accounting Policies [Line Items]
Total cash, cash equivalents and restricted cash		$ 62,829	$ 98,021		$ 62,829
Capital addition purchase commitments
Significant Accounting Policies [Line Items]
Capital commitments		64,686			64,686
Commitment and contingencies, capital commitments payable		$ 57,577			$ 57,577
Capital Commitments
Significant Accounting Policies [Line Items]
Commitment and contingencies, capital commitments payable, duration		1 year			1 year
Proposed term loan		$ 150,000			$ 150,000
Debt instrument, term		4 years
Capital Commitments \| Certain Suppliers
Significant Accounting Policies [Line Items]
Debt instrument, debt default, amount		$ 30,000			30,000
Capital Commitments \| Goods, Services And Materials
Significant Accounting Policies [Line Items]
Payables for purchase of property, plant and equipment		$ 56,985			$ 56,985
Minimum
Significant Accounting Policies [Line Items]
Warranty, term		1 year
Maximum
Significant Accounting Policies [Line Items]
Warranty, term		8 years
Maximum \| Capital Commitments
Significant Accounting Policies [Line Items]
Commitment and contingencies, additional capital commitments funding		$ 170,000
United States
Significant Accounting Policies [Line Items]
Revenues		$ 3,126	$ 3,651	$ 918
Long-lived assets, percentage		49.00%	27.00%		49.00%
Revenues, percentage		1.00%	2.00%	1.00%
Subsequent Event
Significant Accounting Policies [Line Items]
Debt instrument, debt default, amount	$ 5,548
Liens amount	$ 31,907
Subsequent Event \| Capital Commitments
Significant Accounting Policies [Line Items]
Number of suppliers \| supplier						1
Inventories
Significant Accounting Policies [Line Items]
Purchase obligation		$ 52,588			$ 52,588

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIT)/EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Microvast Holdings, Inc. shareholders’ (Deficit)/ Equity	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive income/(loss)	Statutory reserve	Noncontrolling interest
Beginning balance (in shares) at Dec. 31, 2020				99,028,297
Beginning balance at Dec. 31, 2020	$ (384,602)			$ 6	$ 0	$ (397,996)		$ 7,356	$ 6,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(206,483)					(206,483)
Accretion for Series C1 Preferred	(2,257)				0	(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 (in shares)				191,254,950
Issuance of common stock upon the reverse recapitalization, net of issuance costs	1,241,851			$ 23	1,241,828
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
Issuance of common stock in connection with vesting of restricted stock units and stock options (including the conversion and vesting of Series B2 preferred)	39,533			$ 1	39,532
Share-based compensation	24,674				24,674
Foreign currency translation adjustments	(655)							(655)
Ending balance (in shares) at Dec. 31, 2021				298,843,016
Ending balance at Dec. 31, 2021	686,698			$ 30	1,306,034	(632,099)		6,701	6,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(158,200)					(158,200)
Issuance of common stock in connection with vesting of share-based awards (in shares)				8,785,495
Issuance of common stock in connection with vesting of share-based awards	0			$ 1	(1)
Share-based compensation	110,127				110,127
Foreign currency translation adjustments	(24,782)							(24,782)
Ending balance (in shares) at Dec. 31, 2022				307,628,511
Ending balance at Dec. 31, 2022	612,977	$ (866)	$ 612,977	$ 31	1,416,160	(791,165)	$ (866)	(18,081)	6,032	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(106,412)		(106,336)			(106,336)				(76)
Capital contribution from noncontrolling interests	2,174									2,174
Reduction of noncontrolling interest	(2,174)		(164)		(164)					(2,010)
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)				7,378,431
Issuance of common stock in connection with vesting of restricted stock units and stock options (including the conversion and vesting of Series B2 preferred)	0			$ 1	(1)
Share-based compensation	65,246		65,246		65,246
Foreign currency translation adjustments	(7,621)		(7,533)					(7,533)		(88)
Ending balance (in shares) at Dec. 31, 2023				315,006,942
Ending balance at Dec. 31, 2023	$ 564,190		$ 564,190	$ 32	$ 1,481,241	$ (897,501)		$ (25,614)	$ 6,032	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	1 Months Ended	10 Months Ended	12 Months Ended
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Dec. 31, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 19, 2022	Jul. 23, 2021	Mar. 31, 2021	Mar. 31, 2017
Noncontrolling Interest [Line Items]
Percentage of equity interest									17.39%
Cash consideration received		$ 400,000
Redemption of noncontrolling equity interest percentage	14.05%
Simple annual interest percentage	6.00%
Group paid capital								$ 30,000
Convertible of common shares (in shares)							17,253,182
Investments in affiliates subsidiaries associates and joint venture						$ 7,246
Net income (loss) attributable to noncontrolling interest			$ (76)	$ 0	$ 0
Microvast Precision Works Co.
Noncontrolling Interest [Line Items]
Payments to acquire interest in subsidiaries and affiliates			$ 5,072
Microvast Precision Works Co.
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent						70.00%
Third Party Investor
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners						30.00%

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets


	December 31, 2022		December 31, 2023
VAT receivables	2,408		14,279
Advances to suppliers	$	5,075	$	5,800
Prepaid expenses	3,374		3,972
Deposits	925		950
Other receivables	311		751
Total	$	12,093	$	25,752

ACQUIRED INTANGIBLE ASSETS, NET - Schedule of Annual Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 488
2025	484
2026	482
2027	476
2028	385
Thereafter	821
Total	$ 3,136

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Mar. 18, 2024	Dec. 31, 2023
Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 1,251
Notes Payable, Other Payables
Loss Contingencies [Line Items]
Receivables from customers		$ 18,184
Certificates of deposit, at carrying value		3,665
Machinery and equipment, gross		28,286
Inventories
Loss Contingencies [Line Items]
Purchase obligation		52,588
Capital addition purchase commitments
Loss Contingencies [Line Items]
Capital commitments		$ 64,686

SHARE-BASED PAYMENT (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity Plan

The grant and modification date fair value of the stock options was determined using the Black Scholes model with the following assumptions:


	Year Ended December 31,
	2022		2023
Exercise price	$2.42-$5.69		$1.21-$6.28
Expected terms (years)	6.00		0.25-6.00
Volatility	56.16%-57.84%		55.59%-86.83%
Risk-free interest rate	2.79%-3.02%		3.48%-5.38%
Expected dividend yields	0.00	%	0.00	%
Weighted average fair value of options granted	$1.33-$3.19		$0.005-$1.48

During the year ended December 31, 2021, the modification date fair value of the stock options was determined using the Binomial-Lattice Model with the following assumptions:


			After modification
Exercise price			$4.37-$6.28
Expected terms (years)			4.5-9.4
Volatility			47.6%-53.1%
Risk-free interest rate			1.26%-1.87%
Expected dividend yield			0.00%
Weighted average fair value of options modified			$4.70-$5.36

At the CRSU Modification date, the Company used the Monte Carlo valuation model in determining the fair value of the CRSUs with assumptions as follows:


	Modification Date
Expected term (years)	0.07		~	2.07
Volatility	50.93	%	~	73.89%
Risk-free interest rate	1.15	%	~	3.05%
Expected dividend yields	0.00%

The following assumptions were used for the respective periods below 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,
	2022		2023
Expected term (years)	2.68		2.92
Volatility	59.50	%	61.89	%
Risk-free interest rate	2.72	%	3.83	%
Expected dividend yields	0.00	%	0.00	%

Schedule of Effective Time Fair Value of the Stock Options was Determined Using the BLM

Share options activity for the years ended December 31, 2023 was as follows:


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, 2023	36,091,071	6.08	4.80	6.8
Granted	640,000	1.77	1.18
Forfeited	(3,854,389)	5.93	4.79
Outstanding as of December 31, 2023	32,876,682	6.01	4.73	5.7
Expected to vest and exercisable as of December 31, 2023	32,876,682	6.01	4.73	5.7
Exercisable as of December 31, 2023	21,366,586	6.11	4.85	5.8

Schedule Non-vested Shares Activity

CRSUs' activity for the years ended December 31, 2023 was as follows:


	Number on Non-Vested Shares	Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of January 1, 2023	13,444,469	2.38
Vested	(6,779,455)	2.47
Outstanding as of December 31, 2023	6,665,014	2.29

The restricted stock units activity for the years ended December 31, 2023 was as follows:


	Number of Non-Vested Shares	Weighted Average Grant Date Fair Value Per Share (US$)
Outstanding as of January 1, 2023	1,222,837	6.92
Grant	3,354,633	1.88
Vested	(598,976)	3.26
Forfeited	(379,888)	4.61
Outstanding as of December 31, 2023	3,598,606	3.07

Schedule of Classification of Stock-based Compensation

The following summarizes the classification of share-based compensation:


	Year Ended December 31,
	2021		2022		2023
Cost of revenues	$	4,309	$	7,712	$	6,091
General and administrative expenses	59,492		67,261		43,831
Research and development expenses	13,064		13,987		11,103
Selling and marketing expenses	6,029		6,745		3,946
Construction in progress	237		525		343
Total	$	83,131	$	96,230	$	65,314

ACQUIRED INTANGIBLE ASSETS, NET - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of acquired intangible assets	$ 5,472	$ 3,493
Less: accumulated amortization	(2,336)	(1,857)
Acquired intangible assets, net	$ 3,136	$ 1,636

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information of the leases were as follows:


	Year Ended December 31, 2023
Cash payments for operating leases	$	3,633
Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,725

Summary of the Lessee, Operating Lease, Liability, Maturity

The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of December 31, 2023:


	As of December 31, 2023
2024	$	3,341
2025	2,822
2026	2,567
2027	2,437
2028	1,861
Thereafter	11,818
Total future lease payments	$	24,846
Less: Imputed interest	$	(5,346)
Present value of operating lease liabilities	$	19,500

NET LOSS PER SHARE - Schedule of Outstanding were Excluded from the Calculation of Diluted Net Loss per Ordinary Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Loss Per Share [Line Items]
Shares issuable upon exercise of stock options (in shares)	35,572,123	35,244,877	33,786,356
Shares issuable upon vesting of non-vested shares (in shares)	3,623,777	1,399,711	167,268
Shares Issuable Upon Exercise Of Capped Non-vested Shares	10,393,732	7,314,598	0
Shares issuable upon exercise of warrants (in shares)	28,437,000	28,437,000	12,543,444
Shares issuable upon conversion of non-controlling interests of a subsidiary (in shares)	0	0	9,595,605
Shares issuable upon vesting of Earn-out shares (in shares)	19,999,988	19,999,988	8,821,913
Shares issuable that may be subject to cancellation (in shares)	1,687,500	1,687,500	744,349
Shares issuable upon conversion of Series B2 Preferred
Net Loss Per Share [Line Items]
Shares issuable upon conversion of Series Preferred	0	0	6,035,544
Shares issuable upon conversion of Series C1 Preferred
Net Loss Per Share [Line Items]
Shares issuable upon conversion of Series Preferred	0	0	14,881,434
Shares issuable upon conversion of Series C2 Preferred
Net Loss Per Share [Line Items]
Shares issuable upon conversion of Series Preferred	0	0	11,262,023
Shares issuable upon conversion of Series D1 Preferred
Net Loss Per Share [Line Items]
Shares issuable upon conversion of Series Preferred	0	0	12,408,870
Shares issuable upon conversion of Series D2 Preferred
Net Loss Per Share [Line Items]
Shares issuable upon conversion of Series Preferred	0	0	9,139,268

REVERSE RECAPITALIZATION

12 Months Ended

Dec. 31, 2023

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 22.

