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 to 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.
On this news, Microvast’s stock price fell $0.80 per share, or 36.36% to close at $1.40 per share on May 23, 2023.