Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document Information Line Items | |
Entity Registrant Name | Microvast Holdings, Inc. |
Document Type | S-1 |
Amendment Flag | false |
Entity Central Index Key | 0001760689 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | DE |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 13,367 | $ 21,496 | $ 27,978 |
Restricted cash | 20,460 | 19,700 | 13,806 |
Accounts receivable | 65,253 | 76,298 | 67,641 |
Notes receivable | 17,693 | 20,839 | 33,356 |
Short-term investments | 958 | ||
Inventories, net | 55,400 | 44,968 | 57,304 |
Prepaid expenses and other current assets | 8,192 | 6,022 | 3,948 |
Amount due from related parties | 1,856 | ||
Total Current Assets | 180,365 | 189,323 | 206,847 |
Property, plant and equipment, net | 217,686 | 198,017 | 191,323 |
Land use rights, net | 13,987 | 14,001 | 13,422 |
Acquired intangible assets, net | 2,067 | 2,279 | 2,657 |
Other non-current assets | 710 | 890 | 1,571 |
Total Assets | 414,815 | 404,510 | 415,820 |
Current liabilities: | |||
Accounts payable | 43,814 | 42,007 | 35,580 |
Advance from customers | 2,636 | 2,446 | 3,675 |
Accrued expenses and other current liabilities | 35,597 | 60,628 | 34,995 |
Income tax payables | 665 | 664 | 657 |
Short-term bank borrowings | 16,572 | 12,184 | 11,922 |
Notes payable | 32,173 | 35,782 | 35,166 |
Bonds payable | 29,915 | 29,915 | 73,803 |
Total Current Liabilities | 161,372 | 183,626 | 195,798 |
Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”) | 21,792 | 21,792 | 21,792 |
Long-term bonds payable | 137,490 | 73,147 | 29,259 |
Long-term bank borrowings | 9,886 | ||
Other non-current liabilities | 114,362 | 110,597 | 130,952 |
Total Liabilities | 444,902 | 389,162 | 377,801 |
Mezzanine Equity (Note 15 and Note 17) | |||
Series C1 convertible redeemable preferred shares (“Series C1 Preferred”) | 82,587 | 80,581 | 76,684 |
Series C2 convertible redeemable preferred shares (“Series C2 Preferred”) | 86,528 | 81,966 | 73,100 |
Series D1 convertible redeemable preferred shares (“Series D1 Preferred”) | 156,101 | 146,583 | 127,935 |
Redeemable noncontrolling interests | 96,003 | 90,820 | 80,561 |
Total Mezzanine Equity | 421,219 | 399,950 | 358,280 |
Commitments and contingencies | |||
Shareholders’ Deficit | |||
Ordinary shares value | 6 | 6 | 6 |
Additional paid-in capital | 3,727 | ||
Statutory reserves | 6,032 | 6,032 | 6,032 |
Accumulated deficit | (465,457) | (397,996) | (320,760) |
Accumulated other comprehensive deficit | 8,113 | 7,356 | (9,266) |
Total Shareholders’ Deficit | (451,306) | (384,602) | (320,261) |
Total Liabilities, Mezzanine Equity and Shareholders’ Deficit | $ 414,815 | $ 404,510 | $ 415,820 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Net of allowance for doubtful accounts (in Dollars) | $ 4,743 | $ 5,047 | $ 5,537 |
Ordinary shares, per share (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Ordinary shares, authorized | 1,500,000 | 1,500,000 | 1,500,000 |
Ordinary shares, issued | 617,880 | 617,880 | 617,880 |
Ordinary shares, outstanding | 617,880 | 617,880 | 617,880 |
Series C1 Convertible Redeemable Preferred Shares | |||
Convertible redeemable preferred shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Convertible redeemable preferred shares, authorized | 166,950 | 166,950 | 166,950 |
Convertible redeemable preferred shares, issued | 166,950 | 166,950 | 166,950 |
Convertible redeemable preferred shares, outstanding | 166,950 | 166,950 | 166,950 |
Series C2 Convertible Redeemable Preferred Shares | |||
Convertible redeemable preferred shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Convertible redeemable preferred shares, authorized | 126,345 | 126,345 | 126,345 |
Convertible redeemable preferred shares, issued | 126,345 | 126,345 | 126,345 |
Convertible redeemable preferred shares, outstanding | 126,345 | 126,345 | 126,345 |
Series D1 Convertible Redeemable Preferred Shares | |||
Convertible redeemable preferred shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Convertible redeemable preferred shares, authorized | 139,186 | 139,186 | 139,186 |
Convertible redeemable preferred shares, issued | 139,186 | 139,186 | 139,186 |
Convertible redeemable preferred shares, outstanding | 139,186 | 139,186 | 139,186 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||||||
Revenues | $ 33,372 | $ 21,698 | $ 48,310 | $ 28,647 | $ 107,518 | $ 76,434 | $ 174,235 |
Cost of revenues | (40,146) | (18,144) | (56,321) | (23,875) | (90,378) | (76,665) | (153,386) |
