Welcome to our dedicated page for Microvast Holdings news (Ticker: MVST), a resource for investors and traders seeking the latest updates and insights on Microvast Holdings stock.
Microvast Holdings, Inc. (symbol: MVST) is a pioneering company specializing in lithium-ion battery solutions. Founded in 2006, the company has rapidly evolved from a research-driven entity into a fully integrated advanced power and technology company. With its core focus on battery chemistry innovation, Microvast has filed over 250 patent applications and holds more than 100 core patents covering all battery cell components.
At the heart of Microvast's operations is its commitment to quality control, achieved through a vertical integration strategy. This approach encompasses every stage of production, from initial research and development to the final manufacturing processes. Microvast's integrated subsidiaries, including Microvast Power Systems, Microvast Materials, and Ochem, work cohesively to deliver top-level advanced power solutions.
The company’s primary manufacturing facilities are located in Huzhou, Zhejiang, China, allowing it to maintain stringent quality standards and customization flexibility. This vertical integration not only ensures high-quality products but also offers significant cost advantages, meeting diverse customer needs efficiently.
Microvast is renowned for its cutting-edge cell technology, which is employed in various applications ranging from electric vehicles to energy storage systems. Recent achievements include strategic partnerships with leading automotive and energy companies, further solidifying its position as a key player in the battery manufacturing industry.
Microvast Holdings, Inc. (NASDAQ: MVST) announced the launch of two new lithium-ion battery cells, the 48Ah and 53.5Ah NMC, tailored for commercial vehicles. These cells maintain the same dimensions as previous models, offering clients flexibility to optimize vehicle performance without redesigning powertrains. The new Gen 4 battery packs, which are available for sample orders, promise up to 20% more energy and improved safety features. High-volume production is slated for 2023, potentially driving revenue growth. Energy densities for the new cells are 205 Wh/kg and 235 Wh/kg, with cycle lives of ≥7,000 and ≥5,000 cycles, respectively.
Microvast Holdings, Inc. (NASDAQ: MVST) announced its revenue for the fiscal year ending December 31, 2021, will fall between $145-$155 million, reflecting a 42% increase from $108 million in 2020. The company expressed satisfaction with this performance, along with a positive backlog leading into 2022. Microvast plans to release its full financial results on March 29, 2022, followed by a conference call to discuss the results and upcoming products. The company is known for its lithium-ion battery technology and has been actively pursuing growth in the electrification sector.
Microvast Holdings (NASDAQ: MVST) and FPT Industrial, part of Iveco Group, will supply the complete battery system for the new Crossway Low Entry electric bus. This partnership stems from a 2019 cooperation agreement, focusing on high-voltage battery packs for commercial vehicles. The battery pack offers between 400 to 466 kWh of energy density and is designed for up to ten years of battery life. Deliveries are expected to start mid-2023. This collaboration reinforces Microvast's position in the electrification of commercial vehicles.
Microvast Holdings, Inc. (Nasdaq: MVST) has issued a statement regarding its Form 8-K filed on December 10, 2021, which addresses a non-reliance on historical financial statements of Tuscan Holdings Corp. prior to their business combination on July 23, 2021. This matter is attributed to an accounting error concerning Class A common stock. Microvast emphasizes that this 'material weakness' does not affect its current operations, and the historical financial statements will be restated for the three years ended December 31, 2020.
Microvast Holdings reported a 20% revenue growth to $36.9 million for Q3 2021, compared to $30.8 million in Q3 2020. The company completed a public listing raising $708 million in net proceeds and reaffirmed its 2021 revenue outlook between $145 million and $155 million. However, it recorded a net loss of $116.5 million, largely due to increased operating expenses and a $34.1 million one-time warranty accrual. The backlog stood at $52.7 million as of September 30, 2021. A webcast for financial discussion is scheduled for November 15, 2021.
Microvast Holdings, Inc. (NASDAQ:MVST) has acquired a new research, development, and innovation center in Lake Mary, Florida, enhancing its leadership in battery technology. The $11 million facility spans 75,000 square feet and will serve as Microvast's innovation headquarters, featuring a laboratory for battery prototyping. The company plans to recruit 100 additional experts over the next five years to bolster its R&D efforts, complementing its existing team in China. This expansion underscores Microvast’s commitment to advancing non-flammable materials and fast-charging technologies.
Microvast Holdings, Inc. (NASDAQ:MVST) will release its third-quarter financial results on November 15, 2021, after the market closes. Following this, management will host a webcast at 5:00 p.m. CT to discuss results and future outlook. Shareholders can submit questions until November 11, 2021, using the company’s investor relations site. Microvast is recognized for its innovative lithium-ion battery solutions and vertical integration capabilities, catering to electric vehicles and energy storage applications.
Microvast Holdings (NASDAQ: MVST) reported Q2 2021 revenues of $33.4 million, marking a 53.8% increase year-over-year. However, the company faced a gross loss of $6.8 million, a significant downturn from a gross profit of $3.6 million in Q2 2020, driven by inventory write-downs and manufacturing cost increases due to semiconductor shortages. Net loss rose to $27.1 million from $7.9 million the previous year. Despite challenges, Microvast expects revenue growth in 2021 between $145 million and $155 million, with plans to expand manufacturing capacity.
Microvast Holdings and eVersum have partnered to develop innovative battery solutions for eVersum's electric vehicles, including the eVersum eShuttle, which will accommodate 15-50 passengers. Microvast's vertical integration capability allows for flexibility in battery chemistry and manufacturing. A framework supply agreement is being finalized, with expected sales exceeding EUR 100 million over six years, supported by Microvast's new European facility.
Microvast, a leader in battery technologies for commercial vehicles, has completed its business combination with Tuscan Holdings Corp, becoming publicly traded as Microvast Holdings, Inc. under ticker MVST. The merger, finalized on July 21, 2021, resulted in approximately $822 million in cash, bolstered by institutional investments, including BlackRock and Oshkosh Corporation. Microvast’s innovative battery technologies promise accelerated charging and enhanced safety for commercial EVs, addressing a $30 billion market. The company reports integration in 30,000 vehicles across 19 countries, emphasizing its growth potential.
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