In connection with the Merger Agreement, Tuscan, MPS, the CL Investors (refer to Note 14), certain 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 19).

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 22.

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.


(c)			Includes 1,687,500 shares that may be subject to cancellation in accordance with the amended escrow agreement.

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.

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY BALANCES AND TRANSACTIONS

26. 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,
	2021		2022		2023
Raw material sold to Ochem	$	390	$	—	$	—

(2)Interest-free loans

MPS received certain interest-free loans from related parties, Ochemate and Ochem, for the years ended December 31, 2021, 2022 and 2023, with accumulative amounts of $8,426, $— and $—, respectively.

The outstanding balance for the amount due from Ochem was $— and $— as of December 31, 2022 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

MAINLAND CHINA CONTRIBUTION PLAN	12 Months Ended
MAINLAND CHINA CONTRIBUTION PLAN	Dec. 31, 2023
Retirement Benefits [Abstract]
MAINLAND CHINA CONTRIBUTION PLAN	23. 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 $2,774, $3,370 and $3,552 for the years ended December 31, 2021, 2022 and 2023, respectively.

COMMON STOCK - Narrative (Details)		12 Months Ended
COMMON STOCK - Narrative (Details)	Jul. 24, 2021 vote $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 shares
Dividends, Common Stock [Abstract]
Authorized shares (in shares)		800,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Designated as common stock shares (in shares)		750,000,000
Designated as redeemable convertible preferred stock (in shares)		50,000,000
Common stock, shares issued (in shares)	300,516,237	316,694,442	309,316,011
Common stock, voting rights, number of votes \| vote	1
Common stock, shares outstanding (in shares)		315,006,942	307,628,511

SEGMENT INFORMATION - Schedule of Long-lived Assets, Classified by Major Geographic Regions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 632,651	$ 347,779
Long-lived assets, percentage	100.00%	100.00%
Asia & Pacific
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 304,380	$ 233,202
Long-lived assets, percentage	48.00%	67.00%
PRC
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 304,380	$ 233,202
Long-lived assets, percentage	48.00%	67.00%
Europe
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 18,119	$ 19,705
Long-lived assets, percentage	3.00%	6.00%
Germany
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 18,076	$ 19,639
Long-lived assets, percentage	3.00%	6.00%
United Kingdom
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 43	$ 66
Long-lived assets, percentage	0.00%	0.00%
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 310,152	$ 94,872
Long-lived assets, percentage	49.00%	27.00%

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Dec. 31, 2023

Land and Land Improvements [Abstract]

Schedule of Land Use Rights

Land use rights consisted of the following:


	December 31, 2022		December 31, 2023
Cost of land use rights	$	15,143	$	14,711
Less: accumulated amortization	(2,504)		(2,727)
Land use rights, net	$	12,639	$	11,984

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

25. SEGMENT INFORMATION

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

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


	December 31,			December 31,
Geographic regions	2022			2023
	Amount	%		Amount	%
PRC	233,202	67	%	304,380	48	%
Asia & Pacific	233,202	67	%	304,380	48	%
Germany	19,639	6	%	18,076	3	%
United Kingdom	66	0	%	43	0	%
Europe	19,705	6	%	18,119	3	%
United States	94,872	27	%	310,152	49	%
Total	347,779	100	%	632,651	100	%

Disaggregation of revenue

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


	Year ended December 31,			Year ended December 31,			Year ended December 31,
Geographic regions	2021			2022			2023
	Amount	%		Amount	%		Amount	%
PRC	93,326	61	%	132,469	65	%	156,480	51	%
India	17,805	12	%	47,323	23	%	60,606	20	%
Russia	12,213	8	%	305	—	%	—	—	%
Other Asia & Pacific countries	8,172	5	%	4,938	2	%	2,047	1	%
Asia & Pacific	131,516	86	%	185,035	90	%	219,133	72	%
United Kingdom	11,386	7	%	3,976	2	%	3,510	1	%
Italy	3,140	2	%	6,389	3	%	56,592	18	%
Other European countries	5,016	4	%	5,444	3	%	24,256	8	%
Europe	19,542	13	%	15,809	8	%	84,358	27	%
United States	918	1	%	3,651	2	%	3,126	1	%
Total	151,976	100	%	204,495	100	%	306,617	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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

ACQUIRED INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED INTANGIBLE ASSETS, NET

9. ACQUIRED INTANGIBLE ASSETS, NET


	December 31, 2022		December 31, 2023
Cost of acquired intangible assets	$	3,493	$	5,472
Less: accumulated amortization	(1,857)		(2,336)
Acquired intangible assets, net	$	1,636	$	3,136

The Group recorded amortization expense of $413, $244 and $493 for the years ended December 31, 2021, 2022 and 2023, respectively. No impairment losses were recognized for the years ended December 31, 2021, 2022 and 2023.

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


2024	$	488
2025	484
2026	482
2027	476
2028	385
Thereafter	821
Total	$	3,136

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions


	Year Ended December 31,
	2021		2022		2023
Raw material sold to Ochem	$	390	$	—	$	—

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 306,617	$ 204,495	$ 151,976
Cost of revenues	(249,390)	(195,422)	(194,719)
Gross profit	57,227	9,073	(42,743)
Operating expenses:
General and administrative expenses	(97,291)	(104,572)	(101,632)
Research and development expenses	(45,004)	(43,508)	(34,385)
Selling and marketing expenses	(23,614)	(22,611)	(21,431)
Total operating expenses	(165,909)	(170,691)	(157,448)
Subsidy income	1,953	1,672	6,127
Loss from operations	(106,729)	(159,946)	(194,064)
Other income and expenses:
Interest income	3,609	3,179	446
Interest expense	(2,628)	(3,323)	(5,411)
Loss on changes in fair value of Bridge Notes	0	0	(9,861)
Gain on changes in fair value of warrant liability	59	979	2,469
Other (expense) income, net	(713)	944	(62)
Loss before provision for income tax	(106,402)	(158,167)	(206,483)
Income tax expense	(10)	(33)	0
Net loss	(106,412)	(158,200)	(206,483)
Less: Net loss attributable to noncontrolling interest	(76)	0	0
Net loss attributable to Microvast Holdings, Inc.	(106,336)	(158,200)	(206,483)
Less: Accretion of Series C1 Preferred	0	0	2,257
Less: Accretion of Series C2 Preferred	0	0	5,132
Less: Accretion of Series D1 Preferred	0	0	10,708
Less: Accretion for noncontrolling interests	0	0	9,523
Net loss attributable to common stock shareholders of Microvast Holdings, Inc.	$ (106,336)	$ (158,200)	$ (234,103)
Net loss per share attributable to common stock shareholders of Microvast Holdings, Inc.
Basic (in dollars per share)	$ (0.34)	$ (0.52)	$ (1.26)
Diluted (in dollars per share)	$ (0.34)	$ (0.52)	$ (1.26)
Weighted average shares used in calculating net loss per share of common stock:
Weighted average shares used in calculating net loss per share of common stock, basic (in shares)	310,909,379	303,279,188	185,896,482
Weighted average shares used in calculating net loss per share of common stock, diluted (in shares)	310,909,379	303,279,188	185,896,482

PREFERRED SHARES - Narrative (Details)	Jul. 23, 2021
Common Stock
Preferred Units [Line Items]
Reverse recapitalization, exchange ratio	160.3

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Long-lived Assets, Classified by Major Geographic Regions

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


	December 31,			December 31,
Geographic regions	2022			2023
	Amount	%		Amount	%
PRC	233,202	67	%	304,380	48	%
Asia & Pacific	233,202	67	%	304,380	48	%
Germany	19,639	6	%	18,076	3	%
United Kingdom	66	0	%	43	0	%
Europe	19,705	6	%	18,119	3	%
United States	94,872	27	%	310,152	49	%
Total	347,779	100	%	632,651	100	%

Schedule of Assets and Revenues Major Geographic Regions

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


	Year ended December 31,			Year ended December 31,			Year ended December 31,
Geographic regions	2021			2022			2023
	Amount	%		Amount	%		Amount	%
PRC	93,326	61	%	132,469	65	%	156,480	51	%
India	17,805	12	%	47,323	23	%	60,606	20	%
Russia	12,213	8	%	305	—	%	—	—	%
Other Asia & Pacific countries	8,172	5	%	4,938	2	%	2,047	1	%
Asia & Pacific	131,516	86	%	185,035	90	%	219,133	72	%
United Kingdom	11,386	7	%	3,976	2	%	3,510	1	%
Italy	3,140	2	%	6,389	3	%	56,592	18	%
Other European countries	5,016	4	%	5,444	3	%	24,256	8	%
Europe	19,542	13	%	15,809	8	%	84,358	27	%
United States	918	1	%	3,651	2	%	3,126	1	%
Total	151,976	100	%	204,495	100	%	306,617	100	%

BONDS PAYABLE - Schedule of Bonds Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Bonds Payable [Line Items]
Long-term bonds payable, Total	$ 43,157	$ 43,888
Huzhou Saiyuan
Schedule of Bonds Payable [Line Items]
Long-term bonds payable, Total	$ 43,157	$ 43,888

REVERSE RECAPITALIZATION (Tables)

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

Schedule of Ownership Interests of the Company’s Stockholders

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.


