0001760689-25-000010 | 10-K | XBRL Viewer

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SIGNIFICANT ACCOUNTING POLICIES - Short-term investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Interest income from the short-term investments	$ 3	$ 438	$ 70

ACQUIRED INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 484	$ 493	$ 244
Impairment of intangible assets (excluding goodwill)	$ 0	$ 0	$ 0

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Mar. 24, 2025	Jun. 30, 2024
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, 2024
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	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 104.1
Entity Common Stock, Shares Outstanding		325,209,085
Entity Central Index Key	0001760689
Document Fiscal Year Focus	2024
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

CONVERTIBLE LOAN WITH SHAREHOLDER MEASURED AT FAIR VALUE - Fair Value Measurement Inputs and Valuation Techniques (Details) - Related Party	Dec. 31, 2024 $ / shares yr
Market price of public stock
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	2.07
Exercise price
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	0.50
Expected term (years)
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value \| yr	0.91
Volatility
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	0.7699
Risk-free interest rate
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	0.0409
Dividend rate
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	0.0000

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 415,809	$ 407,063
Less: accumulated depreciation	(133,734)	(108,309)
Construction in progress	196,114	321,913
Property, plant and equipment, net	478,189	620,667
Machineries and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	213,107	204,599
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	139,817	144,497
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	32,737	32,808
Fixtures and electronic equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	20,223	19,132
Motor vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 9,925	$ 6,027

FAIR VALUE MEASUREMENT - Schedule of Reconciliation of the Beginning and Ending Balances for Level 3 Warrant Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	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	$ 67	$ 126	$ 1,105
Changes in fair value	223	(59)	(979)
Balance at end of the year	$ 290	67	$ 126
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Changes in fair value of warrant liability and convertible loan
Convertible Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the year	$ 0
Issuance of convertible loan with shareholder	25,944
Interest paid during the period	(1,068)
Changes in fair value	79,737
Balance at end of the year	$ 104,613	$ 0

SEGMENT INFORMATION - Schedule of Assets and Revenues Major Geographic Regions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 379,801	$ 306,617	$ 204,495
Revenues, percentage	100.00%	100.00%	100.00%
Asia & Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 177,696	$ 219,133	$ 185,035
Revenues, percentage	46.00%	72.00%	90.00%
PRC
Disaggregation of Revenue [Line Items]
Revenues	$ 127,138	$ 156,480	$ 132,469
Revenues, percentage	33.00%	51.00%	65.00%
India
Disaggregation of Revenue [Line Items]
Revenues	$ 48,767	$ 60,606	$ 47,323
Revenues, percentage	13.00%	20.00%	23.00%
Other Asia & Pacific countries
Disaggregation of Revenue [Line Items]
Revenues	$ 1,791	$ 2,047	$ 5,243
Revenues, percentage	0.00%	1.00%	2.00%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 187,718	$ 84,358	$ 15,809
Revenues, percentage	50.00%	27.00%	8.00%
Italy
Disaggregation of Revenue [Line Items]
Revenues	$ 150,809	$ 56,592	$ 6,389
Revenues, percentage	40.00%	18.00%	3.00%
Other European countries
Disaggregation of Revenue [Line Items]
Revenues	$ 36,909	$ 27,766	$ 9,420
Revenues, percentage	10.00%	9.00%	5.00%
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 14,387	$ 3,126	$ 3,651
Revenues, percentage	4.00%	1.00%	2.00%

INVENTORIES, NET

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET

4. INVENTORIES, NET

Inventories consisted of the following:


	December 31, 2024		December 31, 2023
Work in process	$	85,179	$	86,379
Raw materials	39,388		35,867
Finished goods	18,760		27,503
Total	$	143,327	$	149,749

Write-down of obsolete inventories at $3,286, $3,613 and $4,789 were recognized for the years ended December 31, 2024, 2023 and 2022, respectively, primarily related to inventory becoming obsolete as a result of technology development or product upgrade.

OTHER NON-CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2024

Other Liabilities, Noncurrent [Abstract]

OTHER NON-CURRENT LIABILITIES

13. OTHER NON-CURRENT LIABILITIES


	December 31, 2024		December 31, 2023
Product warranty, non-current	23,108		$	21,479
Deferred subsidy income, non-current	5,610		3,382
Other non-current payable	1,285		—
Total	$	30,003	$	24,861

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

WARRANTS - Schedule of Under the Binomial-Lattice Model (“BLM”) that Assumes Optimal Exercise of the Company’s Redemption Option (Details) - Warrant	Dec. 31, 2024 $ / shares
Warrants [Line Items]
Market price of public stock (in dollars per share)	$ 2.07
Exercise price (in dollars per share)	$ 11.50
Expected term (years)	1 year 6 months 25 days
Volatility	113.75%
Risk-free interest rate	4.13%
Dividend rate	0.00%

INCOME TAXES - Schedule of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic (USA)	$ (227,937)	$ (101,077)	$ (116,353)
Foreign	32,480	(5,325)	(41,814)
Loss before provision for income tax	$ (195,457)	$ (106,402)	$ (158,167)

- 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.

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+ Details

PRODUCT WARRANTY

12 Months Ended

Dec. 31, 2024

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

11. PRODUCT WARRANTY

Movement of product warranty was as follows:


	Year Ended December 31,
	2024		2023		2022
Balance at beginning of the year	$	35,217	$	42,060	$	58,458
Provided during the year	12,826		12,688		14,097
Utilized during the year	(13,982)		(18,379)		(26,916)
Exchange difference	(954)		(1,152)		(3,579)
Balance at end of the year	$	33,107	$	35,217	$	42,060
Product warranty, current	$	9,999	$	13,738	$	13,044
Product warranty, non-current	23,108		21,479		29,016

Warranty provisions are based upon historical experience.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (195,457)	$ (106,336)	$ (158,200)

- Definition

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

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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2024

RELATED PARTY BALANCES AND TRANSACTIONS

25. RELATED PARTY BALANCES AND TRANSACTIONS

The outstanding balance for the amount due to Ochem Chemical Co., Ltd controlled by the Chief Executive Officer was $5 as of December 31, 2024 and nil as of December 31, 2023, respectively.

26. CONVERTIBLE LOAN WITH SHAREHOLDER MEASURED AT FAIR VALUE

On May 28, 2024, Microvast Inc. entered into a $25,000 convertible loan agreement ("Loan Agreement") with Mr. Yang Wu, the Company’s Chief Executive Officer and Chairman.

The loan consists of an initial term loan of $12,000 and a delayed draw term loan of $13,000, bearing an initial interest rate equal to the Secured Overnight Financing Rate ("SOFR") plus an applicable margin of 9.75% per annum. Of this margin, 3.75% will be paid in kind ("PIK"), with the remainder payable in cash. The original maturity date was November 28, 2025, subject to acceleration in the event of default under the terms of the Loan Agreement.

On March 17, 2025, the Company entered into a First Amendment to the Loan Agreement (the “First Amendment”) with Mr. Yang Wu, the Company’s Chief Executive Officer and Chairman. The First Amendment extends the maturity date from November 28, 2025 to May 28, 2026. All other terms and conditions of the Loan Agreement remain unchanged.

The Loan Agreement also grants Mr. Wu the right to convert the outstanding principal balance of the loan into shares of common stock at an initial conversion rate of two shares per $1.00 of principal amount converted.

The initial term loan of $12,000 was received in May 2024 and the delayed draw term loan of $13,000 was received in July 2024.

The loan is secured by a first priority security interest in substantially all of its assets by Microvast Inc. and all other entities within the Group as guarantors.

The Group has elected fair value option to account for the convertible loan. Direct costs and fees related to the convertible loan were expensed as incurred. Subsequent changes in the fair value are recorded as a gain/(loss) in the consolidated statement of operations. The outstanding balance for the Convertible loan with shareholder was $104,613 as of December 31, 2024.

The significant input of the discounted cash flow model for the bond component is the discount rate. Below are the key inputs used in Black-Scholes-Merton model for the conversion option:


	December 31, 2024
Market price of public stock	$	2.07
Exercise price	$	0.50
Expected term (years)	0.91
Volatility	76.99		%
Risk-free interest rate	4.09		%
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 estimated using a blend of 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 U.S. 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.

In connection with the convertible loan from Mr. Wu, on May 28, 2024, the Company also issued to Mr. Wu a warrant exercisable for 5,500,000 shares of common stock at an initial exercise price of $2.00 per share. The warrant expires on May 28, 2029. No warrants were exercised for the year ended December 31, 2024. Since the warrant met the criteria of equity classification, the Group recorded the warrant in additional paid-in capital on the issuance date at $779, with no changes recognized subsequent to the issuance date. The initial carrying amounts of the warrant is determined by the difference between the total proceeds received and the fair value of the convertible loan.

- 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/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-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

LEASES - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash payments for operating leases	$ 3,459	$ 3,633	$ 3,063
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,368	$ 5,725	$ 548

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	28. COMMITMENTS AND CONTINGENCIES Litigation Corporate Governance Actions Stephen Vogel, Ruth Epstein, Stefan Selig, Richard Rieger, Amy Butte, Yang Wu and Yanzhuan Zheng have been named as defendants in a litigation filed in the Court of Chancery captioned Matt Jacob v. Stephen A. Vogel, et al., C.A. No. 2022-0600-PAF (Del. Ch.) (filed July 07, 2022). The plaintiff is seeking to certify the litigation as a stockholder class action. The complaint alleges that Stephen Vogel, Ruth Epstein, Stefan Selig, Richard Rieger and Amy Butte 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. The complaint further alleges that once the earnings of the combined company became public, the Company's stock dropped, causing losses to investors. The complaint also alleges that Yang Wu and Yanzhuan Zheng aided and abetted these purported breaches. Certain defendants have answered the complaint, and certain defendants have filed motions to dismiss, which will be argued on April 03, 2025. 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. Litigation - continued Corporate Governance Actions - continued 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 among other things 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, certain former and current Company officers and directors have also been named as defendants in a litigation filed in the Court of Chancery captioned Henry Park v. Yang Wu, et al., C.A. No. 2024-0868-PAF (Del. Ch.) (filed August 19, 2024). The plaintiff purports to assert derivative claims on behalf of the Company. The complaint alleges that certain 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 by refusing to investigate a litigation demand. On October 14, 2024, the Company and other defendants filed a motion to dismiss but the judge has not yet ruled on the motion. 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 has reviewed and responded to a certain of the demands and is evaluating responses to others. The Company has also received, reviewed and responded to a stockholder demand for books and records made pursuant to Section 220 of the Delaware General Corporation Law that purportedly seeks to investigate the loss of the DOE grant. 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. Plaintiffs amended their complaint on May 13, 2024, and defendants filed a motion to dismiss on June 20, 2024. Briefing on the motion to dismiss was completed on September 10, 2024. The Court has not ruled yet on the motion. 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. Litigation - continued Securities Litigation - continued 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, Inc. (“MV Energy”), a subsidiary of the Company, have been named as defendants in a litigation filed in the Montgomery County 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 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 parties have entered into a settlement agreement and this matter has been stayed by the order of the court. Deidra Milan is an ex-employee of Microvast, and is the putative representative of a class of more than 100 individual employees who were let go from their jobs at a plant in Clarksville, Tennessee. She has filed Civil Action No. 3:24-cv-00627, Deidre Milan, Plaintiff v. Microvast, Inc. and Microvast Holdings, Inc. in the US District Court for the Middle District of Tennessee. The Company filed an answer to the suit on July 19, 2024. The Class Action Complaint is brought under the Worker Adjustment and Notification Act, 29 U.S.C. §§2101-2109 (the “WARN Act”), which requires advance notice before certain types of plant closings and mass layoffs. Plaintiff alleges that Defendants failed to give proper advance notice of a mass layoff in violation of the WARN Act. Plaintiffs seek backpay, medical expenses, attorney’s fees and statutory penalties in an unspecified amount. Microvast, Inc., a subsidiary of the Company, has been named as a defendant in a contract dispute litigation filed in Montgomery County Chancery Court for the State of Tennessee under the caption DPR Construction, GP vs. Microvast, Inc., et al, Case No. CD-24-31 (Tenn. Ch.) (filed June 20, 2024). The Plaintiff alleges that the Company failed to pay it for construction work that is performed on a Microvast facility in Tennessee, and seeks damages of $19,950 in progress billings, the additional sum of $1,566 being held as retainage on Plaintiff's progress billings under the contract, lost profits on the work yet to be performed under the contract plus certain fees and expenses, and foreclosure on the facility to satisfy the payment allegedly owed. The Parties entered into a settlement agreement and this matter has been stayed by order of the court. Microvast, Inc. has been named as a defendant in a contract dispute litigation filed in Montgomery County Chancery Court for the State of Tennessee under the caption Faith Technologies, Inc. Microvast, Inc. et al., Case No. CD-24-36 (Tenn. Ch.) (filed on July 15, 2024). Plaintiff asserts claims for damages related to its subcontract with DPR Construction, GP under which Plaintiff provided fire protection system services on a Microvast facility in Tennessee, and seeks damages of $1,699 plus cost of court and attorneys and prejudgment interest. The Parties entered into a settlement agreement and this matter has been stayed by order of the court. Litigation - continued Other Matters - continued Microvast, Inc. was named as a defendant in an action filed in Montgomery County Chancery Court for the State of Tennessee under the caption Bernhard MCC, LLC. vs. U.S. Engineering Innovations, LLC, DPR Construction, Microvast, Inc. and the Industrial Development Board of the County of Montgomery, Case No. CD-24-27 (Tenn. Ch.) (filed on May 28, 2024 ) brought by a subcontractor on the Microvast Facility in Tennessee for lien enforcement of $5,681. The Parties entered into a settlement agreement and this matter has been stayed by order of the court. On November 11, 2024, this matter was stayed by order of the court. Microvast, Inc. was named as a defendant in an action filed in Montgomery County Chancery Court for the State of Tennessee under the caption Virginia Transformer Corp. v. Microvast, Inc.and the Industrial Development Board of the County of Montgomery, Tennessee, Case No. RE-24-32 (Tenn. Ch.) (filed on July 01, 2024) brought by a prime contractor on the Microvast Facility in Tennessee for lien enforcement of $1,769. The Parties entered into a settlement agreement and this matter has been stayed by order of the court. Plaintiff has filed a motion to lift the stay and to amend its complaint to add a claim for breach of the settlement agreement. That motion remains pending. Microvast, Inc. has initiated lawsuit as a plaintiff in an action filed in the 11th Judicial District Court, Harris County, Texas under the caption Microvast, Inc. v. Grupo Basan Barba Santana, S.A. De C.V., Cause No. 2025-11326 (filed on February 19, 2025). Microvast ordered and paid energy storage systems from Grupo Basan. Microvast ended the supply contract and under the supply contract, Microvast was entitled to the return of a large portion of the $3.5 million deposit Microvast had paid Grupo Basan as well as compensation for a significant number of products that it never received. However, Grupo Basan not only has failed to return those funds, but Grupo Basan has itself demanded $2.4 million in million in termination costs that are not provided for in the supply agreement. Microvast recently filed suit in Harris County, Texas seeking at least $2.6 million plus fees and interest. On November 14, 2024, Microvast Energy, Inc. was named as a defendant in breach of contract action filed before the American Arbitration Association (“AAA”) under the caption Clenera Battery Holdco LLC v. Microvast, Inc.., Case No. 01-24-0008-7288. Clenera's breach of contract claim centers on a supply agreement between Microvast and Clenera for custom-made battery containers. Clenera alleges that Microvast must refund approximately $36 million due to Microvast's failure to deliver the containers by the contractual deadline, per the terms of the supply agreement. Clenera also seeks interest and attorneys’ fees. The parties have appointed their arbitrators and a chair has been selected. On November 15, 2024, Clenera had filed an action for the same claim against Microvast Holdings, Inc. in the Supreme Court of the State of New York, County of New York, under the caption Clenera Battery Holdco LLC v. Microvast Holdings, Inc., Index No. 659103/2024. Microvast Holdings, Inc. was the guarantor for the supply agreement between Clenera and Microvast Energy. Clenera's allegations are identical to its arbitration claim against Microvast Energy. Clenera has agreed to consolidate this action into the AAA arbitration. This consolidation is under review by the AAA panel. 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, 2024 and December 31, 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 $53,228 as of December 31, 2024. Purchase Commitments Purchase commitments for non-cancelable contractual obligations primarily related to purchases of inventory were $48,242 as of December 31, 2024. 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, 2024, notes receivable from customers in the amount of $5,167, together with certain of the Group's machinery and equipment with a carrying value of $23,809 has been pledged to secure the issuance of such notes. Liens As of December 31, 2024, the Company had received $24,359 of liens.