Gross profit/(loss) | (6,774) | 3,554 | (8,011) | 4,772 | 17,140 | (231) | 20,849 |
Operating expenses: | |||||||
General and administrative expenses | (6,178) | (3,760) | (10,752) | (7,949) | (18,849) | (15,166) | (34,229) |
Research and development expenses | (5,895) | (4,242) | (9,681) | (7,960) | (16,637) | (25,995) | (32,448) |
Selling and marketing expenses | (3,706) | (2,686) | (6,862) | (6,008) | (13,761) | (15,712) | (13,398) |
Total operating expenses | (15,779) | (10,688) | (27,295) | (21,917) | (49,247) | (56,873) | (80,075) |
Subsidy income | 213 | 650 | 2,131 | 841 | 3,000 | 3,243 | 9,538 |
Loss from operations | (22,340) | (6,484) | (33,175) | (16,304) | (29,107) | (53,861) | (49,688) |
Other income and expenses: | |||||||
Interest income | 111 | 125 | 207 | 436 | 571 | 884 | 2,007 |
Interest expense | (1,537) | (1,357) | (3,383) | (2,837) | (5,738) | (6,352) | (3,979) |
Loss on changes in fair value of convertible notes | (3,243) | (6,843) | |||||
Other (expense)/income, net | 49 | (4) | 44 | (5) | 650 | (145) | (2,606) |
Loss before provision for income taxes | (26,960) | (7,720) | (43,150) | (18,710) | (33,624) | (59,474) | (54,266) |
Income tax expense | (109) | (137) | (218) | (275) | (1) | (189) | (6,425) |
Net loss | (27,069) | (7,857) | (43,368) | (18,985) | (33,625) | (59,663) | (60,691) |
Less: Net loss attributable to noncontrolling interest | (2,123) | (5,799) | |||||
Net loss attributable to Microvast, Inc. | (27,069) | (7,857) | (43,368) | (18,985) | (33,625) | (57,540) | (54,892) |
Less: Accretion of Series A1/C1 Preferred | 3,897 | 4,102 | 10,025 | ||||
Less: Accretion of Series B1/C2 Preferred | 8,866 | 7,948 | 8,391 | ||||
Less: Accretion of Series EEL/D1 Preferred | 18,648 | 30,839 | 13,223 | ||||
Less: Accretion of Series C1 Preferred | 1,003 | 974 | 2,006 | 1,948 | |||
Less: Accretion of Series C2 Preferred | 2,281 | 2,217 | 4,562 | 4,434 | |||
Less: Accretion of Series D1 Preferred | 4,759 | 4,662 | 9,518 | 9,324 | |||
Less: Accretion for noncontrolling interests | 4,036 | 3,961 | 8,007 | 7,922 | 15,927 | 15,050 | 13,502 |
Net loss attributable to ordinary shareholders of Microvast, Inc. | $ (39,148) | $ (19,671) | $ (67,461) | $ (42,613) | $ (80,963) | $ (115,479) | $ (100,033) |
Net loss per share attributable to ordinary shareholders of Microvast, Inc. | |||||||
Basic and diluted (in Dollars per share) | $ (63.36) | $ (31.84) | $ (109.18) | $ (68.97) | $ (131.03) | $ (186.90) | $ (161.90) |
Weighted average shares used in calculating net loss per ordinary share | |||||||
Basic and diluted (in Shares) | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||
Net loss | $ (27,069) | $ (7,857) | $ (43,368) | $ (18,985) | $ (33,625) | $ (59,663) | $ (60,691) |
Foreign currency translation adjustment | 3,670 | (432) | 757 | (4,644) | 16,622 | (3,949) | (28,029) |
Comprehensive loss | (23,399) | (8,289) | (42,611) | (23,629) | (17,003) | (63,612) | (88,720) |
Less: | |||||||
Comprehensive loss attributable to noncontrolling interests | (2,107) | (3,740) | |||||
Total comprehensive loss attributable to Microvast, Inc. | $ (23,399) | $ (8,289) | $ (42,611) | $ (23,629) | $ (17,003) | $ (61,505) | $ (84,980) |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit - USD ($) $ in Thousands | Ordinary shares | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) | Statutory reserve | Total Microvast, Inc. Shareholders’ Deficit | Noncontrolling interest | Total |
Balance at Dec. 31, 2017 | $ 6 | $ (166,282) | $ 24,787 | $ 6,032 | $ (135,457) | $ 59,505 | $ (75,952) | |
Balance (in Shares) at Dec. 31, 2017 | 617,880 | |||||||
Net loss | (54,892) | (54,892) | (5,799) | (60,691) | ||||
Accretion for Series A1 Preferred | (10,025) | (10,025) | (10,025) | |||||
Accretion for Series B1 Preferred | (8,391) | (8,391) | (8,391) | |||||
Accretion for Series EEL Preferred | (5,828) | (7,395) | (13,223) | (13,223) | ||||
Accretion for the noncontrolling interests to be redeemed | (9,497) | (9,497) | (9,497) | |||||
Transfer from liability to noncontrolling interests due to redemption ratio change | 18,841 | 18,841 | ||||||
Noncontrolling investors’ compensation for performance guarantee | (1,168) | (1,168) | 1,168 | |||||
Foreign currency translation adjustments | (30,088) | (30,088) | 2,059 | (28,029) | ||||
Reclassification of noncontrolling interests to redeemable noncontrolling interests | (81,438) | (81,438) | ||||||
Accretion for redeemable noncontrolling interests – before extinguishment | (2,505) | (2,505) | (2,505) | |||||