(c)			Includes 1,687,500 shares that may be subject to cancellation in accordance with the amended escrow agreement.

SHARE-BASED PAYMENT

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED PAYMENT

22. 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 schedules, using the Common Exchange Ratio of 160.3, as described in Note 3. The 2021 Plan reserved 5% of the fully-diluted shares of Common Stock outstanding immediately following the Closing Date plus the shares underlying awards rolled over from the 2012 Plan for issuance in accordance with the 2021 Plan’s terms. As of December 31, 2023, 16,729,872 shares of Common Stock was available for grant under the 2021 Plan.

Share options

During the year ended December 31, 2023, the Company recorded share-based compensation expense of $51,289 related to the option awards.

The grant and modification date fair value of the stock options was determined using the Black Scholes model with the following assumptions:


	Year Ended December 31,
	2022		2023
Exercise price	$2.42-$5.69		$1.21-$6.28
Expected terms (years)	6.00		0.25-6.00
Volatility	56.16%-57.84%		55.59%-86.83%
Risk-free interest rate	2.79%-3.02%		3.48%-5.38%
Expected dividend yields	0.00	%	0.00	%
Weighted average fair value of options granted	$1.33-$3.19		$0.005-$1.48

The exercise prices for each award were extracted from the option agreements. The expected terms for each award were derived using the simplified method, and is estimated to occur at the midpoint of the vesting date and the expiration date. The volatility of the underlying common stock during the lives of the options was a blend of implied volatility from the average volatility of peer companies, implied volatility and the Company's historical volatility. Risk-free interest rate was estimated based on the market yield of US Government Bonds with maturity close to the expected term of the options. The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.

Share options - Continued

During the year ended December 31, 2021, the modification date fair value of the stock options was determined using the Binomial-Lattice Model with the following assumptions:


			After modification
Exercise price			$4.37-$6.28
Expected terms (years)			4.5-9.4
Volatility			47.6%-53.1%
Risk-free interest rate			1.26%-1.87%
Expected dividend yield			0.00%
Weighted average fair value of options modified			$4.70-$5.36

Exercise price was extracted from option agreements. Expected lives was derived from option agreements. 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. 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. 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, 2023 was as follows:


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, 2023	36,091,071	6.08	4.80	6.8
Granted	640,000	1.77	1.18
Forfeited	(3,854,389)	5.93	4.79
Outstanding as of December 31, 2023	32,876,682	6.01	4.73	5.7
Expected to vest and exercisable as of December 31, 2023	32,876,682	6.01	4.73	5.7
Exercisable as of December 31, 2023	21,366,586	6.11	4.85	5.8

The total unrecognized equity-based compensation costs as of December 31, 2023 related to the stock options was $29,708, which is expected to be recognized over a weighted-average period of 0.7 years. The aggregate intrinsic value of the share options as of December 31, 2023 was $10.

Capped Non-vested share units

The capped non-vested shares units ("CRSUs") 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 CRSUs were accounted for as liability classified awards.

Capped Non-vested share units - Continued

On June 27, 2022, the Board of Directors and Compensation Committee approved a modification of the settlement terms of 20,023,699 CRSUs under the 2021 Plan from cash settlement to share settlement (the “CRSU Modification ”). Pursuant to the CRSU Modification, on each vesting date, if the stock price is higher than the capped price, the number of shares to be issued will be calculated based on the following formula:

Number of shares to be issued = Capped price* Number of shares vested /Vesting date stock price

If the stock price is equal to or less than the capped price, the Company will grant a fixed number of shares on each vesting date based on the vesting schedule. All other terms of the CRSUs remain unchanged. The CRSU Modification resulted in a change of the CRSUs’ classification from liability to equity, as the predominant feature of the modified CRSUs was the granting of a fixed number of shares on each vesting date instead of a fixed monetary amount. The determination of the predominant feature was based on the estimated probability of how the awards will be settled using the Monte Carlo model.

At the CRSU Modification date, the Company reclassified the amounts previously recorded as a share-based compensation liability to additional paid-in capital. The modified CRSUs were accounted for as an equity award going forward from the date of the CRSU Modification with compensation expenses recognized for each tranche at the fair value measured on the modification date.

At the CRSU Modification date, the Company used the Monte Carlo valuation model in determining the fair value of the CRSUs with assumptions as follows:


	Modification Date
Expected term (years)	0.07		~	2.07
Volatility	50.93	%	~	73.89%
Risk-free interest rate	1.15	%	~	3.05%
Expected dividend yields	0.00%

Expected term was the time left (in years) from the CRSU Modification date to the vesting date based on the terms of the applicable award agreements. The volatility of the underlying common stock was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the awards. Risk-free interest rate was estimated based on the market yield of US Government Bonds with maturity close to the expected term of the awards. The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the awards.

During the year ended December 31, 2023, the Company recorded share-based compensation expense of $9,647, related to these CRSUs awards.

CRSUs' activity for the years ended December 31, 2023 was as follows:


	Number on Non-Vested Shares	Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of January 1, 2023	13,444,469	2.38
Vested	(6,779,455)	2.47
Outstanding as of December 31, 2023	6,665,014	2.29

The total unrecognized equity-based compensation costs as of December 31, 2023 related to the CRSUs was $2,839.

Restricted Stock Units

Following the Merger, the Company granted 2,641,715 restricted stock units (“RSUs”) and 2,680,372 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 $1,992 related to these RSU awards and $2,386 related to these PSU awards during the year ended December 31, 2023.


	Year Ended December 31,
	2022		2023
Expected term (years)	2.68		2.92
Volatility	59.50	%	61.89	%
Risk-free interest rate	2.72	%	3.83	%
Expected dividend yields	0.00	%	0.00	%

Expected term was derived based on the remaining time from the grant date through the end of the performance period. The volatility of the underlying common stock 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. Risk-free interest rate was estimated based on the market yield of US Government Bond with maturity close to the expected term of the awards. The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the awards.

The restricted stock units activity for the years ended December 31, 2023 was as follows:


	Number of Non-Vested Shares	Weighted Average Grant Date Fair Value Per Share (US$)
Outstanding as of January 1, 2023	1,222,837	6.92
Grant	3,354,633	1.88
Vested	(598,976)	3.26
Forfeited	(379,888)	4.61
Outstanding as of December 31, 2023	3,598,606	3.07

The total unrecognized equity-based compensation costs as of December 31, 2023 related to the non-vested restricted stock units was $5,282.

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 $366.0 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 Series B2 Preferred shares were legally issued and outstanding. Upon the Merger, these 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 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 the 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,
	2021		2022		2023
Cost of revenues	$	4,309	$	7,712	$	6,091
General and administrative expenses	59,492		67,261		43,831
Research and development expenses	13,064		13,987		11,103
Selling and marketing expenses	6,029		6,745		3,946
Construction in progress	237		525		343
Total	$	83,131	$	96,230	$	65,314

COMMON STOCK	12 Months Ended
COMMON STOCK	Dec. 31, 2023
Dividends, Common Stock [Abstract]
COMMON STOCK	20. 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, 2023, there were 316,694,442 shares of Common Stock issued and 315,006,942 shares outstanding.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (106,412)	$ (158,200)	$ (206,483)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss /(gain) on disposal of property, plant and equipment	1,947	(14)	13
Depreciation of property, plant and equipment	22,141	19,811	19,975
Amortization of land use rights and intangible assets	787	554	738
Noncash lease expenses	2,764	2,214	0
Share-based compensation	64,971	90,808	82,894
Changes in fair value of warrant liability	(59)	(979)	(2,469)
Changes in fair value of Bridge Notes	0	0	9,861
Allowance of credit losses	236	1,640	721
Provision for obsolete inventories	3,613	4,789	18,295
Impairment loss from property, plant and equipment	504	1,798	2,443
Product warranty	12,688	14,097	52,932
Changes in operating assets and liabilities:
Notes receivable	(25,338)	3,187	10,016
Accounts receivable	(21,759)	(38,924)	(11,844)
Inventories	(74,406)	(43,694)	(25,892)
Prepaid expenses and other current assets	(14,291)	3,628	(10,980)
Amounts due from/to related parties	0	85	(84)
Operating lease right-of-use assets	(5,446)	(19,375)	0
Other non-current assets	(547)	(282)	(2,135)
Notes payable	(3,507)	13,490	24,159
Accounts payable	68,576	7,146	(2,499)
Advance from customers	(10,949)	53,022	(971)
Accrued expenses and other liabilities	6,602	(24,674)	(5,947)
Operating lease liabilities	2,266	14,999	0
Other non-current liabilities	316	946	2,218
Net cash used in operating activities	(75,303)	(53,928)	(45,039)
Cash flows from investing activities
Purchases of property, plant and equipment	(186,788)	(150,880)	(87,862)
Proceeds on disposal of property, plant and equipment	1,649	5	0
Purchase of short-term investments	(5,966)	(25,070)	0
Proceeds from maturity of short-term investments	25,500	0	0
Net cash used in investing activities	(165,605)	(175,945)	(87,862)
Cash flows from financing activities
Proceeds from bank borrowings	47,852	58,708	38,926
Repayment of bonds payable	(692)	(29,259)	0
Repayment of bank borrowings	(14,119)	(24,482)	(37,568)
Loans borrowing from related parties	0	0	8,426
Repayment of related party loans	0	0	(8,426)
Cash received from the trust account upon Merger, net of transaction costs (Note 3)	0	0	222,629
Cash received from Private Investment in Public Equity (“PIPE”) investors upon Merger (Note 3)	0	0	482,500
Payment to exited noncontrolling interests (Note 19)	0	0	(139,038)
Issuance of Bridge Notes (Note 14)	0	0	57,500
Net cash generated from financing activities	33,041	4,967	624,949
Effect of exchange rate changes	(6,561)	(8,586)	2,865
Increase (Decrease) in cash, cash equivalents and restricted cash	(214,428)	(233,492)	494,913
Cash, cash equivalents and restricted cash at beginning of the year	302,617	536,109	41,196
Cash, cash equivalents and restricted cash at end of the year	88,189	302,617	536,109
Reconciliation to amounts on consolidated balance sheets
Cash and cash equivalents	44,541	231,420	480,931
Restricted cash	43,648	71,197	55,178
Total cash, cash equivalents and restricted cash	88,189	302,617	536,109
Supplemental disclosure of cash flow information
Interest paid	4,373	5,135	2,686
Income tax paid	0	0	0
Non-cash investing and financing activities
Payable for purchase of property, plant and equipment	$ 96,350	$ 29,183	$ 18,500