NONCONTROLLING INTERESTS	12 Months Ended
NONCONTROLLING INTERESTS	Dec. 31, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	19. NONCONTROLLING INTERESTS Non controlling 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 non controlling interests was nil, $76 and nil for the years ended December 31, 2024, 2023 and 2022, respectively.

INCOME TAXES - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carry-forwards	$ 64,949	$ 67,569
Changes in fair value of convertible loan	16,744	0
Allowance for credit losses and inventory provision	1,252	1,385
Product warranty	4,917	5,306
Impairment of property, plant and equipment	15,885	282
Deferred income	814	397
Accrued expense	1,475	669
Others	615	615
Less: valuation allowance	(106,651)	(76,223)	$ (66,853)	$ (55,100)
Net deferred tax assets	$ 0	$ 0

PRODUCT WARRANTY - Schedule of Movement of Product Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of the year	$ 35,217	$ 42,060	$ 58,458
Provided during the year	12,826	12,688	14,097
Utilized during the year	(13,982)	(18,379)	(26,916)
Exchange difference	(954)	(1,152)	(3,579)
Balance at end of the year	33,107	35,217	42,060
Product warranty, current	9,999	13,738	13,044
Product warranty, non-current	$ 23,108	$ 21,479	$ 29,016

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Numerator:
Net loss attributable to Common Stock shareholders	$	(195,457)	$	(106,336)	$	(158,200)
Denominator:
Weighted average Common Stock outstanding used in computing basic and diluted net loss per share	318,462,843		310,909,379		303,279,188
Basic and diluted net loss per share	$	(0.61)	$	(0.34)	$	(0.52)

For the years ended December 31, 2024, 2023 and 2022, the following Common Stock outstanding were excluded from the calculation of diluted net loss per share, as their inclusion would have been anti-dilutive for the years prescribed.


	Year ended December 31,
	2024	2023	2022
Shares issuable upon exercise of share options	31,767,047	35,572,123	35,244,877
Shares issuable upon vesting of non-vested shares	2,662,282	3,623,777	1,399,711
Shares issuable upon exercise of capped non-vested shares	3,733,136	10,393,732	7,314,598
Shares issuable upon exercise of warrants	31,697,929	28,437,000	28,437,000
Shares issuable upon vesting of earn-out shares	11,202,179	19,999,988	19,999,988
Shares issuable that may be subject to cancellation	1,687,500	1,687,500	1,687,500
Shares issuable upon convert of convertible loan	25,803,279	—	—

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

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


	December 31, 2024		December 31, 2023
Machineries and equipment	$	213,107	$	204,599
Buildings	139,817		144,497
Leasehold improvements	32,737		32,808
Fixtures and electronic equipment	20,223		19,132
Motor vehicles	9,925		6,027
Total	415,809		407,063
Less: accumulated depreciation	(133,734)		(108,309)
Construction in progress	196,114		321,913
Property, plant and equipment, net	$	478,189	$	620,667

PRODUCT WARRANTY (Tables)

12 Months Ended

Dec. 31, 2024

Product Warranties Disclosures [Abstract]

Schedule of Movement of Product Warranty

Movement of product warranty was as follows:


	Year Ended December 31,
	2024		2023		2022
Balance at beginning of the year	$	35,217	$	42,060	$	58,458
Provided during the year	12,826		12,688		14,097
Utilized during the year	(13,982)		(18,379)		(26,916)
Exchange difference	(954)		(1,152)		(3,579)
Balance at end of the year	$	33,107	$	35,217	$	42,060
Product warranty, current	$	9,999	$	13,738	$	13,044
Product warranty, non-current	23,108		21,479		29,016

SHARE-BASED PAYMENT

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED PAYMENT

21. 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 ratio of 160.3. 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, 2024, 15,608,278 shares of Common Stock was available for grant under the 2021 Plan.

Share options

On April 10, 2024, a termination and transition advisory services agreement was entered between a former employee and the Company. According to this agreement, all unvested restricted stock units, performance-based restricted stock units and stock options held by the employee as of April 10, 2024 will vest in full immediately following April 10, 2025. The Company accounted for the modification as a Type III (improbable-to-probable) modification, which represents the modification of the award that was not expected to vest under the original vesting conditions at the date of the modification. The Company recognized compensation cost equal to the modified award’s fair value at the date of the modification over the period in which the former employee serves as consultant to the Company.

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,
	2024		2023
Exercise price	$1.29-$5.69		$1.21-$6.28
Expected terms (years)	1.25-7.26		0.25-6.00
Volatility	85.66%-103.11%		55.59%-86.83%
Risk-free interest rate	4.05%-5.00%		3.48%-5.38%
Expected dividend yields	0.00	%	0.00	%
Weighted average fair value of options granted	$0.0035-$0.89		$0.01-$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

Share options activity for the year ended December 31, 2024 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 December 31, 2023	32,876,682	6.01	4.73	5.7
Granted	2,000,000	1.29	0.89
Forfeited	(2,175,283)	4.90	3.37
Outstanding as of December 31, 2024	32,701,399	5.80	4.58	4.5
Expected to vest and exercisable as of December 31, 2024	32,701,399	5.80	4.58	4.5
Exercisable as of December 31, 2024	29,768,065	6.14	4.89	4.4

During the years ended December 31, 2024, 2023 and 2022, the Company recorded share-based compensation expense of $25,175, $51,289 and $60,020 related to the option awards.

The total unrecognized equity-based compensation costs as of December 31, 2024 related to the stock options was $2,001, which is expected to be recognized over a weighted-average period of 1.7 years. The aggregate intrinsic value of the share options as of December 31, 2024 was $1,637.

Capped Non-vested share units

The capped non-vested share 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.

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.

Capped Non-vested share units - continued

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 years ended December 31, 2024, 2023 and 2022, the Company recorded share-based compensation expense of $2,793, $9,647 and $32,804 related to these CRSUs awards.

CRSUs' activity for the year ended December 31, 2024 was as follows:


	Number on Non-Vested Shares	Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of December 31, 2023	6,665,014	2.29
Vested	(6,665,014)	2.29
Outstanding as of December 31, 2024	—	—

There is no unrecognized equity-based compensation costs as of December 31, 2024 related to the CRSUs.

Restricted Stock Units

Following the Merger, the Company granted 5,158,451 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 $1,850, $1,992 and $1,358 related to these RSU awards and $1,044, $2,386 and $2,048 related to these PSU awards during the years ended December 31, 2024, 2023 and 2022.

Restricted Stock Units - continued

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,
	2023
Expected term (years)	2.92
Volatility	61.89	%
Risk-free interest rate	3.83	%
Expected dividend yields	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 year ended December 31, 2024 was as follows:


	Number of Non-Vested Shares	Weighted Average Grant Date Fair Value Per Share (US$)
Outstanding as of December 31, 2023	3,598,606	3.07
Grant	2,516,736	1.17
Vested	(1,472,178)	2.39
Forfeited	(1,219,859)	4.00
Outstanding as of December 31, 2024	3,423,305	1.63

The total unrecognized equity-based compensation costs as of December 31, 2024 related to the non-vested restricted stock units was $3,318.

The following summarizes the classification of share-based compensation:


	Year Ended December 31,
	2024		2023		2022
Cost of revenues	$	3,479	$	6,091	$	7,712
General and administrative expenses	19,429		43,831		67,261
Research and development expenses	6,082		11,103		13,987
Selling and marketing expenses	1,850		3,946		6,745
Construction in progress	22		343		525
Total	$	30,862	$	65,314	$	96,230

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2024

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, warrant liability, convertible loan with shareholder at fair value on a recurring basis. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The fair value of the warrant liability and convertible loan with shareholder are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the warrant liability, the Company used the Monte Carlo Model that assumes optimal exercise of the Company’s redemption option at the earliest possible date. Refer to Note 26 for disclosure of valuation model utilized in measuring the fair value of convertible loan.

As of December 31, 2024 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, 2024
(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	$	73,007	—	—	$	73,007
Restricted cash	36,594		—	—	36,594
Total financial assets	$	109,601	—	—	$	109,601
Warrant liability	$	—	—	290	$	290
Convertible loan with shareholder measured at fair value	$	—	—	104,613	$	104,613
Total financial liabilities	$	—	—	104,903	$	104,903


	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 assets	$	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, 2024, 2023 and 2022:


(In thousands)	Year Ended December 31,
	2024		2023		2022
Balance at the beginning of the year	$	67	$	126	$	1,105
Changes in fair value	223		(59)		(979)
Balance at end of the year	$	290	$	67	$	126

The following is a reconciliation of the beginning and ending balances for Level 3 convertible loan with shareholder during the year ended December 31, 2024:


	Twelve Months Ended December 31, 2024
Balance at the beginning of the period	$	—
Issuance of convertible loan with shareholder	25,944
Interest paid during the period	(1,068)
Changes in fair value	79,737
Balance at end of the period	$	104,613

Measured or disclosed at fair value on a nonrecurring basis

The Company’s assets measured at fair value on a nonrecurring basis include long-lived assets. The Company reviews the carrying amounts of such assets when events indicate that their carrying amounts may not be recoverable. Any resulting asset impairment would require that the asset be recorded at its fair value. The fair value of the asset or asset group is determined using cost approach, sales comparison approach and income capitalization approach with unobservable inputs (Level 3), depending on the underlying nature of the asset or the asset group.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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+ Details

BANK BORROWINGS - Schedule of Aggregate Carrying Amount of the Assets Pledged by the Group (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Bank Borrowings [Abstract]
Buildings	$ 119,166	$ 124,565
Machinery and equipment	60,991	0
Land use rights	11,371	11,984
Construction in progress	335	0
Total	$ 191,863	$ 136,549

CONVERTIBLE LOAN WITH SHAREHOLDER MEASURED AT FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurement Inputs and Valuation Techniques

The significant input of the discounted cash flow model for the bond component is the discount rate. Below are the key inputs used in Black-Scholes-Merton model for the conversion option:


	December 31, 2024
Market price of public stock	$	2.07
Exercise price	$	0.50
Expected term (years)	0.91
Volatility	76.99		%
Risk-free interest rate	4.09		%
Dividend rate	0.00		%

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 73,007,000	$ 44,541,000
Restricted cash, current	36,572,000	37,477,000
Short-term investments	0	5,634,000
Accounts receivable (net of allowance for credit losses of $5,090 and $4,571 as of December 31, 2024 and 2023, respectively)	120,626,000	138,717,000
Notes receivable	7,579,000	23,736,000
Inventories, net	143,327,000	149,749,000
Prepaid expenses and other current assets	27,019,000	25,752,000
Assets held for sale	19,896,000	0
Total Current Assets	428,026,000	425,606,000
Restricted cash, non-current	22,000	6,171,000
Property, plant and equipment, net	478,189,000	620,667,000
Land use rights, net	11,371,000	11,984,000
Acquired intangible assets, net	2,607,000	3,136,000
Operating lease right-of-use assets	17,628,000	19,507,000
Other non-current assets	14,024,000	9,661,000
Total Assets	951,867,000	1,096,732,000
Current liabilities:
Accounts payable	64,940,000	112,618,000
Notes payable	51,756,000	63,374,000
Accrued expenses and other current liabilities	98,456,000	148,284,000
Advance from customers	43,678,000	43,087,000
Short-term bank borrowings	70,666,000	35,392,000
Income tax payables	652,000	655,000
Total Current Liabilities	330,153,000	403,410,000
Long-term bank borrowings	41,062,000	43,761,000
Long-term bonds payable	43,157,000	43,157,000
Warrant liability	290,000	67,000
Share-based compensation liability	98,000	199,000
Convertible loan with shareholder measured at fair value	104,613,000	0
Operating lease liabilities	14,596,000	17,087,000
Other non-current liabilities	30,003,000	24,861,000
Total Liabilities	563,972,000	532,542,000
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, 2024 and 2023; 324,831,634 and 316,694,442 shares issued, and 323,144,134 and 315,006,942 shares outstanding as of December 31, 2024 and 2023)	33,000	32,000
Additional paid-in capital	1,512,982,000	1,481,241,000
Statutory reserves	6,032,000	6,032,000
Accumulated deficit	(1,092,958,000)	(897,501,000)
Accumulated other comprehensive loss	(38,194,000)	(25,614,000)
Total Equity	387,895,000	564,190,000
Total Liabilities and Equity	951,867,000	1,096,732,000
Related Party
Current liabilities:
Amounts due to related parties	5,000	$ 0
Convertible loan with shareholder measured at fair value	$ 104,613,000

ACCOUNTS RECEIVABLE - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounting Standards Update [Extensible Enumeration]				Accounting Standards Update 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 4,571	$ 4,407	$ 5,005
Charge of expenses	3,743	236	1,640
Write off	(3,125)	(128)	(2,631)
Recoveries of credit losses	0	121	0
Exchange difference	(99)	(65)	(473)
Balance at end of the period	$ 5,090	$ 4,571	4,407	$ 5,005
Cumulative Effect, Period of Adoption, Adjusted Balance
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period			$ 866
Balance at end of the period				$ 866

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

6. PROPERTY, PLANT AND EQUIPMENT, NET

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


	December 31, 2024		December 31, 2023
Machineries and equipment	$	213,107	$	204,599
Buildings	139,817		144,497
Leasehold improvements	32,737		32,808
Fixtures and electronic equipment	20,223		19,132
Motor vehicles	9,925		6,027
Total	415,809		407,063
Less: accumulated depreciation	(133,734)		(108,309)
Construction in progress	196,114		321,913
Property, plant and equipment, net	$	478,189	$	620,667

The Group recorded depreciation expenses of $30,057, $22,141 and $19,811 for the years ended December 31, 2024, 2023 and 2022, respectively. During the first half year of 2024, the Company decided to pause the construction of the battery plant in Clarksville, Tennessee until additional funding for the remaining capital expenditure is secured. The Company utilized the residual method to estimate the fair value of the building and auxiliary equipment in Clarksville (“Clarksville Property”) and recognized $56,889 impairment losses. For the years ended December 31, 2024, 2023 and 2022, the Company assessed the recoverability of the long-lived assets and recognized $93,173, $504 and $1,798 impairment losses, respectively.