Fair value change of redeemable noncontrolling interests due to extinguishment | 5,828 | 5,828 | 5,828 | |||||
Accretion for redeemable noncontrolling interests – after extinguishment | (1,500) | (1,500) | (1,500) | |||||
Balance at Dec. 31, 2018 | $ 6 | (261,655) | (5,301) | 6,032 | (260,918) | (5,664) | (266,582) | |
Balance (in Shares) at Dec. 31, 2018 | 617,880 | |||||||
Net loss | (57,540) | (57,540) | (2,123) | (59,663) | ||||
Accretion for Series A1/C1 Preferred | (4,102) | (4,102) | (4,102) | |||||
Accretion for Series B1/C2 Preferred | (7,948) | (7,948) | (7,948) | |||||
Accretion for Series EEL/D1 Preferred | (30,839) | (30,839) | (30,839) | |||||
Accretion for the exiting noncontrolling interests | (5,805) | (5,805) | (5,805) | |||||
Foreign currency translation adjustments | (3,965) | (3,965) | 16 | (3,949) | ||||
Cumulative effect adjustment related to opening retained earnings for adoption of ASC 606 | (1,565) | (1,565) | (1,565) | |||||
Fair value change of preferred shares due to extinguishment | 61,138 | 61,138 | 61,138 | |||||
Fair value change of redeemable noncontrolling interests due to extinguishment | 8,299 | 8,299 | 8,299 | |||||
Accretion for redeemable noncontrolling interests | (9,245) | (9,245) | (9,245) | |||||
Acquisition of noncontrolling interest | (7,771) | (7,771) | 7,771 | |||||
Balance at Dec. 31, 2019 | $ 6 | 3,727 | (320,760) | (9,266) | 6,032 | (320,261) | (320,261) | |
Balance (in Shares) at Dec. 31, 2019 | 617,880 | |||||||
Net loss | (18,985) | (18,985) | ||||||
Accretion for Series C1 Preferred | (974) | (974) | (1,948) | |||||
Accretion for Series C2 Preferred | (2,217) | (2,217) | (4,434) | |||||
Accretion for Series D1 Preferred | (536) | (8,788) | (9,324) | |||||
Accretion for the exiting noncontrolling interests | (2,818) | (2,818) | ||||||
Foreign currency translation adjustments | (4,644) | (4,644) | ||||||
Accretion for redeemable noncontrolling interests | (5,104) | (5,104) | ||||||
Balance at Jun. 30, 2020 | $ 6 | (359,646) | (13,910) | 6,032 | (367,518) | |||
Balance (in Shares) at Jun. 30, 2020 | 617,880 | |||||||
Balance at Dec. 31, 2019 | $ 6 | 3,727 | (320,760) | (9,266) | 6,032 | $ (320,261) | (320,261) | |
Balance (in Shares) at Dec. 31, 2019 | 617,880 | |||||||
Net loss | (33,625) | (33,625) | ||||||
Accretion for Series C1 Preferred | (3,727) | (170) | (3,897) | |||||
Accretion for Series C2 Preferred | (8,866) | (8,866) | ||||||
Accretion for Series D1 Preferred | (18,648) | (18,648) | ||||||
Accretion for the exiting noncontrolling interests | (5,668) | (5,668) | ||||||
Foreign currency translation adjustments | 16,622 | 16,622 | ||||||
Accretion for redeemable noncontrolling interests | (10,259) | (10,259) | ||||||
Balance at Dec. 31, 2020 | $ 6 | (397,996) | 7,356 | 6,032 | (384,602) | |||
Balance (in Shares) at Dec. 31, 2020 | 617,880 | |||||||
Balance at Mar. 31, 2020 | $ 6 | (339,975) | (13,478) | 6,032 | (347,415) | |||
Balance (in Shares) at Mar. 31, 2020 | 617,880 | |||||||
Net loss | (7,857) | (7,857) | ||||||
Accretion for Series C1 Preferred | (974) | (974) | ||||||
Accretion for Series C2 Preferred | (2,217) | (2,217) | ||||||
Accretion for Series D1 Preferred | (4,662) | (4,662) | ||||||
Accretion for the exiting noncontrolling interests | (1,409) | (1,409) | ||||||
Foreign currency translation adjustments | (432) | (432) | ||||||
Accretion for redeemable noncontrolling interests | (2,552) | (2,552) | ||||||
Balance at Jun. 30, 2020 | $ 6 | (359,646) | (13,910) | 6,032 | (367,518) | |||
Balance (in Shares) at Jun. 30, 2020 | 617,880 | |||||||
Balance at Dec. 31, 2020 | $ 6 | (397,996) | 7,356 | 6,032 | (384,602) | |||
Balance (in Shares) at Dec. 31, 2020 | 617,880 | |||||||
Net loss | (43,368) | (43,368) | ||||||
Accretion for Series C1 Preferred | (2,006) | (2,006) | ||||||
Accretion for Series C2 Preferred | (4,562) | (4,562) | ||||||
Accretion for Series D1 Preferred | (9,518) | (9,518) | ||||||
Accretion for the exiting noncontrolling interests | (2,824) | (2,824) | ||||||
Foreign currency translation adjustments | 757 | 757 | ||||||
Accretion for redeemable noncontrolling interests | (5,183) | (5,183) | ||||||
Balance at Jun. 30, 2021 | $ 6 | (465,457) | 8,113 | 6,032 | (451,306) | |||
Balance (in Shares) at Jun. 30, 2021 | 617,880 | |||||||
Balance at Mar. 31, 2021 | $ 6 | (426,309) | 4,443 | 6,032 | (415,828) | |||
Balance (in Shares) at Mar. 31, 2021 | 617,880 | |||||||
Net loss | (27,069) | (27,069) | ||||||