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Operating segment	1
Reporting segment.	1

SEGMENT INFORMATION - Schedule of Assets and Revenues Major Geographic Regions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 306,617	$ 204,495	$ 151,976
Revenues, percentage	100.00%	100.00%	100.00%
Asia & Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 219,133	$ 185,035	$ 131,516
Revenues, percentage	72.00%	90.00%	86.00%
PRC
Disaggregation of Revenue [Line Items]
Revenues	$ 156,480	$ 132,469	$ 93,326
Revenues, percentage	51.00%	65.00%	61.00%
India
Disaggregation of Revenue [Line Items]
Revenues	$ 60,606	$ 47,323	$ 17,805
Revenues, percentage	20.00%	23.00%	12.00%
Russia
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 305	$ 12,213
Revenues, percentage	0.00%	0.00%	8.00%
Other Asia & Pacific countries
Disaggregation of Revenue [Line Items]
Revenues	$ 2,047	$ 4,938	$ 8,172
Revenues, percentage	1.00%	2.00%	5.00%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 84,358	$ 15,809	$ 19,542
Revenues, percentage	27.00%	8.00%	13.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	$ 3,510	$ 3,976	$ 11,386
Revenues, percentage	1.00%	2.00%	7.00%
Italy
Disaggregation of Revenue [Line Items]
Revenues	$ 56,592	$ 6,389	$ 3,140
Revenues, percentage	18.00%	3.00%	2.00%
Other European countries
Disaggregation of Revenue [Line Items]
Revenues	$ 24,256	$ 5,444	$ 5,016
Revenues, percentage	8.00%	3.00%	4.00%
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 3,126	$ 3,651	$ 918
Revenues, percentage	1.00%	2.00%	1.00%

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

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


	Year Ended December 31,
	2021		2022		2023
Numerator:
Net loss attributable to Common Stock shareholders	$	(234,103)	$	(158,200)	$	(106,336)
Denominator:
Weighted average Common Stock outstanding used in computing basic and diluted net loss per share	185,896,482		303,279,188		310,909,379
Basic and diluted net loss per share	$	(1.26)	$	(0.52)	$	(0.34)

Schedule of Outstanding were Excluded from the Calculation of Diluted Net Loss per Ordinary Share

For the years ended December 31, 2021, 2022 and 2023, 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 years prescribed.


	Year ended December 31,
	2021	2022	2023
Shares issuable upon exercise of share options	33,786,356	35,244,877	35,572,123
Shares issuable upon vesting of non-vested shares	167,268	1,399,711	3,623,777
Shares issuable upon exercise of capped non-vested shares	—	7,314,598	10,393,732
Shares issuable upon exercise of warrants	12,543,444	28,437,000	28,437,000
Shares issuable upon conversion of Series B2 Preferred	6,035,544	—	—
Shares issuable upon conversion of Series C1 Preferred	14,881,434	—	—
Shares issuable upon conversion of Series C2 Preferred	11,262,023	—	—
Shares issuable upon conversion of Series D1 Preferred	12,408,870	—	—
Shares issuable upon conversion of Series D2 Preferred	9,139,268	—	—
Shares issuable upon conversion of non-controlling interests of a subsidiary	9,595,605	—	—
Shares issuable upon vesting of Earn-out shares	8,821,913	19,999,988	19,999,988
Shares issuable that may be subject to cancellation	744,349	1,687,500	1,687,500

PREFERRED SHARES	12 Months Ended
PREFERRED SHARES	Dec. 31, 2023
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
PREFERRED SHARES	21. PREFERRED SHARES 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.

OTHER NON-CURRENT LIABILITIES - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities, Noncurrent [Abstract]
Product warranty - non-current	$ 21,479	$ 29,016	$ 37,536
Deferred subsidy income- non-current	3,382	3,066
Total	$ 24,861	$ 32,082

SHARE-BASED PAYMENT - Schedule of Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Cost of revenues	$ 6,091	$ 7,712	$ 4,309
General and administrative expenses	43,831	67,261	59,492
Research and development expenses	11,103	13,987	13,064
Selling and marketing expenses	3,946	6,745	6,029
Construction in progress	343	525	237
Total	$ 65,314	$ 96,230	$ 83,131

OTHER NON-CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

Other Liabilities, Noncurrent [Abstract]

OTHER NON-CURRENT LIABILITIES

13. OTHER NON-CURRENT LIABILITIES


	December 31, 2022		December 31, 2023
Product warranty - non-current	$	29,016	21,479
Deferred subsidy income- non-current	3,066		3,382
Total	$	32,082	$	24,861

BANK BORROWINGS

12 Months Ended

Dec. 31, 2023

Bank Borrowings [Abstract]

BANK BORROWINGS

12. BANK BORROWINGS

On September 27, 2022, the Group entered into a $111,483 (RMB800 million) loan facilities agreement with a group of lenders led by a PRC Bank (the "2022 Facility Agreement"). The 2022 Facility Agreement has an effective drawdown period until June 9, 2023, which was extended to June 9, 2024 by a supplemental agreement signed in October 2023. Under the supplemental agreement, the Company has access to the remaining RMB300 million undrawn amount under the 2022 Facility Agreement as of December 31, 2023. The interest rate is prime plus 115 basis points where prime is based on Loan Prime Rate published by the National Inter-bank Funding Center of the PRC. The interest is payable on a quarterly basis. The loan facilities can only be used for the construction project of manufacturing capacity expansion at the Group’s facility located in Huzhou, China. The 2022 Facility Agreement contains certain customary restrictive covenants, including but not limited to disposal of assets and dividend distribution without the consent of the lenders, and certain customary events of default. Accordingly, the Group has the balance of restricted cash of $465 and $6,171 as of December 31, 2022 and 2023, respectively.

As of December 31, 2023, the Group had outstanding borrowings of $61,266 under the 2022 Facility Agreement and the table below is the repayment schedule.


Repayment Date						Repayment Amount
June 10, 2024						$8,753 (RMB62.1 million)
December 10, 2024						$8,752 (RMB62.1 million)
June 10, 2025						$8,752 (RMB62.1 million)
December 10, 2025						$8,752 (RMB62.1 million)
June 10, 2026						$13,128 (RMB93.2 million)
December 10, 2026						$13,129 (RMB93.2 million)

The amount of interest expenses capitalized, which was recorded in the construction in progress and the property, plant and equipment, was $492 and $1,503 as of December 31, 2022 and 2023, respectively.

The Group has also entered into short-term loan agreements and bank facilities with Chinese banks. The original terms of the loans from Chinese banks are within 12 months and the interest rates range from 3.40% to 4.55% per annum.

Changes in bank borrowings were as follows:


	Year Ended December 31,
	2021		2022		2023
Beginning balance	$	12,184	$	13,301	$	46,395
Proceeds from bank borrowings	38,926		58,708		47,852
Repayments of principal	(37,568)		(24,482)		(14,119)
Exchange difference	(241)		(1,132)		(975)
Ending balance	$	13,301	$	46,395	$	79,153


Balance of bank borrowings includes:	December 31, 2022		December 31, 2023
Current	$	17,398	$	35,392
Non-current	28,997		43,761
Total	$	46,395	$	79,153

Certain assets of the Group have 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, 2022 and December 31, 2023 were as follows:


	December 31, 2022		December 31, 2023
Buildings	$	27,245	$	124,565
Land use rights	12,639		11,984
Total	$	39,884	$	136,549

BONDS PAYABLE - Narrative (Details) $ in Thousands, ¥ in Millions													12 Months Ended
	Jan. 31, 2027 USD ($)	Jan. 31, 2027 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Nov. 10, 2022 USD ($)	Nov. 10, 2022 CNY (¥)	Jul. 23, 2021 shares	Jan. 04, 2021 USD ($)	Dec. 29, 2018 USD ($)	Dec. 29, 2018 CNY (¥)	Nov. 02, 2018 USD ($)	Nov. 02, 2018 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)
Schedule of Bonds Payable [Line Items]
Bond loan									$ 87,776	¥ 600.0
Equity holding pledged percentage									12.39%	12.39%
Debt instrument, convertible amount, subsidiary value threshold													$ 950,000
Repayments of convertible debt (in dollars and yuan renminbi)			$ 14,630	¥ 100.0	$ 14,629	¥ 100.0
Debt instrument, interest rate, stated percentage													12.00%
Repayments of bonds payable													$ 692	$ 29,259	$ 0
Aggregate amount of bond loan											$ 73,147	¥ 500.0
Subscribed by bond holders																	$ 29,915	¥ 204.5
Shares of common stock (in shares) \| shares							6,719,845
Purchase agreement to issue convertible promissory note amount								$ 57,500
Interest rate																6.00%
Loss on changes in fair value of Bridge Notes													0	$ 0	$ 9,861
Convertible promissory notes converted common stock shares (in shares) \| shares							6,736,106
Huzhou Saiyuan
Schedule of Bonds Payable [Line Items]
Subscribed amount (in dollars and yuan renminbi)													$ 295,000
CL Investors
Schedule of Bonds Payable [Line Items]
Aggregate amount of bond loan											$ 58,516	¥ 400.0
Forecast
Schedule of Bonds Payable [Line Items]
Repayments of convertible debt (in dollars and yuan renminbi)	$ 43,888	¥ 300.0