Property, plant and equipment, net of accumulated depreciation, of $24,359 and $1,251 was subject to liens as of December 31, 2024 and 2023, respectively.

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment are Carried at Cost Less Accumulated Depreciation (Details)	Dec. 31, 2024
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
Fixtures and electronic equipment \| Minimum
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	4 years
Fixtures and electronic equipment \| Maximum
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	5 years
Motor vehicles
Public Utility, Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	5 years

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands							12 Months Ended
	Nov. 14, 2024 USD ($)	Jul. 15, 2024 USD ($)	Jul. 01, 2024 USD ($)	Jun. 20, 2024 USD ($)	May 28, 2024 USD ($)	Mar. 18, 2024 USD ($)	Dec. 31, 2024 USD ($) action	Dec. 31, 2023 USD ($)
Commitments and Contingencies (Details) [Line Items]
Loss contingency, new claims filed \| action							3
Liens amount							$ 24,359
Property, plant and equipment, net							478,189	$ 620,667
Bank Acceptance Note
Commitments and Contingencies (Details) [Line Items]
Receivables from customers							5,167
Property, plant and equipment, net							23,809
Inventories
Commitments and Contingencies (Details) [Line Items]
Purchase obligation							48,242
Capital Commitments
Commitments and Contingencies (Details) [Line Items]
Capital commitments							53,228
Stoncor Group, Inc.
Commitments and Contingencies (Details) [Line Items]
Loss contingency, damages sought, value						$ 1,251
DPR Construction GP
Commitments and Contingencies (Details) [Line Items]
Loss contingency, damages sought, value				$ 19,950
Loss contingency, damages sought, retainage				$ 1,566
Faith Technologies, Inc.
Commitments and Contingencies (Details) [Line Items]
Loss contingency, damages sought, value		$ 1,699
Bernhard MCC, LLC. vs. U.S. Engineering Innovations, LLC, DPR Construction, Microvast, Inc. and the Industrial Development Board of the County of Montgomery
Commitments and Contingencies (Details) [Line Items]
Liens amount					$ 5,681
Virginia Transformer Corp. v. Microvast, Inc.and the Industrial Development Board of the County of Montgomery, Tennessee
Commitments and Contingencies (Details) [Line Items]
Liens amount			$ 1,769
Grupo Basan Barba Santana, S.A. De C.V.
Commitments and Contingencies (Details) [Line Items]
Receivable							3,500
Termination costs							2,400
Litigation settlement, fees and interest							$ 2,600
Clenera Battery Holdco LLC v. Microvast, Inc.
Commitments and Contingencies (Details) [Line Items]
Refunds sought	$ 36,000

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	12 Months Ended
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 19, 2022
Noncontrolling Interest [Line Items]
Investments in affiliates subsidiaries associates and joint venture				$ 7,246
Net loss attributable to noncontrolling interests	$ 0	$ (76)	$ 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%

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

LEASES

12 Months Ended

Dec. 31, 2024

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 years ended December 31, 2024, 2023 and 2022 were $3,478, $3,663 and $3,030, which excluded cost of short-term contracts. Short-term lease cost for the years ended December 31, 2024, 2023 and 2022 were $458, $435 and $373.

As of December 31, 2024, the weighted average remaining lease term was 9.1 years and weighted average discount rate was 5.2% for the Group's operating leases.

17. LEASES - continued

Supplemental cash flow information of the leases were as follows:


	Year Ended December 31,
	2024		2023		2022
Cash payments for operating leases	$	3,459	$	3,633	$	3,063
Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,368	$	5,725	$	548

The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of December 31, 2024:


	As of December 31, 2024
2025	$	3,858
2026	2,820
2027	2,356
2028	1,753
2029	1,561
Thereafter	9,497
Total future lease payments	$	21,845
Less: Imputed interest	$	(4,210)
Present value of operating lease liabilities	$	17,635

ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following:


	December 31, 2024		December 31, 2023
Accounts receivable	$	125,716	$	143,288
Allowance for credit losses	(5,090)		(4,571)
Accounts receivable, net	$	120,626	$	138,717

Schedule of Allowance for Credit Losses

Movement of allowance for credit losses was as follows:


	Year Ended December 31,
	2024		2023		2022
Balance at beginning of the period	$	4,571	$	4,407	$	5,005
Cumulative-effect adjustment upon adoption of ASU2016-13, Financial instruments- Credit losses (Topic 326)	—		—		866
Charge of expenses	3,743		236		1,640
Write off	(3,125)		(128)		(2,631)
Recoveries of credit losses	—		121		—
Exchange difference	(99)		(65)		(473)
Balance at end of the period	$	5,090	$	4,571	$	4,407

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (195,457)	$ (106,412)	$ (158,200)
Foreign currency translation adjustment	(12,580)	(7,621)	(24,782)
Comprehensive loss	(208,037)	(114,033)	(182,982)
Comprehensive loss attributable to noncontrolling interests	0	(164)	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (208,037)	$ (113,869)	$ (182,982)

- Definition

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

+ References

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+ 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.

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+ Details

LESSOR ACCOUNTING

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LESSOR ACCOUNTING

7. LESSOR ACCOUNTING

Lease income is included in products sales in the accompanying consolidated statements of operations. Supplemental income statement information is as follows:


	Year Ended December 31,
	2024		2023		2022
Lease income – sales-type leases
Revenue at lease commencement	$	9,664	$	—	$	—
Interest income on lease receivables	137		—		—
	$	9,801	$	—	$	—

Net Investment in Sales-type Leases

Net investment in sales-type leases, which is the sum of the present value of the future contractual lease payments, is presented on the consolidated balance sheets as a component of Accounts receivables for the current portion and as Other non-current assets for the long-term portion. Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows:


	December 31, 2024		December 31, 2023
Gross lease receivables	$	8,743	$	—
Unearned income	(429)		—
Less allowance for credit losses	(283)		—
Net investment in sales-type leases	8,031		—
Less current portion	(3,678)		—
Other non-current assets	$	4,353	$	—

Allowance for Credit Losses

The activities in the allowance for credit losses are as follows:


	Year Ended December 31,
	2024		2023
Balance at beginning of the period	$	—	$	—
Write-offs	—		—
Provision	(283)		—
Translation adjustments and other	—		—
Balance at end of the period	$	(283)	$	—

Maturity Analysis

The following is a schedule by year of the future minimum lease payments to be received under Sales-type finance leases at December 31, 2024.


Year ending December 31:	Sales-type Leases
2025	$	4,216
2026	2,467
2027	1,728
2028	332
2029	—
Thereafter	—
Total	$	8,743

LESSOR ACCOUNTING

7. LESSOR ACCOUNTING

Lease income is included in products sales in the accompanying consolidated statements of operations. Supplemental income statement information is as follows:


	Year Ended December 31,
	2024		2023		2022
Lease income – sales-type leases
Revenue at lease commencement	$	9,664	$	—	$	—
Interest income on lease receivables	137		—		—
	$	9,801	$	—	$	—

Net Investment in Sales-type Leases


	December 31, 2024		December 31, 2023
Gross lease receivables	$	8,743	$	—
Unearned income	(429)		—
Less allowance for credit losses	(283)		—
Net investment in sales-type leases	8,031		—
Less current portion	(3,678)		—
Other non-current assets	$	4,353	$	—

Allowance for Credit Losses

The activities in the allowance for credit losses are as follows:


	Year Ended December 31,
	2024		2023
Balance at beginning of the period	$	—	$	—
Write-offs	—		—
Provision	(283)		—
Translation adjustments and other	—		—
Balance at end of the period	$	(283)	$	—

Maturity Analysis

The following is a schedule by year of the future minimum lease payments to be received under Sales-type finance leases at December 31, 2024.


Year ending December 31:	Sales-type Leases
2025	$	4,216
2026	2,467
2027	1,728
2028	332
2029	—
Thereafter	—
Total	$	8,743

LESSOR ACCOUNTING

7. LESSOR ACCOUNTING

Lease income is included in products sales in the accompanying consolidated statements of operations. Supplemental income statement information is as follows:


	Year Ended December 31,
	2024		2023		2022
Lease income – sales-type leases
Revenue at lease commencement	$	9,664	$	—	$	—
Interest income on lease receivables	137		—		—
	$	9,801	$	—	$	—

Net Investment in Sales-type Leases


	December 31, 2024		December 31, 2023
Gross lease receivables	$	8,743	$	—
Unearned income	(429)		—
Less allowance for credit losses	(283)		—
Net investment in sales-type leases	8,031		—
Less current portion	(3,678)		—
Other non-current assets	$	4,353	$	—

Allowance for Credit Losses

The activities in the allowance for credit losses are as follows:


	Year Ended December 31,
	2024		2023
Balance at beginning of the period	$	—	$	—
Write-offs	—		—
Provision	(283)		—
Translation adjustments and other	—		—
Balance at end of the period	$	(283)	$	—

Maturity Analysis

The following is a schedule by year of the future minimum lease payments to be received under Sales-type finance leases at December 31, 2024.


Year ending December 31:	Sales-type Leases
2025	$	4,216
2026	2,467
2027	1,728
2028	332
2029	—
Thereafter	—
Total	$	8,743

LAND USE RIGHTS, NET - Schedule of Land Use Rights (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Land and Land Improvements [Abstract]
Cost of land use rights	$ 14,309	$ 14,711
Less: accumulated amortization	(2,938)	(2,727)
Land use rights, net	$ 11,371	$ 11,984

SHARE-BASED PAYMENT - Schedule of Stock Option Activity Plan (Details) - $ / shares		12 Months Ended
	Jun. 27, 2022	Dec. 31, 2024	Dec. 31, 2023
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility rate, minimum		85.66%	55.59%
Volatility rate, maximum		103.11%	86.83%
Risk-free interest rate, minimum		4.05%	3.48%
Risk-free interest rate, maximum		5.00%	5.38%
Expected dividend yields		0.00%	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
Volatility			61.89%
Risk-free interest rate			3.83%
Expected dividend yields			0.00%
Minimum \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in dollars per share)		$ 1.29	$ 1.21
Expected terms (years)		1 year 3 months	3 months
Weighted average fair value of options granted (in dollars per share)		$ 0.0035	$ 0.01
Minimum \| Capped Non-vested Shares Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected terms (years)	25 days
Maximum \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in dollars per share)		$ 5.69	$ 6.28
Expected terms (years)		7 years 3 months 3 days	6 years
Weighted average fair value of options granted (in dollars per share)		$ 0.89	$ 1.48
Maximum \| Capped Non-vested Shares Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected terms (years)	2 years 25 days

LESSOR ACCOUNTING - Lessor, Sales-Type And Operating Lease, Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues
Revenue at lease commencement	$ 9,664	$ 0	$ 0
Interest income on lease receivables	137	0	0
Total sales-type lease income	$ 9,801	$ 0	$ 0

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	29. SUBSEQUENT EVENTS Subsequent funding activities On March 17, 2025, the Company entered into the First Amendment to Loan and Security Agreement (the “First Amendment”) to its Loan and Security Agreement (the “Loan Agreement”), dated as of May 28, 2024, with Mr. Yang Wu, the Company’s shareholder, Chief Executive Officer and Chairman. The First Amendment amends the Loan Agreement to extend the Maturity Date from November 28, 2025 to May 28, 2026. All other terms and conditions of the Loan Agreement remain the same. From the year end of 2024 to the date of issuance of the financial statements in this Annual Report, the Company received $28,085 of short-term bank borrowings.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Payables for purchase of property, plant and equipment	$ 45,983	$ 96,350
Other current liabilities	13,776	14,312
Product warranty, current	9,999	13,738	$ 13,044
Accrued payroll and welfare	8,596	8,089
Other tax payable	7,399	7,117
Accrued expenses	9,570	6,224
Operating lease liabilities, current	3,039	2,413
Interest payable	94	41
Total	$ 98,456	$ 148,284

ACQUIRED INTANGIBLE ASSETS, NET - Schedule of Annual Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 477
2026	476
2027	469
2028	381
2029	374
Thereafter	430
Total	$ 2,607

NET PROFIT/(LOSS) PER SHARE- Schedule of Shares Outstanding Were Excluded from the Calculation of Diluted Net Loss Per Ordinary Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares issuable upon exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	31,767,047	35,572,123	35,244,877
Shares issuable upon vesting of non-vested shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,662,282	3,623,777	1,399,711
Shares issuable upon vesting of Capped non-vested shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,733,136	10,393,732	7,314,598
Shares issuable upon exercise of warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	31,697,929	28,437,000	28,437,000
Shares issuable upon vesting of Earn-out shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	11,202,179	19,999,988	19,999,988
Shares issuable that may be subject to cancellation
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,687,500	1,687,500	1,687,500
Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	25,803,279	0	0

SIGNIFICANT ACCOUNTING POLICIES - Debt Restructuring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Gain on debt restructuring	$ 9,406	$ 0	$ 0

COMMON STOCK	12 Months Ended
COMMON STOCK	Dec. 31, 2024
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.