Accretion for Series C1 Preferred | (1,003) | (1,003) | ||||||
Accretion for Series C2 Preferred | (2,281) | (2,281) | ||||||
Accretion for Series D1 Preferred | (4,759) | (4,759) | ||||||
Accretion for the exiting noncontrolling interests | (1,430) | (1,430) | ||||||
Foreign currency translation adjustments | 3,670 | 3,670 | ||||||
Accretion for redeemable noncontrolling interests | (2,606) | (2,606) | ||||||
Balance at Jun. 30, 2021 | $ 6 | $ (465,457) | $ 8,113 | $ 6,032 | $ (451,306) | |||
Balance (in Shares) at Jun. 30, 2021 | 617,880 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||||
Net loss | $ (43,368) | $ (18,985) | $ (33,625) | $ (59,663) | $ (60,691) |
Adjustments to reconcile net income to net cash used in operating activities: | |||||
Loss (gain) on disposal of property, plant and equipment | 6 | 56 | 207 | (458) | 1,204 |
Depreciation of property, plant and equipment | 9,475 | 7,207 | 16,097 | 14,676 | 12,180 |
Amortization of land use right and intangible assets | 376 | 352 | 695 | 711 | 566 |
Changes in fair value of convertible notes | 6,843 | ||||
Reversal of doubtful accounts | (196) | (863) | (240) | (4,250) | 10,142 |
Provision for obsolete inventories | 6,098 | 646 | 1,343 | 4,233 | 13,622 |
Impairment loss from property, plant and equipment | 258 | 644 | 567 | 2,908 | 1,239 |
Product warranty | 9,057 | 951 | 3,477 | 3,501 | 8,342 |
Changes in operating assets and liabilities: | |||||
Notes receivable | 3,352 | 14,167 | 13,940 | 31,834 | 16,453 |
Accounts receivable | 11,813 | 13,451 | (3,599) | 46,928 | 20,627 |
Inventories | (16,134) | 4,269 | 13,611 | 10,446 | 7,108 |
Prepaid expenses and other current assets | 175 | (821) | (1,693) | 1,424 | 10,696 |
Deferred tax assets, net | 5,887 | ||||
Amount due from/to related parties | 1,872 | (1,158) | (423) | ||
Other non-current assets | 33 | 94 | (139) | 280 | 747 |
Notes payable | (3,989) | (15,094) | (1,643) | (25,896) | (25,630) |
Accounts payable | 1,390 | (4,747) | 3,818 | (12,880) | (28,380) |
Advance from customers | 167 | (1,058) | (1,395) | 2,296 | 579 |
Accrued expenses and other liabilities | (381) | (9) | 2,256 | (1,480) | 213 |
Income tax payables | 7 | (81) | 27 | ||
Net cash generated from (used in) operating activities | (15,025) | 260 | 15,556 | 13,371 | (5,492) |
Cash flows from investing activities | |||||
Purchases of property, plant and equipment | (29,858) | (11,914) | (18,645) | (20,260) | (29,812) |
Purchase of intangible assets | (551) | ||||
Proceeds on disposal of property, plant and equipment | (48) | 13 | 24 | 35 | |
Purchase of short-term investments | (1,999) | (4,635) | (20,353) | (17,997) | |
Proceeds from maturity of short-term investments | 2,522 | 5,593 | 36,635 | 204,373 | |
Net cash used in investing activities | (29,858) | (11,439) | (17,674) | (3,954) | 156,048 |
Cash flows from financing activities | |||||
Proceeds from borrowings | 26,603 | 9,473 | 17,308 | 17,735 | 62,432 |
Repayment of loan | (14,475) | ||||
Repayment of bank borrowings | (12,265) | (11,894) | (17,815) | (71,674) | (41,913) |
Loans borrowing from related parties | 8,426 | 10,456 | 18,889 | 15,142 | 53,110 |
Repayment of related party loans | (8,426) | (10,033) | (18,889) | (15,142) | (53,110) |
Repurchase of Series B2 Preferred | (3,728) | ||||
Repurchase shares from exiting noncontrolling interests | (33,047) | (32,700) | (211,566) | ||
Issuance of convertible notes | 57,500 | ||||
Payment for transaction fee in connection with the merger transaction | (2,327) | ||||
Issuance of convertible bonds | 48,934 | 24,869 | |||
Net cash (used in)/generated from financing activities | 36,464 | (1,998) | (507) | (52,180) | (169,906) |
Effect of exchange rate changes | 1,050 | (1,539) | 2,037 | (994) | (12,623) |
Decrease in cash, cash equivalents and restricted cash | (7,369) | (14,716) | (588) | (43,757) | (31,973) |
Cash, cash equivalents and restricted cash at beginning of the period | 41,196 | 41,784 | 41,784 | 85,541 | 117,514 |
Cash, cash equivalents and restricted cash at end of the period | 33,827 | 27,068 | 41,196 | 41,784 | 85,541 |
Reconciliation to amounts on consolidated balance sheets | |||||
Cash and cash equivalents | 13,367 | 21,759 | 21,496 | 27,978 | 60,880 |
Restricted cash | 20,460 | 5,309 | 19,700 | 13,806 | 24,661 |
Total cash, cash equivalents and restricted cash | 33,827 | 27,068 | 41,196 | 41,784 | 85,541 |
Supplemental disclosure of cash flow information | |||||
Interest paid | 1,376 | 1,032 | 1,969 | 2,487 | 2,020 |