INVENTORIES, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Provision for obsolete inventories	$ 3,613	$ 4,789	$ 18,295

ACCOUNTS RECEIVABLE - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance at beginning of the period	$ 4,407	$ 5,005	$ 5,047
Charge of expenses	236	1,640	721
Write off	(128)	(2,631)	(849)
Recoveries of credit losses	121	0	0
Exchange difference	(65)	(473)	86
Balance at end of the period	4,571	4,407	5,005
Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance at beginning of the period	866	0
Balance at end of the period	$ 0	$ 866	$ 0

LAND USE RIGHTS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Land and Land Improvements [Abstract]
Estimated usage term period	50 years
Amortization expenses	$ 294	$ 310	$ 325
Land use rights, expected amortization, next one year	294
Land use rights, expected amortization, next two years	294
Land use rights, expected amortization, next three years	294
Land use rights, expected amortization, next four years	294
Land use rights, expected amortization, next five years	294
Land use rights, expected amortization, after five years	$ 294

REVERSE RECAPITALIZATION - Schedule of Ownership Interests of the Company’s Stockholders (Details)	Jul. 23, 2021 shares
Reverse Recapitalization [Abstract]
Existing Microvast Equity Holders (in shares)	209,999,991
Existing Microvast Convertible Noteholders (in shares)	6,736,106
Tuscan public stockholders (in shares)	27,493,140
Sponsor Group (in share)	7,608,589
EarlyBirdCapital (in shares)	428,411
PIPE investors immediately after Merger (in shares)	48,250,000
Common Stock (in shares)	300,516,237
Shares subject to cancellation (in shares)	1,687,500

LEASES - Narrative (Details) $ in Thousands	12 Months Ended
LEASES - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
Operating lease, cost	$ 3,663
Short-term lease, cost	$ 435
Operating lease, weighted average remaining lease term	10 years 2 months 12 days
Operating lease, weighted average discount rate, percent	5.20%

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS (Additional Disclosures) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Jul. 24, 2021
Assets
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	316,694,442	309,316,011	300,516,237
Common stock, shares outstanding (in shares)	315,006,942	307,628,511

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Mar. 08, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-38826
Entity Registrant Name	Microvast Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2530757
Entity Address, Address Line One	12603 Southwest Freeway
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Stafford
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77477
City Area Code	(281)
Local Phone Number	491-9505
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 354.0
Entity Common Stock, Shares Outstanding		317,206,095
Entity Central Index Key	0001760689
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	MVST
Security Exchange Name	NASDAQ
Warrant
Entity Information [Line Items]
Title of 12(b) Security	Redeemable warrants, exercisable for shares of common stock at an exercise price of $11.50 per share
Trading Symbol	MVSTW
Security Exchange Name	NASDAQ

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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

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

Fair value - continued

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

Contract balances

Value added taxes

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

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.

Operating leases

Operating leases - continued

Warrant Liability

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

Supplier Concentration

Recent accounting pronouncements not yet adopted

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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 44,541	$ 231,420
Restricted cash, current	37,477	70,732
Short-term investments	5,634	25,070
Accounts receivable (net of allowance for credit losses of $4,407 and $4,571 as of December 31, 2022 and 2023, respectively)	138,717	119,304
Notes receivable	23,736	2,196
Inventories, net	149,749	84,252
Prepaid expenses and other current assets	25,752	12,093
Total Current Assets	425,606	545,067
Restricted cash, non-current	6,171	465
Property, plant and equipment, net	620,667	335,140
Land use rights, net	11,984	12,639
Acquired intangible assets, net	3,136	1,636
Operating lease right-of-use assets	19,507	16,368
Other non-current assets	9,661	73,642
Total Assets	1,096,732	984,957
Current liabilities:
Accounts payable	112,618	44,985
Notes payable	63,374	68,441
Accrued expenses and other current liabilities	148,284	66,720
Advance from customers	43,087	54,207
Short-term bank borrowings	35,392	17,398
Income tax payables	655	658
Total Current Liabilities	403,410	252,409
Long-term bank borrowings	43,761	28,997
Long-term bonds payable	43,157	43,888
Warrant liability	67	126
Share-based compensation liability	199	131
Operating lease liabilities	17,087	14,347
Other non-current liabilities	24,861	32,082
Total Liabilities	532,542	371,980
Commitments and contingencies (Note 28)
Shareholders’ Equity
Common Stock (par value of US$0.0001 per share, 750,000,000 shares authorized as of December 31, 2022 and 2023; 309,316,011 and 316,694,442 shares issued, and 307,628,511 and 315,006,942 shares outstanding as of December 31, 2022 and 2023)	32	31
Additional paid-in capital	1,481,241	1,416,160
Statutory reserves	6,032	6,032
Accumulated deficit	(897,501)	(791,165)
Accumulated other comprehensive loss	(25,614)	(18,081)
Total Equity	564,190	612,977
Total Liabilities and Equity	$ 1,096,732	$ 984,957

INVENTORIES, NET (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	December 31, 2022		December 31, 2023
Work in process	$	48,747	$	86,379
Raw materials	29,331		35,867
Finished goods	6,174		27,503
Total	$	84,252	$	149,749

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jul. 24, 2021
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 4,571	$ 4,407
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	316,694,442	309,316,011	300,516,237
Common stock, shares outstanding (in shares)	315,006,942	307,628,511

INCOME TAXES - Schedule of Reconciliation Between the Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Loss before provision for income tax	$ (106,402,000)	$ (158,167,000)	$ (206,483,000)
Tax credit at the U.S. federal corporate income tax rate of 21%	(22,343,000)	(33,214,000)	(43,361,000)
Tax effect of permanent differences – share-based compensation	13,644,000	20,098,000	17,408,000
Tax effect of permanent differences – others	(220,000)	(4,295,000)	(1,411,000)
Tax effect of income tax rate difference in other jurisdictions	(1,411,000)	1,657,000	6,287,000
Changes in valuation allowance	10,330,000	15,754,000	21,077,000
Others	10,000	33,000	0
Income tax expense	$ 10,000	$ 33,000	$ 0
Federal corporate income tax rate	21.00%	21.00%	21.00%

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
VAT receivables	$ 14,279	$ 2,408
Advances to suppliers	5,800	5,075
Prepaid expenses	3,972	3,374
Deposits	950	925
Other receivables	751	311
Total	$ 25,752	$ 12,093

BANK BORROWINGS - Narrative (Details) $ in Thousands, ¥ in Millions		12 Months Ended
	Sep. 27, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 CNY (¥)	Sep. 27, 2022 CNY (¥)
Debt Instrument [Line Items]
Restricted cash, non-current		$ 6,171	$ 465
Interest costs capitalized		$ 1,503	$ 492
Minimum
Debt Instrument [Line Items]
Long-term debt, percentage bearing variable interest, percentage rate		3.40%		3.40%
Maximum
Debt Instrument [Line Items]
Long-term debt, term		12 months		12 months
Long-term debt, percentage bearing variable interest, percentage rate		4.55%		4.55%
Syndicated Loan Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 111,483				¥ 800
Proceeds from lines of credit		$ 61,266
Syndicated Loan Agreement \| National Interbank Funding Center Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.15%
2022 Facility Agreement
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity \| ¥				¥ 300

PRODUCT WARRANTY (Tables)

12 Months Ended

Dec. 31, 2023

Product Warranties Disclosures [Abstract]

Schedule of Movement of Product Warranty

Movement of product warranty was as follows:


	Year Ended December 31,
	2021		2022		2023
Balance at beginning of the year	$	19,356	$	58,458	$	42,060
Provided during the year	52,932		14,097		12,688
Utilized during the year	(13,830)		(26,916)		(18,379)
Exchange difference	—		(3,579)		(1,152)
Balance at end of the year	$	58,458	$	42,060	$	35,217
Product warranty – current	$	20,922	$	13,044	$	13,738
Product warranty – non-current	37,536		29,016		21,479

INVENTORIES, NET - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Work in process	$ 86,379	$ 48,747
Raw materials	35,867	29,331
Finished goods	27,503	6,174
Total	$ 149,749	$ 84,252

ACCOUNTS RECEIVABLE

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

ACCOUNTS RECEIVABLE

4. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:


	December 31, 2022		December 31, 2023
Accounts receivable	$	123,711	$	143,288
Allowance for credit losses	(4,407)		(4,571)
Accounts receivable, net	$	119,304	$	138,717

Movement of allowance for credit losses was as follows:


	Year Ended December 31,
	2021		2022		2023
Balance at beginning of the period	$	5,047	$	5,005	$	4,407
Cumulative-effect adjustment upon adoption of ASU2016-13, Financial instruments- Credit losses (Topic 326)	—		866		—
Charge of expenses	721		1,640		236
Write off	(849)		(2,631)		(128)
Recoveries of credit losses	—		—		121
Exchange difference	86		(473)		(65)
Balance at end of the period	$	5,005	$	4,407	$	4,571

INCOME TAXES - Schedule of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic(USA)	$ (101,077)	$ (116,353)	$ (98,821)
Foreign	(5,325)	(41,814)	(107,662)
Loss before provision for income tax	$ (106,402)	$ (158,167)	$ (206,483)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 30
-Subparagraph (b)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 1
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-Topic 940
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-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

OTHER NON-CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities, Noncurrent [Abstract]

Schedule of Other Non-Current Liabilities


	December 31, 2022		December 31, 2023
Product warranty - non-current	$	29,016	21,479
Deferred subsidy income- non-current	3,066		3,382
Total	$	32,082	$	24,861

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable from Customers (Details)	Dec. 31, 2023	Dec. 31, 2022
Customer A
Accounting Policies [Abstract]
Percentage of accounts receivable from customer	18.00%
Significant Accounting Policies [Line Items]
Percentage of accounts receivable from customer	18.00%
Customer D
Accounting Policies [Abstract]
Percentage of accounts receivable from customer	11.00%
Significant Accounting Policies [Line Items]
Percentage of accounts receivable from customer	11.00%
Customer C
Accounting Policies [Abstract]
Percentage of accounts receivable from customer		22.00%
Significant Accounting Policies [Line Items]
Percentage of accounts receivable from customer		22.00%

BANK BORROWINGS - Schedule of Bank Borrowings Repayment (Details) - Forecast $ in Thousands, ¥ in Millions	Dec. 10, 2026 USD ($)	Dec. 10, 2026 CNY (¥)	Jun. 10, 2026 USD ($)	Jun. 10, 2026 CNY (¥)	Dec. 10, 2025 USD ($)	Dec. 10, 2025 CNY (¥)	Jun. 10, 2025 USD ($)	Jun. 10, 2025 CNY (¥)	Dec. 10, 2024 USD ($)	Dec. 10, 2024 CNY (¥)	Jun. 10, 2024 USD ($)	Jun. 10, 2024 CNY (¥)
June 10, 2024
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)											$ 8,753	¥ 62.1
December 10, 2024
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)									$ 8,752	¥ 62.1
June 10, 2025
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)							$ 8,752	¥ 62.1
December 10, 2025
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)					$ 8,752	¥ 62.1
June 10, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)			$ 13,128	¥ 93.2
December 10, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)	$ 13,129	¥ 93.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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+ Details

SHARE-BASED PAYMENT - Schedule of Effective Time Fair Value of the Stock Options was Determined Using the BLM (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Number of shares, outstanding at beginning (in shares)	36,091,071
Number on non-vested shares, grant (in shares)	640,000
Number of shares, forfeited (in shares)	(3,854,389)
Number of shares, outstanding at ending (in shares)	32,876,682	36,091,071
Number of shares, expected to vest and exercisable (in shares)	32,876,682
Number of shares, exercisable (in shares)	21,366,586
Weighted Average Exercise Price (US$)
Weighted average exercise price, outstanding at beginning (in dollars per share)	$ 6.08
Weighted average grant date fair value per share, non-vested shares, grant (in dollars per share)	1.77
Weighted average exercise price, forfeited (in dollars per share)	5.93
Weighted average exercise price, outstanding at ending (in dollars per share)	6.01	$ 6.08
Weighted average exercise price, expected to vest and exercisable (in dollars per share)	6.01
Weighted average exercise price, exercisable (in dollars per share)	6.11
Weighted Average Grant Date Fair Value (US$)
Weighted average grant date fair value, outstanding at beginning (in dollars per share)	4.80
Weighted average grant date fair value, granted (in dollars per share)	1.18
Weighted average grant date fair value, forfeited (in dollars per share)	4.79
Weighted average grant date fair value, outstanding at ending (in dollars per share)	4.73	$ 4.80
Weighted average grant date fair value, expected to vest and exercisable (in dollars per share)	4.73
Weighted average grant date fair value, exercisable (in dollars per share)	$ 4.85
Weighted Average Remaining Contractual
Weighted average remaining contractual, outstanding	5 years 8 months 12 days	6 years 9 months 18 days
Weighted average remaining contractual life, expected to vest and exercisable	5 years 8 months 12 days
Weighted average remaining contractual life, exercisable	5 years 9 months 18 days

LAND USE RIGHTS, NET

12 Months Ended

Dec. 31, 2023

Land and Land Improvements [Abstract]

LAND USE RIGHTS, NET

8. LAND USE RIGHTS, NET

Land use rights consisted of the following:


	December 31, 2022		December 31, 2023
Cost of land use rights	$	15,143	$	14,711
Less: accumulated amortization	(2,504)		(2,727)
Land use rights, net	$	12,639	$	11,984

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 $325, $310 and $294 for the years ended December 31, 2021, 2022 and 2023, respectively. Future amortization expense is $294 per year for each of the next five years through December 31, 2028 and thereafter.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Loss Before Provision for Income Taxes

Loss before provision for income tax for the years ended December 31, 2021, 2022 and 2023 was as follows:


	December 31, 2021		December 31, 2022		December 31, 2023
Domestic(USA)	$	(98,821)	$	(116,353)	$	(101,077)
Foreign	(107,662)		(41,814)		(5,325)
Loss before provision for income tax	$	(206,483)	$	(158,167)	$	(106,402)

Schedule of Current and Deferred Components of the Income Tax Expense

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


	December 31, 2021		December 31, 2022		December 31, 2023
Current tax expense	$	—	$	33	$	10
Deferred tax expense	—		—		—
Total provision for income tax	$	—	$	33	$	10

Schedule of Deferred Tax Assets

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


	December 31, 2022		December 31, 2023
Deferred tax assets:
Net operating loss carry-forwards	$	54,459	$	67,569
Allowance for credit losses and inventory provision	3,311		1,385
Product warranty	6,309		5,306
Impairment of property, plant and equipment	1,367		282
Deferred income	334		397
Accrued expense	235		669
Others	838		615
Less: valuation allowance	(66,853)		(76,223)
Net deferred tax assets	$	—	$	—

Schedule of Valuation Allowance

The movements of valuation allowance for the years end December 31, 2021, 2022 and 2023 are as follows:


	December 31, 2021		December 31, 2022		December 31, 2023
Balance at beginning of the year	$	37,287	$	55,100	$	66,853
Additions	17,912		11,838		12,725
Reversal	(99)		(85)		(3,355)
Balance at end of the year	$	55,100	$	66,853	$	76,223

Schedule of Reconciliation Between the Income Tax Expense

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


	December 31, 2021		December 31, 2022		December 31, 2023
Loss before provision for income tax	$	(206,483)	$	(158,167)	$	(106,402)
Tax credit at the U.S. federal corporate income tax rate of 21%	(43,361)		(33,214)		(22,343)
Tax effect of permanent differences – share-based compensation	17,408		20,098		13,644
Tax effect of permanent differences – others	(1,411)		(4,295)		(220)
Tax effect of income tax rate difference in other jurisdictions	6,287		1,657		(1,411)
Changes in valuation allowance	21,077		15,754		10,330
Others	—		33		10
Income tax expense	$	—	$	33	$	10

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS - Schedule of Company’s Major Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2023
Microvast, Inc. (“Microvast”)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of ownership	100.00%
Microvast Power Solutions, Inc (“MP Solutions”)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of ownership	100.00%
Microvast Power Systems Co., Ltd. (“MPS”)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of ownership	100.00%
Microvast GmbH (“MV GmbH”)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of ownership	100.00%
Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of ownership	100.00%
Microvast Energy, Inc. (“MV Energy”)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of ownership	100.00%

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENT OF OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Information Disclosure [Line Items]
Revenues from subsidiaries	$ 306,617	$ 204,495	$ 151,976
Gross profit	57,227	9,073	(42,743)
Operating expenses:
General and administrative expenses	(97,291)	(104,572)	(101,632)
Total operating expenses	(165,909)	(170,691)	(157,448)
Loss from operations	(106,729)	(159,946)	(194,064)
Other income and expenses:
Interest income	3,609	3,179	446
Loss on changes in fair value of Bridge Notes	0	0	(9,861)
Gain on changes in fair value of warrant liability	59	979	2,469
Other expense, net	(713)	944	(62)
Income tax expense	(10)	(33)	0
Net loss attributable to Microvast Holdings, Inc.	(106,336)	(158,200)	(206,483)
Other comprehensive loss, net of tax of nil:
Comprehensive loss	(114,033)	(182,982)	(207,138)
Parent Company
Condensed Financial Information Disclosure [Line Items]
Revenues from subsidiaries	0	0	0
Gross profit	0	0	0
Operating expenses:
General and administrative expenses	(654)	(2,438)	(2,424)
Total operating expenses	(654)	(2,438)	(2,424)
Loss from operations	(654)	(2,438)	(2,424)
Other income and expenses:
Interest income	2,666	2,179	10
Loss on changes in fair value of Bridge Notes	0	0	(9,861)
Gain on changes in fair value of warrant liability	59	979	2,469
Other expense, net	0	0	59
Loss before provision for income tax	2,071	720	(9,747)
Income tax expense	0	0	0
Loss from investment in subsidiaries	(108,407)	(158,920)	(196,736)
Net loss attributable to Microvast Holdings, Inc.	(106,336)	(158,200)	(206,483)
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment	(7,533)	(24,782)	(655)
Comprehensive loss	$ (113,869)	$ (182,982)	$ (207,138)

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

18. INCOME TAXES

The Company is incorporated in the U.S. and is subject to the U.S. state and federal income tax. Net operating losses 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 and suspending the 80 percent taxable income limitation through 2020. Any portion of an NOL that arises in a tax year between 2018-2021 that is not previously absorbed 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 years ended December 31, 2021, 2022 and 2023.

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 Enterprise” (“NHTE”) by the relevant PRC government authorities in 2018 and 2021. Therefore, MPS, as the NHTE, is entitled to an income tax rate of 15% for 2021, 2022 and 2023.

Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”) was recognized as a NHTE by the relevant PRC government authorities in 2020 and 2023, and it is entitled to an income tax rate of 15% for 2021, 2022 and 2023.

The withholding tax rate 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, 2021, 2022 and 2023, 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.

Germany

German enterprise income tax, which is a combination of corporate income tax and trade tax, is calculated at an average tax rate of 29.1%, 27.9% and 29.9% for the years ended December 31, 2021, 2022 and 2023, respectively, for the Company’s subsidiary located in Germany in accordance with relevant tax rules and regulations in Germany.

A provision for income tax of $—, $33, and $10 has been recognized for the years ended December 31, 2021, 2022 and 2023, respectively.

