After the market closed on May 22, 2023, Reuters reported that the U.S. Department of Energy (DoE) canceled a $200M grant to lithium battery manufacturer, Microvast Holdings, Inc., citing lawmakers’ concerns over the Company’s alleged links the Chinese Communist Party.
Microvast has been in talks with the DoE over the grant to help build a plant in Tennessee to support its work with General Motors developing specialized electric vehicle batteries.
Shares of Microvast Holdings stock dropped 24% in afterhours trading on May 22, 2023, and plunged more than 35% in intraday trading on May 23, 2023.
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