Income tax paid | 58 | 511 | |||
Non-cash investing and financing activities | |||||
Payable for redemption of noncontrolling interest | 97,979 | 119,567 | 124,316 | 114,870 | 137,896 |
Payable for purchase of property, plant and equipment | $ 14,103 | $ 17,096 | $ 15,122 | $ 23,515 | $ 33,842 |
Organization and Principal Acti
Organization and Principal Activities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Microvast, Inc. (the “Company” or “Microvast”) was incorporated under the laws of the State of Texas in the United States of America (“USA”) on October -domiciled | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Microvast, Inc. (the “Company” or “Microvast”) was incorporated under the laws of the State of Texas in the United States of America (“USA”) on October -domiciled As of December Subsidiaries Place of incorporation Date of Percentage Microvast Power Solutions, Inc 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 Huzhou, PRC July 2017 100% owned by MPS Huzhou Hong Yang Taxi Co., Ltd. Huzhou, PRC October 2017 100% owned by MPS Microvast APAC PTE. LTD. Singapore May 2017 100% owned by MPS Huzhou Hongwei New Energy Huzhou, PRC December 2016 100% owned by MPS |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements include the financial information of Microvast Inc. and its subsidiaries. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Security and Exchange Commission and U.S. generally accepted accounting standards for interim financial reporting. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these interim financial statements. The results of operations for the three months and six months periods ended June The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements for each of the three years in the period ended December The financial information as of December The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Group’s consolidated financial statements for each of the three years in the period ended December Significant accounting estimates reflected in the Group’s financial statements include allowance for doubtful accounts, provision for obsolete inventories, impairment of long -lived The unaudited condensed consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business is dependent on, among other things, the Group’s ability to generate sufficient cash flows from operations, and the Group’s ability to arrange adequate financing arrangements. Revenue recognition Nature of Goods and Services The Group’s sales revenue consists primarily of sales of lithium batteries. The obligation of the Group is providing the electronic power products. Revenue is recognized at the point of time when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods or services. Disaggregation of revenue For the three months ended June For the six months ended June Contract balances Contract balances include accounts receivable and advance from customers. Accounts receivable represent cash not received from customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheet, represents payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period. During the three months ended June | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”). Basis of consolidation The consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries and VIE. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business is dependent on, among other things, the Group’s ability to generate sufficient cash flows from operations, and the Group’s ability to arrange adequate financing arrangements. The Group had recurring losses in the past three years and had total shareholders’ deficits of $384,602 and working capital totaled at $5,697 as of December The Group has generated positive cash flows from operations in 2019 and 2020, of $13,371 and $15,556, respectively, and expects to be in positive operating cash flows position for year 2021. In addition, the Group obtained proceeds totaled at $57,500 from the issuance of convertible notes in January and February 2021 and obtained $9,921 bank loans in subsequent period (Note 25). Therefore, as of the issuance date of these financial statements, management is of the opinion that the Group will be able to satisfy its liabilities as they become due in the next twelve months, and accordingly, these consolidated financial statements are prepared on a going concern basis. Consolidation of Variable Interest Entity The Group determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Group consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Group and a third party established Hongwei of which they each subscribed 20% and 80% equity interest, respectively. In 2017, the Group made contributions of cash and intangible assets to Hongwei; whereas the other equity interest holder did not make capital contributions. Hongwei met the definition as a VIE. The Group concluded that Hongwei, since its inception, was a VIE and the Group was its primary beneficiary. Accordingly, Hongwei has been consolidated by the Group. The Group became the sole equity interest owner of Hongwei in October 2019 (Note 15). For the year ended December Noncontrolling interests and redeemable noncontrolling interests For the Company’s consolidated subsidiaries and VIE, noncontrolling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Noncontrolling interests are classified as a separate line item in the equity section of the Company’s Consolidated Balance Sheets and have been separately disclosed in the Company’s Consolidated Statements of Operations and Comprehensive Loss to distinguish the interests from that of the Company. Noncontrolling interests in subsidiaries that are redeemable at the option of the holder and not solely within the control of the Company for cash or other assets are classified outside of permanent equity at redemption value as redeemable noncontrolling interests. If the redemption event is probable to occur, the Company records the redeemable noncontrolling interests at the redemption value on each balance sheet date with the changes recognized as an adjustment to equity. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue, costs and expenses in the consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include allowance for doubtful accounts, provision for obsolete inventories, impairment of long -lived Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have maturities of three months or less. Restricted cash Restricted cash represents deposits made to banks to secure bank acceptance notes (or Notes Payable) and letter of credit issued by the Group. It’s common in PRC that the banks require the Group to pledge notes received from its customers, up to 111%, or make a deposit for up to 100% of the face amount of the bank acceptance notes the Group issued as collateral. The deposits and the matured bank acceptance notes from its customers are recorded as restricted cash in the consolidated balance sheets. Accounts receivable Accounts receivable represents those receivables derived in the ordinary course of business, net of allowance for doubtful accounts. The Group maintains an allowance for doubtful accounts for estimated losses on accounts receivable. Management considers the following factors when determining the collectability of specific accounts: creditworthiness of customers, aging of the receivables, past transaction history with customers and their current financial condition, changes in customer payment terms, specific facts and circumstances, and the overall economic climate in the industries the Group operates. Notes receivable and payable The Group accepts bank acceptance notes (“notes”) from customers in the PRC in the normal course of business. The Group may present these notes with banks in the PRC for cash payment or endorse these notes to its suppliers to settle its accounts payable. When the notes are endorsed by the Company, the Company is jointly liable with other endorsers in the note. Notes that have been presented with banks or endorsed to suppliers are derecognized from the consolidated balance sheets when the notes are settled with banks or the obligations as endorser are discharged. Notes receivable and payable are typically non -interest As of December Short-term investments The Group’s short -term -to-maturity -term The Group reviews its held -to-maturity -than-temporary -term Inventories, net Inventories of the Group consist of raw materials, work in process and finished goods. Inventories are stated at the lower of cost or net realizable value. Inventory costs include expenses that are directly or indirectly incurred in the acquisition, including shipping and handling costs charged to the Group by suppliers, and production of manufactured product for sale. Such as the cost of materials and supplies used in production, direct labor costs and allocated overhead costs are all included in the inventory costs. The allocated overhead cost includes the depreciation, insurance, employee benefits, and