Loss before provision for income tax for the years ended December 31, 2021, 2022 and 2023 was as follows:


	December 31, 2021		December 31, 2022		December 31, 2023
Domestic(USA)	$	(98,821)	$	(116,353)	$	(101,077)
Foreign	(107,662)		(41,814)		(5,325)
Loss before provision for income tax	$	(206,483)	$	(158,167)	$	(106,402)

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


	December 31, 2021		December 31, 2022		December 31, 2023
Current tax expense	$	—	$	33	$	10
Deferred tax expense	—		—		—
Total provision for income tax	$	—	$	33	$	10

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


	December 31, 2022		December 31, 2023
Deferred tax assets:
Net operating loss carry-forwards	$	54,459	$	67,569
Allowance for credit losses and inventory provision	3,311		1,385
Product warranty	6,309		5,306
Impairment of property, plant and equipment	1,367		282
Deferred income	334		397
Accrued expense	235		669
Others	838		615
Less: valuation allowance	(66,853)		(76,223)
Net deferred tax assets	$	—	$	—

The movements of valuation allowance for the years end December 31, 2021, 2022 and 2023 are as follows:


	December 31, 2021		December 31, 2022		December 31, 2023
Balance at beginning of the year	$	37,287	$	55,100	$	66,853
Additions	17,912		11,838		12,725
Reversal	(99)		(85)		(3,355)
Balance at end of the year	$	55,100	$	66,853	$	76,223

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


	December 31, 2021		December 31, 2022		December 31, 2023
Loss before provision for income tax	$	(206,483)	$	(158,167)	$	(106,402)
Tax credit at the U.S. federal corporate income tax rate of 21%	(43,361)		(33,214)		(22,343)
Tax effect of permanent differences – share-based compensation	17,408		20,098		13,644
Tax effect of permanent differences – others	(1,411)		(4,295)		(220)
Tax effect of income tax rate difference in other jurisdictions	6,287		1,657		(1,411)
Changes in valuation allowance	21,077		15,754		10,330
Others	—		33		10
Income tax expense	$	—	$	33	$	10

As of December 31, 2023, the Group had $381,636 operating loss carried forward. The operating loss carried forward for the Company’s PRC subsidiaries amounted to $267,583, which will expire on various dates from 2024 to 2033. For the remaining operating loss, $114,053 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 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Payables for purchase of property, plant and equipment	$ 96,350	$ 29,183
Other current liabilities	14,312	8,608
Product warranty	13,738	13,044	$ 20,922
Accrued payroll and welfare	8,089	4,716
Other tax payable	7,117	6,296
Accrued expenses	6,224	2,641
Operating lease liabilities, current	2,413	1,934
Interest payable	41	298
Total	$ 148,284	$ 66,720
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	29. SUBSEQUENT EVENTS Subsequent funding activities During the first quarter of 2024, the Company received $19,014 of short-term bank borrowings. Liens and Notices of Non-payment As of the date of issuance of the financial statements in this Annual Report, the Company has received $31,907 of liens and $5,548 of notices of non-payment, $1,251 of which was disclosed in Note 7 to the audited consolidated financial statements of this Annual Report.

ACQUIRED INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 493	$ 244	$ 413
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	$ 0	$ 0

INVENTORIES, NET

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES, NET

5. INVENTORIES, NET

Inventories consisted of the following:


	December 31, 2022		December 31, 2023
Work in process	$	48,747	$	86,379
Raw materials	29,331		35,867
Finished goods	6,174		27,503
Total	$	84,252	$	149,749

Provision for obsolete inventory of $18,295, $4,789 and $3,613 were recognized for the years ended December 31, 2021, 2022 and 2023, respectively, primarily related to inventory becoming obsolete as a result of technology development or product upgrade.

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 44,541	$ 231,420	$ 480,931
Short-term investments	5,634	25,070
Total Current Assets	425,606	545,067
Total Assets	1,096,732	984,957
Current liabilities:
Total Current Liabilities	403,410	252,409
Warrant liability	67	126
Total Liabilities	532,542	371,980
Shareholders’ Equity
Common Stock (par value of US$0.0001 per share, 750,000,000 shares authorized as of December 31, 2022 and 2023; 309,316,011 and 316,694,442 shares issued, and 307,628,511 and 315,006,942 shares outstanding as of December 31, 2022 and 2023)	32	31
Additional paid-in capital	1,481,241	1,416,160
Statutory reserves	6,032	6,032
Accumulated deficit	(897,501)	(791,165)
Accumulated other comprehensive loss	(25,614)	(18,081)
Total Liabilities and Equity	1,096,732	984,957
Parent Company
Current assets:
Cash and cash equivalents	1,510	99,337
Short-term investments	0	25,070
Total Current Assets	23,385	126,407
Investments in subsidiaries	540,954	592,264
Total Assets	564,339	718,671
Current liabilities:
Accrued expenses and other current liabilities	77	35
Total Current Liabilities	82	105,568
Warrant liability	67	126
Total Liabilities	149	105,694
Shareholders’ Equity
Common Stock (par value of US$0.0001 per share, 750,000,000 shares authorized as of December 31, 2022 and 2023; 309,316,011 and 316,694,442 shares issued, and 307,628,511 and 315,006,942 shares outstanding as of December 31, 2022 and 2023)	32	31
Additional paid-in capital	1,481,241	1,416,160
Statutory reserves	6,032	6,032
Accumulated deficit	(897,501)	(791,165)
Accumulated other comprehensive loss	(25,614)	(18,081)
Total Shareholders’ Equity	564,190	612,977
Total Liabilities and Equity	564,339	718,671
Parent Company \| Related Party
Current assets:
Amount due from subsidiaries	21,875	2,000
Current liabilities:
Amount due to inter-company	$ 5	$ 105,533

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6. PREPAID EXPENSES AND OTHER CURRENT ASSETS


	December 31, 2022		December 31, 2023
VAT receivables	2,408		14,279
Advances to suppliers	$	5,075	$	5,800
Prepaid expenses	3,374		3,972
Deposits	925		950
Other receivables	311		751
Total	$	12,093	$	25,752

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

INCOME TAXES - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carry-forwards	$ 67,569	$ 54,459
Allowance for credit losses and inventory provision	1,385	3,311
Product warranty	5,306	6,309
Impairment of property, plant and equipment	282	1,367
Deferred income	397	334
Accrued expense	669	235
Others	615	838
Less: valuation allowance	(76,223)	(66,853)	$ (55,100)	$ (37,287)
Net deferred tax assets	$ 0	$ 0

INCOME TAXES - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance at beginning of the year	$ 66,853	$ 55,100	$ 37,287
Additions	12,725	11,838	17,912
Reversal	(3,355)	(85)	(99)
Balance at end of the year	$ 76,223	$ 66,853	$ 55,100

NET LOSS PER SHARE - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to Common Stock shareholders	$ (106,336)	$ (158,200)	$ (234,103)
Denominator:
Weighted average shares used in calculating net loss per share of common stock, basic (in shares)	310,909,379	303,279,188	185,896,482
Weighted average shares used in calculating net loss per share of common stock, diluted (in shares)	310,909,379	303,279,188	185,896,482
Basic (in dollars per share)	$ (0.34)	$ (0.52)	$ (1.26)
Diluted (in dollars per share)	$ (0.34)	$ (0.52)	$ (1.26)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- 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

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-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

BONDS PAYABLE

12 Months Ended

Dec. 31, 2023

Bonds Payable [Abstract]

BONDS PAYABLE

14. BONDS PAYABLE


	December 31, 2022		December 31, 2023
Long–term bonds payable
Huzhou Saiyuan	$	43,888	$	43,157
Total	$	43,888	$	43,157

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 the convertible bonds.

If the subscribed bonds are not repaid by the maturity date of January 31, 2027, 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 bonds into equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds into equity interests of MPS, the equity interests pledged would be released and the convertible bonds would be converted into equity interest of MPS based on an entity value of MPS of $950,000.

In September 2020 and 2022, MPS entered into two supplement agreements with Huzhou Saiyuan, respectively, to change the repayment schedule as follows: (i) $14,629 (RMB100 million) was repaid, together with interest accrued, on or before November 10, 2022, (ii) $14,630 (RMB100 million) was repaid, together with interest accrued, on or before December 31, 2022, and (iii) the remaining $43,888 (RMB300 million) will be repaid, together with interest accrued, on or before January 31, 2027. The applicable interest rate will be increased to 12% if the Group is in default on the repayment of the bonds at the due date. The remaining terms and conditions of the convertible bonds were unchanged. The Company has complied in full with the amended repayment schedule and accordingly, for the year ended December 31, 2023, the company repaid $692, and as of December 31, 2023, the subscription and outstanding balance of the convertible bonds was $43,157 (RMB295 million).

Convertible Bonds issued to third-party investors

On November 2, 2018, MPS signed a convertible bond agreement with the CL Investors, pursuant to 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 had the right to 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 fair value option was elected for 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.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	December 31, 2022		December 31, 2023
Payables for purchase of property, plant and equipment	$	29,183	$	96,350
Other current liabilities	8,608		14,312
Product warranty	13,044		13,738
Accrued payroll and welfare	4,716		8,089
Other tax payable	6,296		7,117
Accrued expenses	2,641		6,224
Operating lease liabilities, current	1,934		2,413
Interest payable	298		41
Total	$	66,720	$	148,284

SHARE-BASED PAYMENT - Schedule Non-vested Shares Activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Shares
Number of non-vested shares, grant (in shares) \| shares	640,000
Weighted Average Grant Date Fair Value (US$)
Weighted average grant date fair value per share, non-vested shares, grant (in dollars per share)	$ 1.77
Weighted average grant date fair value per share, non-vested shares, forfeited (in dollars per share)	$ 4.79
Capped Non-vested Shares Units
Number of Shares
Number of non-vested shares, outstanding at beginning balance (in shares) \| shares	13,444,469
Number of non-vested shares, vested (in shares) \| shares	(6,779,455)
Number of non-vested shares, outstanding at ending balance (in shares) \| shares	6,665,014
Weighted Average Grant Date Fair Value (US$)
Weighted average grant date fair value per share, non-vested shares, outstanding at beginning (in dollars per share)	$ 2.38
Weighted average grant date fair value per share, non-vested shares, vested (in dollars per share)	2.47
Weighted average grant date fair value per share, non-vested shares, outstanding at ending (in dollars per share)	$ 2.29
Restricted Stock Units (RSUs)
Number of Shares
Number of non-vested shares, outstanding at beginning balance (in shares) \| shares	1,222,837
Number of non-vested shares, grant (in shares) \| shares	3,354,633
Number of non-vested shares, vested (in shares) \| shares	(598,976)
Number of non-vested shares, forfeited (in shares) \| shares	(379,888)
Number of non-vested shares, outstanding at ending balance (in shares) \| shares	3,598,606
Weighted Average Grant Date Fair Value (US$)
Weighted average grant date fair value per share, non-vested shares, outstanding at beginning (in dollars per share)	$ 6.92
Weighted average grant date fair value per share, non-vested shares, grant (in dollars per share)	1.88
Weighted average grant date fair value per share, non-vested shares, vested (in dollars per share)	3.26
Weighted average grant date fair value per share, non-vested shares, forfeited (in dollars per share)	4.61
Weighted average grant date fair value per share, non-vested shares, outstanding at ending (in dollars per share)	$ 3.07

LEASES - Summary of the Annual Undiscounted Cash Flows for Lease Liabilities Maturity Analysis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2022
Leases [Abstract]
2024	$ 3,341
2025	2,822
2026	2,567
2027	2,437
2028	1,861
Thereafter	11,818
Total future lease payments	24,846
Less: Imputed interest	(5,346)
Present value of operating lease liabilities	$ 19,500	$ 18,776

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Net Revenues from Customers (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer A
Significant Accounting Policies [Line Items]
Percentage of revenue contribution	18.00%
Customer B
Significant Accounting Policies [Line Items]
Percentage of revenue contribution	11.00%
Customer C
Significant Accounting Policies [Line Items]
Percentage of revenue contribution		12.00%	11.00%

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

17. LEASES

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

Operating lease cost for the year ended December 31, 2023 was $3,663, which excluded cost of short-term contracts. Short-term lease cost for the year ended December 31, 2023 was $435.