BONDS PAYABLE (Tables)

12 Months Ended

Dec. 31, 2024

Bonds Payable [Abstract]

Schedule of Bonds Payable


	December 31, 2024		December 31, 2023
Long–term bonds payable
Huzhou Saiyuan	$	43,157	$	43,157
Total	$	43,157	$	43,157

COMMON STOCK - Narrative (Details)	12 Months Ended
COMMON STOCK - Narrative (Details)	Dec. 31, 2024 $ / shares shares
Dividends, Common Stock [Abstract]
Authorized shares (in shares)	800,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Designated as common stock shares (in shares)	750,000,000
Designated as redeemable convertible preferred stock (in shares)	50,000,000

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable from Customers (Details)	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Percentage of accounts receivable	10.00%	10.00%
Customer A
Accounting Policies [Abstract]
Percentage of accounts receivable from customer	16.00%	18.00%
Significant Accounting Policies [Line Items]
Percentage of accounts receivable from customer	16.00%	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%

SIGNIFICANT ACCOUNTING POLICIES - Land use rights, net (Details)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Estimated useful life term	50 years

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to Common Stock shareholders	$ (195,457)	$ (106,336)	$ (158,200)
Denominator:
Weighted average shares used in calculating net loss per share of common stock, basic (in shares)	318,462,843	310,909,379	303,279,188
Weighted average shares used in calculating net loss per share of common stock, diluted (in shares)	318,462,843	310,909,379	303,279,188
Basic (in dollars per share)	$ (0.61)	$ (0.34)	$ (0.52)
Diluted (in dollars per share)	$ (0.61)	$ (0.34)	$ (0.52)

- Definition

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

+ References

+ 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

+ Details

SHARE-BASED PAYMENT - Narrative (Details)			12 Months Ended			41 Months Ended
SHARE-BASED PAYMENT - Narrative (Details)	Jun. 27, 2022 shares	Jul. 21, 2021	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option			$ 2,001,000
Weighted-average period			1 year 8 months 12 days
Aggregate intrinsic value			$ 1,637,000			$ 1,637,000
Compensation cost			$ 3,318,000
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			15,608,278			15,608,278
2012 Share Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exchange Ratio		160.3
Share Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense			$ 25,175,000	$ 51,289,000	$ 60,020,000
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			2,793,000	9,647,000	32,804,000
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense			1,850,000	1,992,000	1,358,000
Granted (in shares) \| shares						5,158,451
Performance Based Restricted Stock Unit (PSU)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense			$ 1,044,000	$ 2,386,000	$ 2,048,000
Granted (in shares) \| shares						2,680,372

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets


	December 31, 2024		December 31, 2023
VAT and tariff refund receivables	$	17,374	$	14,279
Advances to suppliers	6,813		5,800
Prepaid expenses	1,430		3,972
Deposits	972		950
Other receivables	430		751
Total	$	27,019	$	25,752

INVENTORIES, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Provision for obsolete inventories	$ 3,286	$ 3,613	$ 4,789

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

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

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

Noncontrolling interests

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 property, plant and equipment, valuation allowance for deferred tax assets, product warranties, fair value measurement of Bridge Notes, fair value measurement of warrant liability and share based compensation.

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. These notes may be presented to banks in the PRC for cash settlement or endorsed to suppliers to settle accounts payable. The Group derecognizes the notes upon endorsement to suppliers, as it no longer retains control over instruments. Notes receivable and notes payable are typically non-interest bearing and have maturities of one year or less.

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 $3, $438 and $70 interest income from the short-term investments for the years ended December 31, 2024, 2023 and 2022, 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

In accordance with ASC 360, Property, Plant and Equipment ("ASC 360"), the Company reviews long-lived assets such as property, plant and equipment 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, and an impairment loss is recorded as a component of operating expenses. Fair value is estimated based on various valuation techniques. For assets held for sales, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. The evaluation of asset impairment requires the Company 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.

Assets held for sale

Assets to be disposed of by sale are reported at the lower of the carrying value or fair vale less cost to sell when the Company has committed to a sale agreement and would be reported separately as assets held for sale in the consolidated balance sheets.

Debt Restructuring

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, long-term bank borrowing, bonds payable, warrant liability and convertible loan with shareholder. The Group carries its cash and cash equivalents, restricted cash, warrant liability and convertible loan with shareholder at fair value. The carrying values of other financial instruments approximate their fair values reported in the consolidated balance sheets.

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.

Fair value - continued

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

Level 1

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

Level 2

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

Level 3

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

Convertible loan with shareholder measured at fair value

The Company has elected the fair value option to account for the convertible loan with shareholder described in Note 26 – Convertible loan with shareholder measured at fair value herein, and records changes in fair value in the consolidated statements of operations, with the exception of changes in fair value due to instrument-specific credit risk which, if present, will be recorded as a component of other comprehensive income. Interest expense related to the convertible loan is included in the changes in fair value. As a result of applying the fair value option, direct costs and fees related to the convertible loan were expensed as incurred. Loss of $79,737 was recognized for the year ended December 31, 2024. The fair value of the convertible loan with shareholder was determined by using a discounted cash flow model for the bond component and a Black-Scholes-Merton model for the conversion option, which is considered a Level 3 fair value measurement.

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

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.

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 stockholder 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.

Leases

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.

As of December 31, 2024, the Company recorded operating lease right-of-use (ROU) assets of $17,628 and operating lease liabilities of $17,635, including current portion in the amount of $3,039, which was recorded under accrued expenses and other current liabilities on the balance sheet.

As for lessor accounting, the Company provides leasing arrangement to its customers primarily for the sale of vehicles. Revenue from the sale of these products under sales-type leases is recognized at the inception of the lease. Interest income on sales-type leases is recognized over the life of each respective lease using the interest method. As of December 31, 2024, the Company recorded net investment in sales-type leases of $8,031 including current portion in the amount of $3,678, which was recorded under accounts receivables on the balance sheet.

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 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.

Diluted loss per share is calculated by dividing net loss attributable to Common Stock 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 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”); and the Company’s Germany subsidiary, MV GmbH, the functional currency is the Euro.

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 $87,802 and $62,829 as of December 31, 2024 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.

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, 2024, 2023 and 2022, 19%, 15% and 18% of our raw materials were purchased through company E, 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 adopted and not yet adopted

Recent accounting pronouncements newly 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 adopted this guidance on January 1, 2024. For additional information, see “Note 24—Segment Information.”

Recent accounting pronouncements not yet adopted

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.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or 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.

Debt Instrument Term Description

The original terms of the loans from Chinese banks are within 12 months and the interest rates range from 3.25% to 4.85% per annum. The amount of interest expenses, which was recorded in profits and loss was $1,405 and $639 as of December 31, 2024 and 2023, respectively.

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, 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.

RELATED PARTY BALANCES AND TRANSACTIONS - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Related Party
Related Party Transaction [Line Items]
Other current liabilities	$ 5,000	$ 0

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

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 2024, 2023 and 2022:


	December 31, 2024		December 31, 2023		December 31, 2022
Percentage of revenue contributed by Customer A	39	%	18	%	*%
Percentage of revenue contributed by Customer B	*%		11	%	*%
Percentage of revenue contributed by Customer C	*%		*%		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, 2024		December 31, 2023
Percentage of accounts receivable from Customer A	16	%	18	%
Percentage of accounts receivable from Customer D	*%		11	%

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

WARRANTS

12 Months Ended

Dec. 31, 2024

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 Tuscan Holdings Acquisition LLC ("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, 2024, 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, 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 (loss)/gain of $(223), $59 and $979 for the years ended December 31, 2024, 2023 and 2022, 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, 2024
Market price of public stock	$	2.07
Exercise price	$	11.50
Expected term (years)	1.57
Volatility	113.75		%
Risk-free interest rate	4.13		%
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.

On May 28, 2024, the Company also issued a warrant exercisable for 5,500,000 shares of Common Stock at an initial exercise price of $2.00 per share. The Warrant expires on May 28, 2029 in connection of the convertible loan with shareholder. See Note 26 – Convertible loan with shareholder measured at fair value.

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Numerator:
Net loss attributable to Common Stock shareholders	$	(195,457)	$	(106,336)	$	(158,200)
Denominator:
Weighted average Common Stock outstanding used in computing basic and diluted net loss per share	318,462,843		310,909,379		303,279,188
Basic and diluted net loss per share	$	(0.61)	$	(0.34)	$	(0.52)

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


	Year ended December 31,
	2024	2023	2022
Shares issuable upon exercise of share options	31,767,047	35,572,123	35,244,877
Shares issuable upon vesting of non-vested shares	2,662,282	3,623,777	1,399,711
Shares issuable upon exercise of capped non-vested shares	3,733,136	10,393,732	7,314,598
Shares issuable upon exercise of warrants	31,697,929	28,437,000	28,437,000
Shares issuable upon vesting of earn-out shares	11,202,179	19,999,988	19,999,988
Shares issuable that may be subject to cancellation	1,687,500	1,687,500	1,687,500
Shares issuable upon convert of convertible loan	25,803,279	—	—

INCOME TAXES

12 Months Ended

Dec. 31, 2024

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, may be carried forward indefinitely but are subject to an 80% taxable income limitation. The Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted in 2020 did not have a material impact on the Company's income tax provision for the years ended December 31, 2024, 2023 and 2022. are permitted to be carried forward indefinitely but may not be carried back.

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 2021 and 2024. Therefore, MPS, as the NHTE, is entitled to an income tax rate of 15% for 2024, 2023 and 2022.

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 2024, 2023 and 2022.

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, 2024, 2023 and 2022, 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%, 29.9% and 27.9% for the years ended December 31, 2024, 2023 and 2022, 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 nil, $10, and $33 has been recognized for the years ended December 31, 2024, 2023 and 2022, respectively.

Loss before provision for income tax for the years ended December 31, 2024, 2023 and 2022 was as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Domestic (USA)	$	(227,937)	$	(101,077)	$	(116,353)
Foreign	32,480		(5,325)		(41,814)
Loss before provision for income tax	$	(195,457)	$	(106,402)	$	(158,167)

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


	December 31, 2024		December 31, 2023		December 31, 2022
Current tax expense	$	—	$	10	$	33
Deferred tax expense	—		—		—
Total provision for income tax	$	—	$	10	$	33

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


	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss carry-forwards	$	64,949	$	67,569
Changes in fair value of convertible loan	16,744		—
Allowance for credit losses and inventory provision	1,252		1,385
Product warranty	4,917		5,306
Impairment of property, plant and equipment	15,885		282
Deferred income	814		397
Accrued expense	1,475		669
Others	615		615
Less: valuation allowance	(106,651)		(76,223)
Net deferred tax assets	$	—	$	—

The movements of valuation allowance for the years end December 31, 2024, 2023 and 2022 are as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Balance at beginning of the year	$	76,223	$	66,853	$	55,100
Additions	41,706		12,725		11,838
Reversal	(11,278)		(3,355)		(85)
Balance at end of the year	$	106,651	$	76,223	$	66,853

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, 2024		December 31, 2023		December 31, 2022
Loss before provision for income tax	$	(195,457)	$	(106,402)	$	(158,167)
Tax credit at the U.S. federal corporate income tax rate of 21%	(41,047)		(22,343)		(33,214)
Tax effect of permanent differences – share-based compensation	6,477		13,644		20,098
Tax effect of permanent differences – others	(2,292)		(220)		(4,295)
Tax effect of income tax rate difference in other jurisdictions	(1,284)		(1,411)		1,657
Changes in valuation allowance	38,146		10,330		15,754
Others	—		10		33
Income tax expense	$	—	$	10	$	33

As of December 31, 2024, the Group had $359,290 operating loss carried forward. The operating loss carried forward for the Company’s PRC subsidiaries amounted to $219,668, which will expire on various dates from 2025 to 2034. For the remaining operating loss, $139,622 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LAND USE RIGHTS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Land and Land Improvements [Abstract]
Estimated usage term period	50 years
Amortization expenses	$ 291	$ 294	$ 310
Land use rights, expected amortization, next one year	291
Land use rights, expected amortization, next two years	291
Land use rights, expected amortization, next three years	291
Land use rights, expected amortization, next four years	291
Land use rights, expected amortization, next five years	291
Land use rights, expected amortization, after five years	$ 291

ACQUIRED INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Net


	December 31, 2024		December 31, 2023
Cost of acquired intangible assets	$	5,377	$	5,472
Less: accumulated amortization	(2,770)		(2,336)
Acquired intangible assets, net	$	2,607	$	3,136

Schedule of Annual Amortization Expense

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


2025	$	477
2026	476
2027	469
2028	381
2029	374
Thereafter	430
Total	$	2,607

SIGNIFICANT ACCOUNTING POLICIES - Product Warranty (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
Significant Accounting Policies [Line Items]
Warranty, term	1 year
Maximum
Significant Accounting Policies [Line Items]
Warranty, term	8 years

SHARE-BASED PAYMENT - Schedule of Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Cost of revenues	$ 3,479	$ 6,091	$ 7,712
General and administrative expenses	19,429	43,831	67,261
Research and development expenses	6,082	11,103	13,987
Selling and marketing expenses	1,850	3,946	6,745
Construction in progress	22	343	525
Total	$ 30,862	$ 65,314	$ 96,230

INCOME TAXES - Schedule of Current and Deferred Components of the Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current tax expense	$ 0	$ 10,000	$ 33,000
Deferred tax expense	0	0	0
Total provision for income tax	$ 0	$ 10,000	$ 33,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-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/exampleRef
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+ Details

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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


	Fair Value Measurement as of December 31, 2024
(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	$	73,007	—	—	$	73,007
Restricted cash	36,594		—	—	36,594
Total financial assets	$	109,601	—	—	$	109,601
Warrant liability	$	—	—	290	$	290
Convertible loan with shareholder measured at fair value	$	—	—	104,613	$	104,613
Total financial liabilities	$	—	—	104,903	$	104,903


	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 assets	$	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, 2024, 2023 and 2022:


(In thousands)	Year Ended December 31,
	2024		2023		2022
Balance at the beginning of the year	$	67	$	126	$	1,105
Changes in fair value	223		(59)		(979)
Balance at end of the year	$	290	$	67	$	126

The following is a reconciliation of the beginning and ending balances for Level 3 convertible loan with shareholder during the year ended December 31, 2024:


	Twelve Months Ended December 31, 2024
Balance at the beginning of the period	$	—
Issuance of convertible loan with shareholder	25,944
Interest paid during the period	(1,068)
Changes in fair value	79,737
Balance at end of the period	$	104,613

INVENTORIES, NET - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Work in process	$ 85,179	$ 86,379
Raw materials	39,388	35,867
Finished goods	18,760	27,503
Total	$ 143,327	$ 149,749