indirect labor. Cost is determined using the weighted average method. Inventories are written down to net realizable value taking into consideration of estimates of future demand, technology developments, market conditions and reasonably predicative costs of completion or disposal. Prepaid expenses and other current assets Prepaid expenses and other current assets primarily consist of advances to suppliers, deposits and value -added Property, plant and equipment, net Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight -line Buildings 20 years Machineries and equipment 10 years Fixtures and electronic equipment 4 – 5 years Motor vehicles 5 years Leasehold improvements Shorter of the lease term or estimated useful lives Construction in progress represents manufacturing facilities and equipment under construction, and is stated at cost. The capitalization of these costs is ceased when construction in progress is transferred to property, plant and equipment and substantially ready for its intended use. No depreciation is recorded for construction in progress. Repair and maintenance costs are charged to expenses as incurred. Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight -line Acquired intangible assets, net Acquired intangible assets with definite lives are amortized on a straight -line Impairment of long-lived assets The Company reviews long -lived -lived Fair value of financial instrument Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, notes receivable, short -term -term -term -term -term Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model -derived Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Measured fair value on a recurring basis The Group measured its financial assets and liabilities at fair value on a recurring basis as of December Measured fair value on a nonrecurring basis The Group measured the fair value of the Company’s convertible redeemable preferred share and the redeemable noncontrolling interests of a subsidiary on each of the date when there are changes in the terms of shareholding rights and preferences. The fair value was determined using models with significant unobservable inputs (Level 3 inputs), among which, the Group applied a Discounts For Lack of Marketability (“DLOM”) of 20% in the fair value measurement for the convertible redeemable preferred share and redeemable noncontrolling interests in 2019, since there was no readily available market for shares in a closely -held -Scholes The Group measured the long -lived Revenue recognition On January -09 Nature of Goods and Services The Group’s sales revenue consists primarily of sales of lithium batteries. The obligation of the Group is providing the electronic power products. Revenue is recognized at the point of time when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods or services. Disaggregation of revenue For the years ended December Sales Incentive In 2018, the Group provides sales incentives to some of its customers, which mainly relates the reduced sales prices. The sales incentives are discounts to be applied to future sales to the customer which cannot be exchanged for cash. To the extent that the sales incentive represents a material right or options to acquire additional goods or services at a discount in the future period, the material right is recognized as a separate performance obligation at the outset of the arrangement based on the most likely amount of incentive to be provided to the customer. Amounts allocated to a material right are recognized as revenue when those future goods are sold to the customers. During 2019 and 2020, no such sales incentives were granted to customers. Contract balances Contract balances include accounts receivable and advance from customers. Accounts receivable represent cash not received from customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheet, represents payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period. During the year ended December Value added taxes Value added tax (“VAT”) on sales was calculated at 17% and changed to 16% since May Cost of revenues Cost of revenues primarily consists of the cost of the products ultimately sold to customers, shipping and handling costs charged to the Group in the sales, the direct labor costs, product warranty expense, provision for the inventories and other related expenses that are directly attributable to the production of products. Product Warranty The Group provides product warranties, which entail repair or