As of December 31, 2023, the weighted average remaining lease term was 10.2 years and weighted average discount rate was 5.2% for the Group's operating leases.

Supplemental cash flow information of the leases were as follows:


	Year Ended December 31, 2023
Cash payments for operating leases	$	3,633
Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,725

The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of December 31, 2023:


	As of December 31, 2023
2024	$	3,341
2025	2,822
2026	2,567
2027	2,437
2028	1,861
Thereafter	11,818
Total future lease payments	$	24,846
Less: Imputed interest	$	(5,346)
Present value of operating lease liabilities	$	19,500

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment are Carried at Cost Less Accumulated Depreciation

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

Schedule of Net Revenues from Customers

The following table summarizes net revenues from customers that accounted for 10% or more of the Group’s net revenues for 2021, 2022 and 2023:


	December 31, 2021		December 31, 2022		December 31, 2023
Percentage of revenue contributed by Customer A	*%		*%		18	%
Percentage of revenue contributed by Customer B	*%		*%		11	%
Percentage of revenue contributed by Customer C	11	%	12	%	*%

*Revenue from such customer represented less than 10% of the Group's revenue during the respective periods.

Schedule of Accounts Receivable from Customers

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


	December 31, 2022		December 31, 2023
Percentage of accounts receivable from Customer A	*%		18	%
Percentage of accounts receivable from Customer D	*%		11	%
Percentage of accounts receivable from Customer C	22	%	*%

*Accounts receivable from such customers represented less than 10% of the Group's accounts receivable during the respective years.

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenues	$ 306,617	$ 204,495	$ 151,976
Related Party
Related Party Transaction [Line Items]
Revenues	$ 0	$ 0	$ 390

- 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

+ Details

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

NET LOSS PER SHARE

27. NET LOSS PER SHARE

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


	Year Ended December 31,
	2021		2022		2023
Numerator:
Net loss attributable to Common Stock shareholders	$	(234,103)	$	(158,200)	$	(106,336)
Denominator:
Weighted average Common Stock outstanding used in computing basic and diluted net loss per share	185,896,482		303,279,188		310,909,379
Basic and diluted net loss per share	$	(1.26)	$	(0.52)	$	(0.34)


	Year ended December 31,
	2021	2022	2023
Shares issuable upon exercise of share options	33,786,356	35,244,877	35,572,123
Shares issuable upon vesting of non-vested shares	167,268	1,399,711	3,623,777
Shares issuable upon exercise of capped non-vested shares	—	7,314,598	10,393,732
Shares issuable upon exercise of warrants	12,543,444	28,437,000	28,437,000
Shares issuable upon conversion of Series B2 Preferred	6,035,544	—	—
Shares issuable upon conversion of Series C1 Preferred	14,881,434	—	—
Shares issuable upon conversion of Series C2 Preferred	11,262,023	—	—
Shares issuable upon conversion of Series D1 Preferred	12,408,870	—	—
Shares issuable upon conversion of Series D2 Preferred	9,139,268	—	—
Shares issuable upon conversion of non-controlling interests of a subsidiary	9,595,605	—	—
Shares issuable upon vesting of Earn-out shares	8,821,913	19,999,988	19,999,988
Shares issuable that may be subject to cancellation	744,349	1,687,500	1,687,500

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

BALANCE SHEETS

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)


	December 31, 2022		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	99,337	$	1,510
Short-term investment	25,070		—
Amount due from subsidiaries	2,000		21,875
Total Current Assets	126,407		23,385
Investments in subsidiaries	592,264		540,954
Total Assets	$	718,671	$	564,339

Liabilities
Current liabilities:
Amount due to inter-company	105,533		5
Accrued expenses and other current liabilities	35		77
Total Current Liabilities	105,568		82
Warrant liability	126		67
Total Liabilities	$	105,694	$	149

Shareholders’ Deficit
Common Stock (par value of US$0.0001 per share, 750,000,000 shares authorized as of December 31, 2022 and 2023; 309,316,011 and 316,694,442 shares issued, and 307,628,511 and 315,006,942 shares outstanding as of December 31, 2022 and 2023)	$	31	$	32
Additional paid-in capital	1,416,160		1,481,241
Statutory reserves	6,032		6,032
Accumulated deficit	(791,165)		(897,501)
Accumulated other comprehensive loss	(18,081)		(25,614)
Total Shareholders’ Equity	612,977		564,190
Total Liabilities and Shareholders’ Equity	$	718,671	$	564,339

The accompanying notes are an integral part of these consolidated financial statements.

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENT OF OPERATIONS

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)


	Year Ended December 31,
	2021		2022		2023
Revenues from subsidiaries	$	—	$	—	$	—
Gross profit	—		—		—

Operating expenses:
General and administrative expenses	(2,424)		(2,438)		(654)
Total operating expenses	(2,424)		(2,438)		(654)
Loss from operations	(2,424)		(2,438)		(654)

Other income and expenses:
Interest income	10		2,179		2,666
Loss on changes in fair value of Bridge Notes	(9,861)		—		—
Gain on change in fair value of warrant liability	2,469		979		59
Other expense, net	59		—		—
(Loss) income before provision for income taxes	(9,747)		720		2,071
Income tax expense	—		—		—
Loss from investment in subsidiaries	(196,736)		(158,920)		(108,407)
Net loss attributable to Microvast Holdings, Inc.	$	(206,483)	$	(158,200)	$	(106,336)
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment	(655)		(24,782)		(7,533)
Total comprehensive loss attributable to Microvast Holdings, Inc.	$	(207,138)	$	(182,982)	$	(113,869)

The accompanying notes are an integral part of these consolidated financial statements.

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENT OF CASH FLOWS

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)


	Year Ended December 31,
	2021		2022		2023
Net cash generated (used) in operating activities	(2,846)		(4,498)		2,552
Cash flows from investing activities
Purchases of property, plant and equipment	(18,465)		—		—
Investment in subsidiaries	(354,014)		(255,662)		(125,449)
Purchases of short-term investment	—		(25,070)		(430)
Proceeds from maturity of short-term investments	—		—		25,500
Net cash used in investing activities	(372,479)		(280,732)		(100,379)
Cash flows from financing activities
Cash received from the trust account upon Merger, net of transaction costs	223,605		—		—
Cash received from PIPE investors upon Merger	482,500		—		—
Issuance of Bridge Notes	57,500		—		—
Payment to exited noncontrolling interests	(32,872)		—		—
Cash received from shareholders	—		27,559		—
Net cash generated from financing activities	730,733		27,559		—
Increase (decrease) in cash, cash equivalents and restricted cash	355,408		(257,671)		(97,827)
Cash, cash equivalents and restricted cash at beginning of the period	1,600		357,008		99,337
Cash, cash equivalents and restricted cash at end of the period	$	357,008	$	99,337	$	1,510

The accompanying notes are an integral part of these consolidated financial statements.

1. BASIS FOR PREPARATION

The financial information of the Company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Company has used the equity method to account for investments in its subsidiaries.

2. INVESTMENTS IN SUBSIDIARIES

The Company and its subsidiaries were included in the consolidated financial statements where the inter-company transactions and balances were eliminated upon consolidation. For the purpose of the Company’s stand-alone financial statements, its investments in subsidiaries were reported using the equity method of accounting. The Company’s share of income from its subsidiaries were reported as equity in earnings of subsidiaries in the accompanying parent company financial statements.

INCOME TAXES - Schedule of Current and Deferred Components of the Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current tax expense	$ 10	$ 33	$ 0
Deferred tax expense	0	0	0
Total provision for income tax	$ 10	$ 33	$ 0

- Definition

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

+ References + Details

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

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, 2022		December 31, 2023
Machineries and equipment	$	140,160	$	204,599
Buildings	44,680		144,497
Leasehold improvements	28,625		32,808
Fixtures and electronic equipment	16,193		19,132
Motor vehicles	10,842		6,027
Total	240,500		407,063
Less: accumulated depreciation	(100,902)		(108,309)
Construction in progress	195,542		321,913
Property, plant and equipment, net	$	335,140	$	620,667

The Group completed the China Phase 3.1 capacity expansion in the third quarter of 2023 with a project amount at that time of $168,467. The Group will continue to incur capital expenditures in respect of this capacity expansion as certain payments to suppliers only occur after the production line is in operation and in some cases are dependent on performance guarantees provided by certain third party suppliers. The Group recorded depreciation expenses of $19,975, $19,811 and $22,141 for the years ended December 31, 2021, 2022 and 2023, respectively. $2,443, $1,798 and $504 impairment losses were recognized for the years ended December 31, 2021, 2022 and 2023, respectively.

Property, plant and equipment, net of accumulated depreciation, of $— and $1,251 was subject to liens as of December 31, 2022 and 2023, respectively.