SHARE-BASED PAYMENT - Schedule Non-vested Shares Activity (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Non-Vested Shares
Number of non-vested shares, grant (in shares) \| shares	2,000,000
Weighted Average Grant Date Fair Value Per Share (US$)
Weighted average grant date fair value per share, non-vested shares, grant (in dollars per share)	$ 1.29
Weighted average grant date fair value per share, non-vested shares, forfeited (in dollars per share)	$ 3.37
Capped Non-vested Shares Units
Number of Non-Vested Shares
Number of non-vested shares, outstanding at beginning balance (in shares) \| shares	6,665,014
Number of non-vested shares, vested (in shares) \| shares	(6,665,014)
Number of non-vested shares, outstanding at ending balance (in shares) \| shares	0
Weighted Average Grant Date Fair Value Per Share (US$)
Weighted average grant date fair value per share, non-vested shares, outstanding at beginning (in dollars per share)	$ 2.29
Weighted average grant date fair value per share, non-vested shares, vested (in dollars per share)	2.29
Weighted average grant date fair value per share, non-vested shares, outstanding at ending (in dollars per share)	$ 0
Restricted Stock Units (RSUs)
Number of Non-Vested Shares
Number of non-vested shares, outstanding at beginning balance (in shares) \| shares	3,598,606
Number of non-vested shares, grant (in shares) \| shares	2,516,736
Number of non-vested shares, vested (in shares) \| shares	(1,472,178)
Number of non-vested shares, forfeited (in shares) \| shares	(1,219,859)
Number of non-vested shares, outstanding at ending balance (in shares) \| shares	3,423,305
Weighted Average Grant Date Fair Value Per Share (US$)
Weighted average grant date fair value per share, non-vested shares, outstanding at beginning (in dollars per share)	$ 3.07
Weighted average grant date fair value per share, non-vested shares, grant (in dollars per share)	1.17
Weighted average grant date fair value per share, non-vested shares, vested (in dollars per share)	2.39
Weighted average grant date fair value per share, non-vested shares, forfeited (in dollars per share)	4.00
Weighted average grant date fair value per share, non-vested shares, outstanding at ending (in dollars per share)	$ 1.63

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

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, 2024	Dec. 31, 2023
Number of Shares
Number of shares, outstanding at beginning (in shares)	32,876,682
Number on non-vested shares, grant (in shares)	2,000,000
Number of shares, forfeited (in shares)	(2,175,283)
Number of shares, outstanding at ending (in shares)	32,701,399	32,876,682
Number of shares, expected to vest and exercisable (in shares)	32,701,399
Number of shares, exercisable (in shares)	29,768,065
Weighted Average Exercise Price (US$)
Weighted average exercise price, outstanding at beginning (in dollars per share)	$ 6.01
Weighted average grant date fair value per share, non-vested shares, grant (in dollars per share)	1.29
Weighted average exercise price, forfeited (in dollars per share)	4.90
Weighted average exercise price, outstanding at ending (in dollars per share)	5.80	$ 6.01
Weighted average exercise price, expected to vest and exercisable (in dollars per share)	5.80
Weighted average exercise price, exercisable (in dollars per share)	6.14
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value, outstanding at beginning (in dollars per share)	4.73
Weighted average grant date fair value, granted (in dollars per share)	0.89
Weighted average grant date fair value, forfeited (in dollars per share)	3.37
Weighted average grant date fair value, outstanding at ending (in dollars per share)	4.58	$ 4.73
Weighted average grant date fair value, expected to vest and exercisable (in dollars per share)	4.58
Weighted average grant date fair value, exercisable (in dollars per share)	$ 4.89
Weighted Average Remaining Contractual
Weighted average remaining contractual, outstanding	4 years 6 months	5 years 8 months 12 days
Weighted average remaining contractual life, expected to vest and exercisable	4 years 6 months
Weighted average remaining contractual life, exercisable	4 years 4 months 24 days

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Dec. 31, 2024

Land and Land Improvements [Abstract]

Schedule of Land Use Rights

Land use rights consisted of the following:


	December 31, 2024		December 31, 2023
Cost of land use rights	$	14,309	$	14,711
Less: accumulated amortization	(2,938)		(2,727)
Land use rights, net	$	11,371	$	11,984

SIGNIFICANT ACCOUNTING POLICIES - Notes receivable and payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Notes receivable	$ 7,579	$ 23,736

SEGMENT INFORMATION - Schedule of Long-lived Assets, Classified by Major Geographic Regions (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 489,560	$ 632,651
Long-lived assets, percentage	100.00%	100.00%
Asia & Pacific
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 290,512	$ 304,380
Long-lived assets, percentage	59.00%	48.00%
PRC
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 290,512	$ 304,380
Long-lived assets, percentage	59.00%	48.00%
Europe
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 14,871	$ 18,119
Long-lived assets, percentage	3.00%	3.00%
Germany
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 14,846	$ 18,076
Long-lived assets, percentage	3.00%	3.00%
United Kingdom
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 25	$ 43
Long-lived assets, percentage	0.00%	0.00%
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets, amount	$ 184,177	$ 310,152
Long-lived assets, percentage	38.00%	49.00%

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS


	December 31, 2024		December 31, 2023
VAT and tariff refund receivables	$	17,374	$	14,279
Advances to suppliers	6,813		5,800
Prepaid expenses	1,430		3,972
Deposits	972		950
Other receivables	430		751
Total	$	27,019	$	25,752

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

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
VAT and tariff refund receivables	$ 17,374	$ 14,279
Advances to suppliers	6,813	5,800
Prepaid expenses	1,430	3,972
Deposits	972	950
Other receivables	430	751
Total	$ 27,019	$ 25,752

BANK BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2024

Bank Borrowings [Abstract]

Schedule of Bank Borrowings Repayment

As of December 31, 2024, the Group had outstanding borrowings of $68,436 under the 2022 Facility Agreement and the table below is the repayment schedule.


Repayment Date						Repayment Amount
June 10, 2025						$13,687 (RMB99.9 million)
December 10, 2025						$13,687 (RMB99.9 million)
June 10, 2026						$20,531 (RMB149.9 million)
December 10, 2026						$20,531 (RMB149.9 million)

Schedule of Bank Borrowings

Changes in bank borrowings were as follows:


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	79,153	$	46,395	$	13,301
Proceeds from bank borrowings	101,517		47,852		58,708
Repayments of principal	(66,248)		(14,119)		(24,482)
Exchange difference	(2,694)		(975)		(1,132)
Ending balance	$	111,728	$	79,153	$	46,395


Balance of bank borrowings includes:	December 31, 2024		December 31, 2023
Current	$	70,666	$	35,392
Non-current	41,062		43,761
Total	$	111,728	$	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, 2024 and 2023 were as follows:


	December 31, 2024		December 31, 2023
Buildings	$	119,166	$	124,565
Machinery and equipment	60,991		—
Land use rights	11,371		11,984
Construction in progress	335		—
Total	$	191,863	$	136,549

SIGNIFICANT ACCOUNTING POLICIES - Foreign currency risk (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Total cash, cash equivalents and restricted cash	$ 109,601	$ 88,189	$ 302,617	$ 536,109
China, Yuan Renminbi
Significant Accounting Policies [Line Items]
Total cash, cash equivalents and restricted cash	$ 87,802	$ 62,829

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 379,801,000	$ 306,617,000	$ 204,495,000
Cost of revenues	(260,249,000)	(249,390,000)	(195,422,000)
Gross profit	119,552,000	57,227,000	9,073,000
Operating expenses:
General and administrative expenses	(81,486,000)	(96,787,000)	(102,774,000)
Research and development expenses	(41,065,000)	(45,004,000)	(43,508,000)
Selling and marketing expenses	(22,576,000)	(23,614,000)	(22,611,000)
Impairment loss of long-lived assets	93,173,000	504,000	1,798,000
Total operating expenses	(238,300,000)	(165,909,000)	(170,691,000)
Subsidy income	2,658,000	1,953,000	1,672,000
Loss from operations	(116,090,000)	(106,729,000)	(159,946,000)
Other income and expenses:
Interest income	742,000	3,609,000	3,179,000
Interest expense	(9,711,000)	(2,628,000)	(3,323,000)
Changes in fair value of warrant liability and convertible loan	(79,960,000)	59,000	979,000
Gain on debt restructuring	9,406,000	0	0
Other income (expense), net	156,000	(713,000)	944,000
Loss before provision for income tax	(195,457,000)	(106,402,000)	(158,167,000)
Income tax expense	0	(10,000)	(33,000)
Net loss	(195,457,000)	(106,412,000)	(158,200,000)
Net loss attributable to noncontrolling interests	0	(76,000)	0
Net loss attributable to Microvast Holdings, Inc.	$ (195,457,000)	$ (106,336,000)	$ (158,200,000)
Net loss per share attributable to common stock shareholders of Microvast Holdings, Inc.
Basic (in dollars per share)	$ (0.61)	$ (0.34)	$ (0.52)
Diluted (in dollars per share)	$ (0.61)	$ (0.34)	$ (0.52)
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)	318,462,843	310,909,379	303,279,188
Weighted average shares used in calculating net loss per share of common stock, diluted (in shares)	318,462,843	310,909,379	303,279,188

LEASES - Summary of the Annual Undiscounted Cash Flows for Lease Liabilities Maturity Analysis (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 3,858
2026	2,820
2027	2,356
2028	1,753
2029	1,561
Thereafter	9,497
Total future lease payments	21,845
Less: Imputed interest	(4,210)
Present value of operating lease liabilities	$ 17,635

LESSOR ACCOUNTING (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lessor, Sales-Type And Operating Lease, Lease Income

Lease income is included in products sales in the accompanying consolidated statements of operations. Supplemental income statement information is as follows:


	Year Ended December 31,
	2024		2023		2022
Lease income – sales-type leases
Revenue at lease commencement	$	9,664	$	—	$	—
Interest income on lease receivables	137		—		—
	$	9,801	$	—	$	—

Sales-Type and Direct Financing Leases, Receivables

Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows:


	December 31, 2024		December 31, 2023
Gross lease receivables	$	8,743	$	—
Unearned income	(429)		—
Less allowance for credit losses	(283)		—
Net investment in sales-type leases	8,031		—
Less current portion	(3,678)		—
Other non-current assets	$	4,353	$	—

The activities in the allowance for credit losses are as follows:


	Year Ended December 31,
	2024		2023
Balance at beginning of the period	$	—	$	—
Write-offs	—		—
Provision	(283)		—
Translation adjustments and other	—		—
Balance at end of the period	$	(283)	$	—

Lessor, Operating Lease, Payment to be Received, Maturity

The following is a schedule by year of the future minimum lease payments to be received under Sales-type finance leases at December 31, 2024.


Year ending December 31:	Sales-type Leases
2025	$	4,216
2026	2,467
2027	1,728
2028	332
2029	—
Thereafter	—
Total	$	8,743

Sales-Type and Direct Financing Leases, Payment to be Received, Maturity

The following is a schedule by year of the future minimum lease payments to be received under Sales-type finance leases at December 31, 2024.


Year ending December 31:	Sales-type Leases
2025	$	4,216
2026	2,467
2027	1,728
2028	332
2029	—
Thereafter	—
Total	$	8,743

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2024
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	Although we have not adopted a formal policy pertaining to the timing of stock option grants to our named executive officers, it is our practice not to time the grant of equity awards, including stock options, in relation to the release of material non-public information. Similarly, the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. The Compensation Committee generally approves the grant of annual equity awards for the Company’s executive officers, including each of the named executive officers, in December of each year. In special circumstances, including the hiring or promotion of an individual or where the Compensation Committee determines it is in the best interest of the Company, the Compensation Committee may approve grants of equity awards at other times.
Award Timing Method	Although we have not adopted a formal policy pertaining to the timing of stock option grants to our named executive officers, it is our practice not to time the grant of equity awards, including stock options, in relation to the release of material non-public information.
Award Timing Predetermined	true
Award Timing MNPI Considered	true
Award Timing, How MNPI Considered	Similarly, the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
MNPI Disclosure Timed for Compensation Value	false

BANK BORROWINGS - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Bank Borrowings [Roll Forward]
Beginning balance	$ 79,153	$ 46,395	$ 13,301
Proceeds from bank borrowings	101,517	47,852	58,708
Repayments of principal	(66,248)	(14,119)	(24,482)
Exchange difference	(2,694)	(975)	(1,132)
Ending balance	111,728	79,153	46,395
Current	70,666	35,392
Non-current	41,062	43,761
Total	$ 111,728	$ 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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	December 31, 2024		December 31, 2023
Payables for purchase of property, plant and equipment	$	45,983	$	96,350
Other current liabilities	13,776		14,312
Product warranty, current	9,999		13,738
Accrued payroll and welfare	8,596		8,089
Other tax payable	7,399		7,117
Accrued expenses	9,570		6,224
Operating lease liabilities, current	3,039		2,413
Interest payable	94		41
Total	$	98,456	$	148,284

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Loss Before Provision for Income Taxes

Loss before provision for income tax for the years ended December 31, 2024, 2023 and 2022 was as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Domestic (USA)	$	(227,937)	$	(101,077)	$	(116,353)
Foreign	32,480		(5,325)		(41,814)
Loss before provision for income tax	$	(195,457)	$	(106,402)	$	(158,167)

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, 2024		December 31, 2023		December 31, 2022
Current tax expense	$	—	$	10	$	33
Deferred tax expense	—		—		—
Total provision for income tax	$	—	$	10	$	33

Schedule of Deferred Tax Assets

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


	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss carry-forwards	$	64,949	$	67,569
Changes in fair value of convertible loan	16,744		—
Allowance for credit losses and inventory provision	1,252		1,385
Product warranty	4,917		5,306
Impairment of property, plant and equipment	15,885		282
Deferred income	814		397
Accrued expense	1,475		669
Others	615		615
Less: valuation allowance	(106,651)		(76,223)
Net deferred tax assets	$	—	$	—

Schedule of Valuation Allowance

The movements of valuation allowance for the years end December 31, 2024, 2023 and 2022 are as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Balance at beginning of the year	$	76,223	$	66,853	$	55,100
Additions	41,706		12,725		11,838
Reversal	(11,278)		(3,355)		(85)
Balance at end of the year	$	106,651	$	76,223	$	66,853

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, 2024		December 31, 2023		December 31, 2022
Loss before provision for income tax	$	(195,457)	$	(106,402)	$	(158,167)
Tax credit at the U.S. federal corporate income tax rate of 21%	(41,047)		(22,343)		(33,214)
Tax effect of permanent differences – share-based compensation	6,477		13,644		20,098
Tax effect of permanent differences – others	(2,292)		(220)		(4,295)
Tax effect of income tax rate difference in other jurisdictions	(1,284)		(1,411)		1,657
Changes in valuation allowance	38,146		10,330		15,754
Others	—		10		33
Income tax expense	$	—	$	10	$	33

