XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.21.4

Description of Organization and Business Operations | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2021 | Dec. 31, 2020
Accounting Policies [Abstract] |  |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Microvast Holdings, Inc. (“Microvast” or the “Company”) and its subsidiaries (collectively, the “Group”) are primarily engaged in developing, manufacturing, and selling electronic power products for electric vehicles primarily in the People’s Republic of China (“PRC”) and Europe. | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Microvast, Inc. (“Microvast”) was incorporated under the laws of the State of Texas in the United States of America (“USA”) on October 12, 2006 and re-domiciled to the State of Delaware on December 31, 2015. Microvast, its subsidiaries and variable interest entity (“VIE”) (collectively, the “Group”) are primarily engaged in developing, manufacturing, and selling electronic power products for electric vehicles primarily in the People’s Republic of China (“PRC”) and Europe. On July 23, 2021 (the “Closing Date”), Microvast, Inc. and Tuscan Holdings Corp. consummated the previously announced merger, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated February 1, 2021, between Tuscan, Microvast, Inc. and TSCN Merger Sub Inc., a Delaware corporation (“Merger Sub”), pursuant to which the Merger Sub merged with and into Microvast, Inc., with Microvast, Inc. surviving the merger. As a result of the merger, Tuscan was renamed “Microvast Holdings, Inc.” (the “Company”). The merger was accounted for as a reverse recapitalization as Microvast, Inc. was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). Upon the completion of the merger transaction between Microvast and Tuscan Holdings Corp., the share, per share value and net loss per share available to Microvast’s common stock holders in the financial statements for each of the three years ended December 31, 2020 were retroactively recast to reflect the exchange ratio established in the merger agreements. Refer to Note 27 for details. As of December 31, 2020, details of the Company’s subsidiaries are as follows:
Subsidiaries |  | Place of incorporation |  | Date of incorporation or acquisition |  | Percentage of ownership
Microvast Power Solutions, Inc (“MP Solutions”) |  | Texas, USA |  | July 2013 |  | 100%
Microvast Power Systems Co., Ltd. (“MPS”) |  | Huzhou, PRC |  | December 2006 |  | 91.97%
Microvast Power Systems UK Limited (“MP UK”) |  | Cardiff, United Kingdom (“UK”) |  | September 2014 |  | 100% owned by MPS
Microvast GmbH (“MV GmbH”) |  | Germany |  | May 2016 |  | 100%
Huzhou Microvast Electric Vehicle Sales Service, Ltd. (“MV E-Vehicle”) |  | Huzhou, PRC |  | July 2017 |  | 100% owned by MPS
Huzhou Hong Yang Taxi Co., Ltd. (“MV Taxi”) |  | Huzhou, PRC |  | October 2017 |  | 100% owned by MPS
Microvast APAC PTE. LTD. (“MV Singapore”) |  | Singapore |  | May 2017 |  | 100% owned by MPS
Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”) |  | Huzhou, PRC |  | December 2016 |  | 100% owned by MPS

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration