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DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | 12 Months Ended
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Dec. 31, 2022
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 (“USA”) on October 12, 2006 and re-domiciled to the State of Delaware on December 31, 2015. Microvast Inc. and its subsidiaries (collectively, the “Group”) are primarily engaged in developing, manufacturing, and selling electronic power products for electric vehicles and energy storage across the globe, with its primary markets and operations in the People’s Republic of China (“PRC”), Europe and the United States. On July 23, 2021 (the “Closing Date”), Microvast, Inc. and Tuscan Holdings Corp.(“Tuscan”) consummated the previously announced merger (the “Merger”), pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated February 1, 2021, between Tuscan, Microvast, Inc. and TSCN Merger Sub Inc., a Delaware corporation (“Merger Sub”). Pursuant to the Merger Agreement, the Merger Sub merged with and into Microvast, Inc., with Microvast, Inc. surviving the Merger. As a result of the Merger, Tuscan was renamed “Microvast Holdings, Inc.” (the “Company”). The Merger was accounted for as a reverse recapitalization as Microvast, Inc. was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). Please refer to Note 3 “Reverse Recapitalization” for further details of the Merger. Upon the completion of the Merger transaction between Microvast, Inc. and Tuscan, the share, per share value and net loss per share available to Microvast Inc.’s common stockholders in the financial statements for each of the two years ended December 31, 2021 were retroactively recast to reflect the exchange ratio established in the Merger Agreement. Refer to Note 3 for details. As of December 31, 2022, details of the Company’s major subsidiaries are as follows:
Subsidiaries |  | Place of incorporation |  | Date of incorporation or acquisition |  | Percentage of ownership
Microvast, Inc. (“Microvast”) |  | Delaware, USA |  | October 2006 |  | 100 | %
Microvast Power Solutions, Inc (“MP Solutions”) |  | Texas, USA |  | July 2013 |  | 100 | %
Microvast Power Systems Co., Ltd. (“MPS”) |  | Huzhou, PRC |  | December 2006 |  | 100 | %
Microvast 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 | %

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- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 + Details
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