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Text Block Supplement [Abstract]
Reserve percentage	10.00%
Registered capital percentage	50.00%
Restricted net asset	$ 528,337	$ 528,337

INCOME TAXES - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance at beginning of the year	$ 76,223	$ 66,853	$ 55,100
Additions	41,706	12,725	11,838
Reversal	(11,278)	(3,355)	(85)
Balance at end of the year	$ 106,651	$ 76,223	$ 66,853

SIGNIFICANT ACCOUNTING POLICIES - Subsidy income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Amortized deferred subsidy	$ 620	$ 390	$ 538
Deferred subsidy income	1,026	531
Deferred non current portion	$ 5,610	$ 3,382

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	3	$	1,510
Short-term investment	—		—
Amount due from subsidiaries	31,792		21,875
Total Current Assets	31,795		23,385
Investments in subsidiaries	365,395		540,954
Total Assets	$	397,190	$	564,339

Liabilities
Current liabilities:
Amount due to subsidiaries	8,970		5
Accrued expenses and other current liabilities	35		77
Total Current Liabilities	9,005		82
Warrant liability	290		67
Total Liabilities	$	9,295	$	149

Shareholders’ Deficit
Common Stock (par value of US$0.0001 per share, 750,000,000 shares authorized as of December 31, 2024 and 2023; 324,831,634 and 316,694,442 shares issued, and 323,144,134 and 315,006,942 shares outstanding as of December 31, 2024 and 2023)	$	33	$	32
Additional paid-in capital	1,512,982		1,481,241
Statutory reserves	6,032		6,032
Accumulated deficit	(1,092,958)		(897,501)
Accumulated other comprehensive loss	(38,194)		(25,614)
Total Shareholders’ Equity	387,895		564,190
Total Liabilities and Shareholders’ Equity	$	397,190	$	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,
	2024		2023		2022
Revenues from subsidiaries	$	—	$	—	$	—

Operating expenses:
General and administrative expenses	(426)		(654)		(2,438)
Total operating expenses	(426)		(654)		(2,438)
Loss from operations	(426)		(654)		(2,438)

Other income and expenses:
Interest income	6		2,666		2,179
Interest expense	(358)		—		—
Gain on change in fair value of warrant liability	(223)		59		979
(Loss) /income before provision for income taxes	(1,001)		2,071		720
Income tax expense	—		—		—
Loss from investment in subsidiaries	(194,456)		(108,407)		(158,920)
Net loss attributable to Microvast Holdings, Inc.	$	(195,457)	$	(106,336)	$	(158,200)
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment	(12,580)		(7,533)		(24,782)
Total comprehensive loss attributable to Microvast Holdings, Inc.	$	(208,037)	$	(113,869)	$	(182,982)

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,
	2024		2023		2022
Net cash generated (used) in operating activities	8,531		2,552		(4,498)
Cash flows from investing activities
Investment in subsidiaries	(10,038)		(125,449)		(255,662)
Purchases of short-term investment	—		(430)		(25,070)
Proceeds from maturity of short-term investments	—		25,500		—
Net cash used in investing activities	(10,038)		(100,379)		(280,732)
Cash flows from financing activities
Cash received from shareholders	—		—		27,559
Net cash generated from financing activities	—		—		27,559
Decrease in cash, cash equivalents and restricted cash	(1,507)		(97,827)		(257,671)
Cash, cash equivalents and restricted cash at beginning of the period	1,510		99,337		357,008
Cash, cash equivalents and restricted cash at end of the period	$	3	$	1,510	$	99,337

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.

SIGNIFICANT ACCOUNTING POLICIES - Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Net gain (loss) within net earnings (loss)	$ (79,737)

MAINLAND CHINA CONTRIBUTION PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Total provisions of employee benefits	$ 5,012	$ 3,552	$ 3,370

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
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

LESSOR ACCOUNTING - Maturity Analysis (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Sales-type Leases
2025	$ 4,216
2026	2,467
2027	1,728
2028	332
2029	0
Thereafter	0
Total sales-type and direct financing leases	$ 8,743

LESSOR ACCOUNTING - Allowance For Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 0	$ 0
Write-offs	0	0
Provision	(283)	0
Translation adjustments and other	0	0
Balance at end of the period	$ 283	$ 0

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS (Additional Disclosures) (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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)	324,831,634	316,694,442
Common stock, shares outstanding (in shares)	323,144,134	315,006,942
Parent Company
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)	324,831,634	316,694,442
Common stock, shares outstanding (in shares)	323,144,134	315,006,942

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Net Revenues from Customers (Details)	12 Months Ended			36 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Significant Accounting Policies [Line Items]
Net revenues percentage				10.00%
Customer A
Significant Accounting Policies [Line Items]
Percentage of revenue contribution	39.00%	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%

SIGNIFICANT ACCOUNTING POLICIES - Supplier Concentration (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Purchase percentage	19.00%	15.00%	18.00%

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 5,090	$ 4,571
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)	324,831,634	316,694,442
Common stock, shares outstanding (in shares)	323,144,134	315,006,942

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Company’s Major Subsidiaries

As of December 31, 2024, 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

CONVERTIBLE LOAN WITH SHAREHOLDER MEASURED AT FAIR VALUE

12 Months Ended

Dec. 31, 2024

CONVERTIBLE LOAN WITH SHAREHOLDER MEASURED AT FAIR VALUE

25. RELATED PARTY BALANCES AND TRANSACTIONS

The outstanding balance for the amount due to Ochem Chemical Co., Ltd controlled by the Chief Executive Officer was $5 as of December 31, 2024 and nil as of December 31, 2023, respectively.

26. CONVERTIBLE LOAN WITH SHAREHOLDER MEASURED AT FAIR VALUE

On May 28, 2024, Microvast Inc. entered into a $25,000 convertible loan agreement ("Loan Agreement") with Mr. Yang Wu, the Company’s Chief Executive Officer and Chairman.

The initial term loan of $12,000 was received in May 2024 and the delayed draw term loan of $13,000 was received in July 2024.

The loan is secured by a first priority security interest in substantially all of its assets by Microvast Inc. and all other entities within the Group as guarantors.

The significant input of the discounted cash flow model for the bond component is the discount rate. Below are the key inputs used in Black-Scholes-Merton model for the conversion option:


	December 31, 2024
Market price of public stock	$	2.07
Exercise price	$	0.50
Expected term (years)	0.91
Volatility	76.99		%
Risk-free interest rate	4.09		%
Dividend rate	0.00		%

- Definition

+ References

+ Details

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 23, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 28, 2024
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
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
Initial Lender Warrants \| Related Party \| Loan Agreement
Warrants [Line Items]
Initial exercise price (in dollars per share)					$ 2.00
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
Fair value adjustment of warrants		$ 223	$ (59)	$ (979)
Common Stock \| Initial Lender Warrants \| Related Party \| Loan Agreement
Warrants [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)					5,500,000
Tuscan Holdings Corp and Early Bird Capital Inc
Warrants [Line Items]
Shares issued (in shares)	837,000

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Total provision for income tax	$ 0	$ 10,000	$ 33,000
Operating loss carried forward	359,290,000
Remaining operating loss	$ 139,622,000
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	$ 219,668,000
Germany
Income Tax Contingency [Line Items]
Income tax, percentage	29.10%	29.90%	27.90%

ACCOUNTS RECEIVABLE

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

ACCOUNTS RECEIVABLE

3. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:


	December 31, 2024		December 31, 2023
Accounts receivable	$	125,716	$	143,288
Allowance for credit losses	(5,090)		(4,571)
Accounts receivable, net	$	120,626	$	138,717

Movement of allowance for credit losses was as follows:


	Year Ended December 31,
	2024		2023		2022
Balance at beginning of the period	$	4,571	$	4,407	$	5,005
Cumulative-effect adjustment upon adoption of ASU2016-13, Financial instruments- Credit losses (Topic 326)	—		—		866
Charge of expenses	3,743		236		1,640
Write off	(3,125)		(128)		(2,631)
Recoveries of credit losses	—		121		—
Exchange difference	(99)		(65)		(473)
Balance at end of the period	$	5,090	$	4,571	$	4,407

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

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

Going concern

The accompanying consolidated financial statements of the Group have been prepared on a going concern basis, which assumes that the Group will continue to realize its assets and settle its liabilities in the ordinary course of business.

For the years ended December 31, 2024, 2023 and 2022, the Group incurred net losses of $195,457 (including a $93,173 impairment loss from property, plant and equipment and a $79,960 loss on changes in fair value of warrant liability and convertible loan), $106,412 and $158,200, and generated /(used) cash flows from /(in) operating activities amounting to $2,814, $(75,303), $(53,928), respectively.

As of December 31, 2024, the Group had working capital of $97,873, shareholders’ equity of $387,895 (including an accumulated deficit of $1,092,958), and cash and cash equivalents of $73,007. As of December 31, 2024, the Group held outstanding borrowings of $111,728, with $70,666 due within the next 12 months, and other current liabilities of $259,487, which include accounts payable, notes payable, accrued expenses and other current liabilities. Additionally, as of December 31, 2024, the Group had $48,242 in purchase commitments primarily related to inventory, and $53,228 in capital commitments with $30,713 due within the next 12 months.

These conditions and events raise substantial doubt about the Group’s ability to continue as a going concern.

Management’s primary plans to alleviate the substantial doubt are as described below.

• Forecasted cash inflow from operations - As of March 31, 2025, the Group has performed a review of its cash flow forecast for the twelve months ending March 31, 2026. For the year ended December 31, 2024, the Group generated cash flow of $2,814 from its operating activities. The Group believes that its operating cash flow in the forecasted period will continue to grow. Management believes the forecast is based on reasonable assumptions including: i) there is no significant uncertainty on the execution of the existing contract backlog in the forecasted period, and ii) despite the potential fluctuation of the raw material prices, the gross margin in the forecasted period is not expected to significantly decline considering the selling price secured by the contract backlogs and the market conditions of major raw materials.

• Refinancing of short-term bank borrowings - While there can be no assurance that the Group will be able to refinance its short-term bank borrowings as they become due, historically, the Group has rolled over or obtained replacement borrowings from existing creditors for its short-term bank loans upon the maturity date of the loans if needed. For $37,083 short-term bank borrowings outstanding as of December 31, 2024 which the Company has successful refinancing experience, the Group assumed that it will continue to be able to do so for the next twelve months.

Below factors are considered by the management in assessing whether the plan is probable of being effectively implemented.

• The refinancing of these loans have regularly occurred historically, even during the Group’s financially distressed periods.

• These loans were borrowed by MPS, the Group’s main operating subsidiary. MPS generated profit and positive cash flow during the year ended December 31, 2024 and has shown improvement in operations comparing to the year ended December 31, 2023.

• In early 2025 the Group successfully refinanced loans of $12,330 that matured.

• The Group has established long-term relationships with those banks and has never defaulted on repayments historically.

Based on the above, the Group concluded that it is probable that management’s plans will alleviate the substantial doubt about the Group’s ability to continue as a going concern and that adequate sources of liquidity will exist to fund the Company’s working capital and capital expenditures requirements and to meet its short term debt obligations, and other liabilities and commitments as they become due. Therefore, 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

Use of estimates

Cash and cash equivalents

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

Restricted cash

Accounts receivable

Notes receivable and payable

As of December 31, 2024 and 2023, the balance of notes receivable were $7,579 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

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

Assets held for sale

Debt Restructuring

A debt restructuring is the modification of debt in which a creditor grants a concession it would not otherwise consider to a debtor that is experiencing financial difficulties. These modifications may include an extension of the maturity date, a reduction of the face amount or maturity amount of the debt, or a reduction of accrued interest. During the year ended December 31, 2024, the Company entered into several settlement agreements with certain suppliers with payables, under which the Company received concessions that forgive certain contractually owed amounts and allow for deferred payment schedules. A restructuring gain of $9,406 on the payable concession was recorded in the consolidated statements of operations.

Fair value of financial instrument

Fair value

Fair value - continued

Level 1

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

Level 2

Level 3

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

Convertible loan with shareholder measured at fair value

Revenue recognition

Nature of Goods and 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, 2024, 2023 and 2022, the Group recognized $4,348, $2,492 and $1,151 of revenue previously included in advance from customers as of January 1, 2024, January 1, 2023 and January 1, 2022, 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

Product Warranty

Research and development expenses

Subsidy income

Government subsidies represent government grants received from local government authorities.

The Group amortized the deferred subsidy at $620, $390 and $538 during the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the carrying amount of the current portion of the deferred subsidy income was $1,026 and $531, and the non-current portion was $5,610 and $3,382, respectively.

Income taxes

Share-based compensation

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

Leases

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

The following table summarizes net revenues from customers that accounted for 10% or more of the Group’s net revenues for 2024, 2023 and 2022:


	December 31, 2024		December 31, 2023		December 31, 2022
Percentage of revenue contributed by Customer A	39	%	18	%	*%
Percentage of revenue contributed by Customer B	*%		11	%	*%
Percentage of revenue contributed by Customer C	*%		*%		12	%

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

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


	December 31, 2024		December 31, 2023
Percentage of accounts receivable from Customer A	16	%	18	%
Percentage of accounts receivable from Customer D	*%		11	%

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

Supplier Concentration

Recent accounting pronouncements newly adopted

Recent accounting pronouncements not yet adopted

SHARE-BASED PAYMENT (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Exercise price	$1.29-$5.69		$1.21-$6.28
Expected terms (years)	1.25-7.26		0.25-6.00
Volatility	85.66%-103.11%		55.59%-86.83%
Risk-free interest rate	4.05%-5.00%		3.48%-5.38%
Expected dividend yields	0.00	%	0.00	%
Weighted average fair value of options granted	$0.0035-$0.89		$0.01-$1.48

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%


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

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

Share options activity for the year ended December 31, 2024 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 December 31, 2023	32,876,682	6.01	4.73	5.7
Granted	2,000,000	1.29	0.89
Forfeited	(2,175,283)	4.90	3.37
Outstanding as of December 31, 2024	32,701,399	5.80	4.58	4.5
Expected to vest and exercisable as of December 31, 2024	32,701,399	5.80	4.58	4.5
Exercisable as of December 31, 2024	29,768,065	6.14	4.89	4.4

Schedule Non-vested Shares Activity

CRSUs' activity for the year ended December 31, 2024 was as follows:


	Number on Non-Vested Shares	Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of December 31, 2023	6,665,014	2.29
Vested	(6,665,014)	2.29
Outstanding as of December 31, 2024	—	—

The restricted stock units activity for the year ended December 31, 2024 was as follows:


	Number of Non-Vested Shares	Weighted Average Grant Date Fair Value Per Share (US$)
Outstanding as of December 31, 2023	3,598,606	3.07
Grant	2,516,736	1.17
Vested	(1,472,178)	2.39
Forfeited	(1,219,859)	4.00
Outstanding as of December 31, 2024	3,423,305	1.63

Schedule of Classification of Stock-based Compensation

The following summarizes the classification of share-based compensation:


	Year Ended December 31,
	2024		2023		2022
Cost of revenues	$	3,479	$	6,091	$	7,712
General and administrative expenses	19,429		43,831		67,261
Research and development expenses	6,082		11,103		13,987
Selling and marketing expenses	1,850		3,946		6,745
Construction in progress	22		343		525
Total	$	30,862	$	65,314	$	96,230

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31, 2024		December 31, 2023
Payables for purchase of property, plant and equipment	$	45,983	$	96,350
Other current liabilities	13,776		14,312
Product warranty, current	9,999		13,738
Accrued payroll and welfare	8,596		8,089
Other tax payable	7,399		7,117
Accrued expenses	9,570		6,224
Operating lease liabilities, current	3,039		2,413
Interest payable	94		41
Total	$	98,456	$	148,284

SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Operating lease right-of-use assets	$ 17,628	$ 19,507
Present value of operating lease liabilities	17,635
Operating lease liabilities, current	$ 3,039	$ 2,413
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Net investment in sales-type leases	$ 8,031	$ 0
Less current portion	$ (3,678)	$ 0

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 ($)	Nov. 10, 2022 CNY (¥)	Dec. 29, 2018 USD ($)	Dec. 29, 2018 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 CNY (¥)
Schedule of Bonds Payable [Line Items]
Bond loan							$ 87,776	¥ 600
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	$ 14,629	¥ 100				$ 692	¥ 5
Debt instrument, interest rate, stated percentage									12.00%				12.00%
Repayments of bonds payable									$ 0	692		$ 29,259
Long-term bonds payable									43,157	43,157
Huzhou Saiyuan
Schedule of Bonds Payable [Line Items]
Long-term bonds payable									43,157	$ 43,157
Subscribed amount (in dollars and yuan renminbi)									$ 43,157				¥ 295
Forecast
Schedule of Bonds Payable [Line Items]
Repayments of convertible debt (in dollars and yuan renminbi)	$ 43,888	¥ 300

CONVERTIBLE LOAN WITH SHAREHOLDER MEASURED AT FAIR VALUE - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2024	May 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 28, 2024
Related Party Transaction [Line Items]
Proceeds from bank borrowings			$ 101,517	$ 47,852	$ 58,708
Debt instrument, interest rate, stated percentage			12.00%
Net gain (loss) within net earnings (loss)			$ (79,737)
Convertible loan with shareholder measured at fair value			104,613	$ 0
Related Party
Related Party Transaction [Line Items]
Convertible loan with shareholder measured at fair value			$ 104,613
Loan Agreement \| Related Party
Related Party Transaction [Line Items]
Loan amount						$ 25,000
Initial conversion rate			2
Loan Agreement \| Related Party \| Initial Lender Warrants
Related Party Transaction [Line Items]
Initial exercise price (in dollars per share)						$ 2.00
Issuance of warrants(Note 26)			$ 779
Loan Agreement \| Related Party \| Initial Lender Warrants \| Common Stock
Related Party Transaction [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)						5,500,000
Loan Agreement \| Related Party \| Delayed Draw Term Loan (DDTL)
Related Party Transaction [Line Items]
Proceeds from bank borrowings	$ 13,000		$ 13,000
Debt instrument, interest rate, stated percentage			9.75%
Paid in kind, interest rate			3.75%
Loan Agreement \| Related Party \| Secured Debt
Related Party Transaction [Line Items]
Loan amount			$ 12,000
Proceeds from bank borrowings		$ 12,000

FAIR VALUE MEASUREMENT - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 73,007	$ 44,541
Restricted cash	36,594	43,648
Total financial assets	109,601	88,189
Warrant liability	290	67
Convertible loan with shareholder measured at fair value	104,613
Total financial liabilities	104,903	67
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	73,007	44,541
Restricted cash	36,594	43,648
Total financial assets	109,601	88,189
Warrant liability	0	0
Convertible loan with shareholder measured at fair value	0
Total financial liabilities	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 assets	0	0
Warrant liability	0	0
Convertible loan with shareholder measured at fair value	0
Total financial liabilities	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 assets	0	0
Warrant liability	290	67
Convertible loan with shareholder measured at fair value	104,613
Total financial liabilities	$ 104,903	$ 67

OTHER NON-CURRENT LIABILITIES - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities, Noncurrent [Abstract]
Product warranty, non-current	$ 23,108	$ 21,479	$ 29,016
Deferred subsidy income, non-current	5,610	3,382
Other Sundry Liabilities, Noncurrent	1,285	0
Total	$ 30,003	$ 24,861

BANK BORROWINGS

12 Months Ended

Dec. 31, 2024

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 bank in China (the "2022 Facility Agreement"). 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 and is payable on a quarterly basis. The loan facilities can only be used for the manufacturing capacity expansion at the Group’s facility located in Huzhou, China. The unutilized draw-down amount are recorded as non-current restricted cash. The Group had a balance of non-current restricted cash of $22 and $6,171 as of December 31, 2024 and 2023, respectively. 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.

As of December 31, 2024, the Group had outstanding borrowings of $68,436 under the 2022 Facility Agreement and the table below is the repayment schedule.


Repayment Date						Repayment Amount
June 10, 2025						$13,687 (RMB99.9 million)
December 10, 2025						$13,687 (RMB99.9 million)
June 10, 2026						$20,531 (RMB149.9 million)
December 10, 2026						$20,531 (RMB149.9 million)

The amount of interest expenses capitalized, which was recorded in the construction in progress and the property, plant and equipment, was $359 and $1,503 as of December 31, 2024 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 3.25% to 4.85% per annum. The amount of interest expenses, which was recorded in profits and loss was $1,405 and $639 as of December 31, 2024 and 2023, respectively.

Changes in bank borrowings were as follows:


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	79,153	$	46,395	$	13,301
Proceeds from bank borrowings	101,517		47,852		58,708
Repayments of principal	(66,248)		(14,119)		(24,482)
Exchange difference	(2,694)		(975)		(1,132)
Ending balance	$	111,728	$	79,153	$	46,395


Balance of bank borrowings includes:	December 31, 2024		December 31, 2023
Current	$	70,666	$	35,392
Non-current	41,062		43,761
Total	$	111,728	$	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, 2024 and 2023 were as follows:


	December 31, 2024		December 31, 2023
Buildings	$	119,166	$	124,565
Machinery and equipment	60,991		—
Land use rights	11,371		11,984
Construction in progress	335		—
Total	$	191,863	$	136,549

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (195,457)	$ (106,412)	$ (158,200)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss /(gain) on disposal of property, plant and equipment	844	1,947	(14)
Gain on debt restructuring	(9,406)	0	0
Interest expense	2,248	0	0
Depreciation of property, plant and equipment	30,057	22,141	19,811
Amortization of land use rights and intangible assets	775	787	554
Noncash lease expenses	2,686	2,764	2,214
Share-based compensation	30,840	64,971	90,808
Changes in fair value of warrant liability and convertible loan	(79,960)	59	979
Allowance of credit losses	3,743	236	1,640
Write-down for obsolete inventories	3,286	3,613	4,789
Impairment loss from long-lived assets	93,173	504	1,798
Product warranty	12,826	12,688	14,097
Changes in operating assets and liabilities:
Notes receivable	6,488	(25,338)	3,187
Accounts receivable	8,791	(21,759)	(38,924)
Inventories	(546)	(74,406)	(43,694)
Prepaid expenses and other current assets	3,289	(14,291)	3,628
Amounts due from/to related parties	5	0	85
Operating lease right-of-use assets	(1,780)	(5,446)	(19,375)
Other non-current assets	(973)	(547)	(282)
Notes payable	(9,911)	(3,507)	13,490
Accounts payable	(44,523)	68,576	7,146
Advance from customers	836	(10,949)	53,022
Accrued expenses and other liabilities	(16,486)	6,602	(24,674)
Operating lease liabilities	(1,607)	2,266	14,999
Other non-current liabilities	3,656	316	946
Net cash generated (used) in operating activities	2,814	(75,303)	(53,928)
Cash flows from investing activities
Purchases of property, plant and equipment	(27,721)	(186,788)	(150,880)
Proceeds on disposal of property, plant and equipment	10,005	1,649	5
Purchase of short-term investments	0	(5,966)	(25,070)
Proceeds from maturity of short-term investments	5,564	25,500	0
Net cash used in investing activities	(12,152)	(165,605)	(175,945)
Cash flows from financing activities
Proceeds from bank borrowings	101,517	47,852	58,708
Repayment of bonds payable	0	(692)	(29,259)
Repayment of bank borrowings	(66,248)	(14,119)	(24,482)
Convertible loan borrowed from a shareholder	25,000	0	0
Payment for debt issue costs	(525)	0	0
Deferred payment related to purchases of property, plant and equipment	(22,155)	0	0
Net cash generated from financing activities	37,589	33,041	4,967
Effect of exchange rate changes	(6,839)	(6,561)	(8,586)
Increase/ (decrease) in cash, cash equivalents and restricted cash	21,412	(214,428)	(233,492)
Cash, cash equivalents and restricted cash at beginning of the year	88,189	302,617	536,109
Cash, cash equivalents and restricted cash at end of the year	109,601	88,189	302,617
Reconciliation to amounts on consolidated balance sheets
Cash and cash equivalents	73,007	44,541	231,420
Restricted cash	36,594	43,648	71,197
Total cash, cash equivalents and restricted cash	109,601	88,189	302,617
Supplemental disclosure of cash flow information
Interest paid	7,440	4,373	5,135
Income tax paid	0	0	0
Non-cash investing and financing activities
Payable for purchase of property, plant and equipment	$ 45,983	$ 96,350	$ 29,183

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information of the leases were as follows:


	Year Ended December 31,
	2024		2023		2022
Cash payments for operating leases	$	3,459	$	3,633	$	3,063
Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,368	$	5,725	$	548

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, 2024:


	As of December 31, 2024
2025	$	3,858
2026	2,820
2027	2,356
2028	1,753
2029	1,561
Thereafter	9,497
Total future lease payments	$	21,845
Less: Imputed interest	$	(4,210)
Present value of operating lease liabilities	$	17,635

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 73,007,000	$ 44,541,000	$ 231,420,000
Short-term investments	0	5,634,000
Total Current Assets	428,026,000	425,606,000
Total Assets	951,867,000	1,096,732,000
Current liabilities:
Total Current Liabilities	330,153,000	403,410,000
Warrant liability	290,000	67,000
Total Liabilities	563,972,000	532,542,000
Shareholders’ Equity
Common Stock (par value of US$0.0001 per share, 750,000,000 shares authorized as of December 31, 2024 and 2023; 324,831,634 and 316,694,442 shares issued, and 323,144,134 and 315,006,942 shares outstanding as of December 31, 2024 and 2023)	33,000	32,000
Additional paid-in capital	1,512,982,000	1,481,241,000
Statutory reserves	6,032,000	6,032,000
Accumulated deficit	(1,092,958,000)	(897,501,000)
Accumulated other comprehensive loss	(38,194,000)	(25,614,000)
Total Liabilities and Equity	951,867,000	1,096,732,000
Related Party
Current liabilities:
Other current liabilities	5,000	0
Parent Company
Current assets:
Cash and cash equivalents	3,000	1,510,000
Short-term investments	0	0
Total Current Assets	31,795,000	23,385,000
Investments in subsidiaries	365,395,000	540,954,000
Total Assets	397,190,000	564,339,000
Current liabilities:
Accrued expenses and other current liabilities	35,000	77,000
Total Current Liabilities	9,005,000	82,000
Warrant liability	290,000	67,000
Total Liabilities	9,295,000	149,000
Shareholders’ Equity
Common Stock (par value of US$0.0001 per share, 750,000,000 shares authorized as of December 31, 2024 and 2023; 324,831,634 and 316,694,442 shares issued, and 323,144,134 and 315,006,942 shares outstanding as of December 31, 2024 and 2023)	33,000	32,000
Additional paid-in capital	1,512,982,000	1,481,241,000
Statutory reserves	6,032,000	6,032,000
Accumulated deficit	(1,092,958,000)	(897,501,000)
Accumulated other comprehensive loss	(38,194,000)	(25,614,000)
Total Shareholders’ Equity	387,895,000	564,190,000
Total Liabilities and Equity	397,190,000	564,339,000
Parent Company \| Related Party
Current assets:
Amount due from subsidiaries	31,792,000	21,875,000
Current liabilities:
Other current liabilities	$ 8,970,000	$ 5,000

BANK BORROWINGS - Narrative (Details) $ in Thousands, ¥ in Millions		12 Months Ended
	Sep. 27, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 27, 2022 CNY (¥)
Debt Instrument [Line Items]
Restricted cash, non-current		$ 22	$ 6,171
Interest costs capitalized		359	1,503
Interest expense		$ 1,405	639
Minimum
Debt Instrument [Line Items]
Long-term debt, percentage bearing variable interest, percentage rate		3.25%
Maximum
Debt Instrument [Line Items]
Long-term debt, term		12 months
Long-term debt, percentage bearing variable interest, percentage rate		4.85%
CHINA
Debt Instrument [Line Items]
Restricted cash, non-current		$ 22	$ 6,171
2022 Facility Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 111,483			¥ 800
Debt instrument, basis spread on variable rate	1.15%
Long-term line of credit		$ 68,436

LESSOR ACCOUNTING - Net Investment in Sales-type Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Gross lease receivables	$ 8,743	$ 0
Unearned income	(429)	0
Less allowance for credit losses	(283)	0	$ 0
Net Investment in Lease, after Allowance for Credit Loss	(8,031)	0
Less current portion	(3,678)	0
Other non-current assets	$ 4,353	$ 0

LEASES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, cost	$ 3,478	$ 3,663	$ 3,030
Short-term lease, cost	$ 458	$ 435	$ 373
Operating lease, weighted average remaining lease term	9 years 1 month 6 days
Operating lease, weighted average discount rate, percent	5.20%

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Operating segment	1
Reporting segment.	1

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIT)/EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Microvast Holdings, Inc. shareholders’ 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, 2021				298,843,016
Beginning balance at Dec. 31, 2021		$ (866)	$ 686,698	$ 30	$ 1,306,034	$ (632,099)	$ (866)	$ 6,701	$ 6,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (158,200)		(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(Note 21)			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		612,977	$ 31	1,416,160	(791,165)		(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 share-based awards (in shares)				7,378,431
Issuance of common stock in connection with vesting of share-based awards	0			$ 1	(1)
Share-based compensation(Note 21)	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			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]
Net loss	$ (195,457)		(195,457)			(195,457)
Issuance of common stock in connection with vesting of share-based awards (in shares)				8,137,192
Issuance of common stock in connection with vesting of share-based awards			0	$ 1	(1)
Share-based compensation(Note 21)			30,963		30,963
Issuance of warrants(Note 26)			779		779
Foreign currency translation adjustments			(12,580)					(12,580)
Ending balance (in shares) at Dec. 31, 2024	323,144,134			323,144,134
Ending balance at Dec. 31, 2024	$ 387,895		$ 387,895	$ 33	$ 1,512,982	$ (1,092,958)		$ (38,194)	$ 6,032

SIGNIFICANT ACCOUNTING POLICIES - Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Net loss		$ (195,457)	$ (106,412)	$ (158,200)
Changes in fair value of warrant liability and convertible loan		(79,960)	59	979
Net cash generated (used) in operating activities		2,814	(75,303)	(53,928)
Working capital		97,873
Total Equity		387,895	564,190	612,977
Accumulated deficit		(1,092,958)	(897,501)
Cash and cash equivalents		73,007	$ 44,541	$ 231,420
Ending balance		111,728
Short-term bank borrowings		70,666
Other accrued liabilities, current		259,487
Short-term bank loans and notes payable		37,083
Capital Commitments
Significant Accounting Policies [Line Items]
Commitment and contingencies, capital commitments payable		30,713
Subsequent Event
Significant Accounting Policies [Line Items]
Short-term bank loans and notes payable	$ 28,085
Short-Term Debt, Refinanced, Amount	$ 12,330
Inventories
Significant Accounting Policies [Line Items]
Purchase obligation		$ 48,242

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

24. SEGMENT INFORMATION

Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s CODM has been identified as the Chief Executive Officer (“CEO”), who uses consolidated net loss to measure segment profit or loss, allocate resources, and assess performance. The CODM is regularly provided with the consolidated statements of operations and uses consolidated net loss to monitor budget versus actual results when making decisions about the allocation of operating and capital resources. 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	2024			2023
	Amount	%		Amount	%
PRC	290,512	59	%	304,380	48	%
Asia & Pacific	290,512	59	%	304,380	48	%
Germany	14,846	3	%	18,076	3	%
United Kingdom	25	0	%	43	0	%
Europe	14,871	3	%	18,119	3	%
United States	184,177	38	%	310,152	49	%
Total	489,560	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	2024			2023			2022
	Amount	%		Amount	%		Amount	%
PRC	127,138	33	%	156,480	51	%	132,469	65	%
India	48,767	13	%	60,606	20	%	47,323	23	%
Other Asia & Pacific countries	1,791	0	%	2,047	1	%	5,243	2	%
Asia & Pacific	177,696	46	%	219,133	72	%	185,035	90	%
Italy	150,809	40	%	56,592	18	%	6,389	3	%
Other European countries	36,909	10	%	27,766	9	%	9,420	5	%
Europe	187,718	50	%	84,358	27	%	15,809	8	%
United States	14,387	4	%	3,126	1	%	3,651	2	%
Total	379,801	100	%	306,617	100	%	204,495	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

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (a)
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

STATUTORY RESERVES AND RESTRICTED NET ASSETS	12 Months Ended
STATUTORY RESERVES AND RESTRICTED NET ASSETS	Dec. 31, 2024
Disclosure Text Block Supplement [Abstract]
STATUTORY RESERVES AND RESTRICTED NET ASSETS	23. STATUTORY RESERVES AND RESTRICTED NET ASSETS Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. Because the Group’s entities in the PRC can only be paid out of distributable profits reported in accordance with PRC accounting standards, the Group’s entities in the PRC are restricted from transferring a portion of their net assets to the Company. In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts, which is included in 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 $528,337 and $528,337 as of December 31, 2024 and 2023, respectively.

ACQUIRED INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED INTANGIBLE ASSETS, NET

9. ACQUIRED INTANGIBLE ASSETS, NET


	December 31, 2024		December 31, 2023
Cost of acquired intangible assets	$	5,377	$	5,472
Less: accumulated amortization	(2,770)		(2,336)
Acquired intangible assets, net	$	2,607	$	3,136

The Group recorded amortization expense of $484, $493 and $244 for the years ended December 31, 2024, 2023 and 2022, respectively. No impairment losses were recognized for the years ended December 31, 2024, 2023 and 2022.

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


2025	$	477
2026	476
2027	469
2028	381
2029	374
Thereafter	430
Total	$	2,607

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024
Market price of public stock	$	2.07
Exercise price	$	11.50
Expected term (years)	1.57
Volatility	113.75		%
Risk-free interest rate	4.13		%
Dividend rate	0.00		%

ACQUIRED INTANGIBLE ASSETS, NET - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Cost of acquired intangible assets	$ 5,377	$ 5,472
Less: accumulated amortization	(2,770)	(2,336)
Acquired intangible assets, net	$ 2,607	$ 3,136

OTHER NON-CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Other Liabilities, Noncurrent [Abstract]

Schedule of Other Non-Current Liabilities


	December 31, 2024		December 31, 2023
Product warranty, non-current	23,108		$	21,479
Deferred subsidy income, non-current	5,610		3,382
Other non-current payable	1,285		—
Total	$	30,003	$	24,861

BONDS PAYABLE

12 Months Ended

Dec. 31, 2024

Bonds Payable [Abstract]

BONDS PAYABLE

14. BONDS PAYABLE


	December 31, 2024		December 31, 2023
Long–term bonds payable
Huzhou Saiyuan	$	43,157	$	43,157
Total	$	43,157	$	43,157

Huzhou Saiyuan Loan

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 fully complied with the amended repayment schedule. With $692 (equivalent to RMB5 million) repaid in 2023, the outstanding balance of the convertible bonds was $43,157 (RMB295 million) as of December 31, 2024.

INVENTORIES, NET (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	December 31, 2024		December 31, 2023
Work in process	$	85,179	$	86,379
Raw materials	39,388		35,867
Finished goods	18,760		27,503
Total	$	143,327	$	149,749

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Short-term bank loans and notes payable		$ 37,083
Subsequent Event
Subsequent Event [Line Items]
Short-term bank loans and notes payable	$ 28,085

ADDITIONAL INFORMATION FINANCIAL STATEMENT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENT OF OPERATIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Information Disclosure [Line Items]
Revenues from subsidiaries	$ 379,801,000	$ 306,617,000	$ 204,495,000
Operating expenses:
General and administrative expenses	(81,486,000)	(96,787,000)	(102,774,000)
Total operating expenses	(238,300,000)	(165,909,000)	(170,691,000)
Loss from operations	(116,090,000)	(106,729,000)	(159,946,000)
Other income and expenses:
Interest income	742,000	3,609,000	3,179,000
Interest expense	(9,711,000)	(2,628,000)	(3,323,000)
Changes in fair value of warrant liability and convertible loan	(79,960,000)	59,000	979,000
Loss before provision for income tax	(195,457,000)	(106,402,000)	(158,167,000)
Income tax expense	0	(10,000)	(33,000)
Net loss attributable to Microvast Holdings, Inc.	(195,457,000)	(106,336,000)	(158,200,000)
Other comprehensive loss, net of tax of nil:
Comprehensive loss	(208,037,000)	(114,033,000)	(182,982,000)
Parent Company
Condensed Financial Information Disclosure [Line Items]
Revenues from subsidiaries	0	0	0
Operating expenses:
General and administrative expenses	(426,000)	(654,000)	(2,438,000)
Total operating expenses	(426,000)	(654,000)	(2,438,000)
Loss from operations	(426,000)	(654,000)	(2,438,000)
Other income and expenses:
Interest income	6,000	2,666,000	2,179,000
Interest expense	(358,000)	0	0
Changes in fair value of warrant liability and convertible loan	(223,000)	59,000	979,000
Loss before provision for income tax	(1,001,000)	2,071,000	720,000
Income tax expense	0	0	0
Loss from investment in subsidiaries	(194,456,000)	(108,407,000)	(158,920,000)
Net loss attributable to Microvast Holdings, Inc.	(195,457,000)	(106,336,000)	(158,200,000)
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment	(12,580,000)	(7,533,000)	(24,782,000)
Comprehensive loss	$ (208,037,000)	$ (113,869,000)	$ (182,982,000)

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Net cash generated (used) in operating activities	$ 2,814	$ (75,303)	$ (53,928)
Cash flows from investing activities
Payments to Acquire Property, Plant, and Equipment	(27,721)	(186,788)	(150,880)
Purchases of short-term investment	0	(5,966)	(25,070)
Net cash used in investing activities	(12,152)	(165,605)	(175,945)
Cash flows from financing activities
Net cash generated from financing activities	37,589	33,041	4,967
Increase/ (decrease) in cash, cash equivalents and restricted cash	21,412	(214,428)	(233,492)
Cash, cash equivalents and restricted cash at beginning of the year	88,189	302,617	536,109
Cash, cash equivalents and restricted cash at end of the year	109,601	88,189	302,617
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net cash generated (used) in operating activities	8,531	2,552	(4,498)
Cash flows from investing activities
Investment in subsidiaries	(10,038)	(125,449)	(255,662)
Purchases of short-term investment	0	(430)	(25,070)
Proceeds from maturity of short-term investments	0	25,500	0
Net cash used in investing activities	(10,038)	(100,379)	(280,732)
Cash flows from financing activities
Cash received from shareholders	0	0	27,559
Net cash generated from financing activities	0	0	27,559
Increase/ (decrease) in cash, cash equivalents and restricted cash	(1,507)	(97,827)	(257,671)
Cash, cash equivalents and restricted cash at beginning of the year	1,510	99,337	357,008
Cash, cash equivalents and restricted cash at end of the year	$ 3	$ 1,510	$ 99,337

SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Revenue recognized	$ 4,348	$ 2,492	$ 1,151

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

12 Months Ended

Dec. 31, 2024

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”).

As of December 31, 2024, 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.

LAND USE RIGHTS, NET

12 Months Ended

Dec. 31, 2024

Land and Land Improvements [Abstract]

LAND USE RIGHTS, NET

8. LAND USE RIGHTS, NET

Land use rights consisted of the following:


	December 31, 2024		December 31, 2023
Cost of land use rights	$	14,309	$	14,711
Less: accumulated amortization	(2,938)		(2,727)
Land use rights, net	$	11,371	$	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 $291, $294 and $310 for the years ended December 31, 2024, 2023 and 2022, respectively. Future amortization expense is $291 per year for each of the next five years through December 31, 2029 and thereafter.

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

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	2024			2023
	Amount	%		Amount	%
PRC	290,512	59	%	304,380	48	%
Asia & Pacific	290,512	59	%	304,380	48	%
Germany	14,846	3	%	18,076	3	%
United Kingdom	25	0	%	43	0	%
Europe	14,871	3	%	18,119	3	%
United States	184,177	38	%	310,152	49	%
Total	489,560	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	2024			2023			2022
	Amount	%		Amount	%		Amount	%
PRC	127,138	33	%	156,480	51	%	132,469	65	%
India	48,767	13	%	60,606	20	%	47,323	23	%
Other Asia & Pacific countries	1,791	0	%	2,047	1	%	5,243	2	%
Asia & Pacific	177,696	46	%	219,133	72	%	185,035	90	%
Italy	150,809	40	%	56,592	18	%	6,389	3	%
Other European countries	36,909	10	%	27,766	9	%	9,420	5	%
Europe	187,718	50	%	84,358	27	%	15,809	8	%
United States	14,387	4	%	3,126	1	%	3,651	2	%
Total	379,801	100	%	306,617	100	%	204,495	100	%

ACCOUNTS RECEIVABLE - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 125,716	$ 143,288
Allowance for credit losses	(5,090)	(4,571)
Accounts receivable, net	$ 120,626	$ 138,717

PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 30,057	$ 22,141	$ 19,811
Tangible asset impairment charges	$ 56,889	93,173	504	$ 1,798
Property, plant and equipment, net		478,189	620,667
Senior Lien
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net		$ 24,359	$ 1,251

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS - Schedule of Company’s Major Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2024
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%

MAINLAND CHINA CONTRIBUTION PLAN	12 Months Ended
MAINLAND CHINA CONTRIBUTION PLAN	Dec. 31, 2024
Retirement Benefits [Abstract]
MAINLAND CHINA CONTRIBUTION PLAN	22. MAINLAND CHINA CONTRIBUTION PLAN Full time employees of the Group in the PRC participate in a government-mandated multiemployer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Group to accrue for these benefits based on certain percentages of the employees’ salaries. The total provisions for such employee benefits were $5,012, $3,552 and $3,370 for the years ended December 31, 2024, 2023 and 2022, respectively.

INCOME TAXES - Schedule of Reconciliation Between the Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Loss before provision for income tax	$ (195,457,000)	$ (106,402,000)	$ (158,167,000)
Tax credit at the U.S. federal corporate income tax rate of 21%	(41,047,000)	(22,343,000)	(33,214,000)
Tax effect of permanent differences – share-based compensation	6,477,000	13,644,000	20,098,000
Tax effect of permanent differences – others	(2,292,000)	(220,000)	(4,295,000)
Tax effect of income tax rate difference in other jurisdictions	(1,284,000)	(1,411,000)	1,657,000
Changes in valuation allowance	38,146,000	10,330,000	15,754,000
Others	0	10,000	33,000
Total provision for income tax	$ 0	$ 10,000	$ 33,000

- Definition

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

+ References

+ Details

BANK BORROWINGS - Schedule of Bank Borrowings Repayment (Details) - Dec. 31, 2024 $ in Thousands, ¥ in Millions	USD ($)	CNY (¥)
June 10, 2025
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)	$ 13,687	¥ 99.9
December 10, 2025
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)	13,687	99.9
June 10, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)	20,531	149.9
December 10, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)	$ 20,531	¥ 149.9

- 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

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-Topic 835
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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+ Details

BONDS PAYABLE - Schedule of Bonds Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Bonds Payable [Line Items]
Long-term bonds payable	$ 43,157	$ 43,157
Huzhou Saiyuan
Schedule of Bonds Payable [Line Items]
Long-term bonds payable	$ 43,157	$ 43,157