replacement of non -conforming The Group’s product warranties generally range from one to eight years. The Group establishes a reserve for the estimated cost of the product warranty at the time revenue is recognized. The portion of the warranties is expected to incur within the next 12 -current Research and development expenses Research and development expenses primarily consist of salaries and benefits for research and development personnel, materials, office rental expense, general expenses and depreciation expenses associated with research and development activities. Subsidy income Government subsidies represent government grants received from local government authorities. Government subsidies related to the investment in production facilities initially records as other current or other non -current -line The Group amortized the deferred subsidy at $1,904, $2,304 and $166 during the years ended December -current Government subsidies are recognized as subsidy income when no conditions are imposed. The Group received and recognized $9,538, $3,243 and $3,000 of government subsidy income during the years ended December Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more -likely-than-not The Group accounts for uncertain tax positions by reporting a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Group believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Group recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Share-based payment Equity -settled -based -market -market For cash -settled -based -measured Equity -settled -based Comprehensive loss Comprehensive loss includes net loss and foreign currency translation adjustments. Comprehensive loss is reported in the Consolidated Statements of Comprehensive Loss. Net loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two -class -class The Company’s preferred shares are participating securities as they participate in undistributed earnings on an as -if-converted Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares and convertible bonds using the if -converted -vested -dilutive Foreign currencies The functional currency of the Company and MP Solutions is the United States dollar (“U.S. dollar”). For the Company’s subsidiaries located in the PRC, the functional currency is the Chinese Renminbi (“RMB”); the Company’s UK subsidiary, MP UK, the functional currency is the Great British Pound (“Pound”); the Company’s Germany subsidiary, MV GmbH, the functional currency is the Euro, and the Company’s Singapore subsidiary, MV Singapore, the functional currency is the Singapore Dollar (“SGD”). In preparing the consolidated financial statements of each individual group subsidiary, transactions in currencies other than the subsidiary’s functional currency (foreign currencies) are converted into the functional currency at the rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non -monetary Exchange differences on the monetary items are recognized in the consolidated statements of operations in the period in which they arise. For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into the reporting currency of the Group (i.e. US$) at the prevailing exchange rate at the end of the reporting period, and their income and expenses are translated at the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive loss. Foreign currency risk RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash, cash equivalents and restricted cash of the Group included aggregate amounts of $32,844 and $35,194 as of December Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, notes receivable and short -term The following table summarizes net revenues from customers that accounted for 10% or more of the Group’s net revenues for 2018, 2019 and 2020: December 31, December 31, December 31, Percentage of revenue contributed by Customer A 16 % 11 % — 16 % 11 % — The following table summarizes accounts receivable from customers that accounted for 10% or more of the Group’s accounts receivable: December 31, December 31, Percentage of accounts receivable from Customer B — 10 % — 10 % Supplier Concentration The Group relies on third parties for the supply of raw materials. In instances where these parties fail to perform their obligations, the Group may find alternative suppliers in the open market. For the years ended December Newly adopted accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Updates (“ASU”) 2014 -09 -09 -09 -public -09 In January 2016, the FASB issued a new pronouncement ASU 2016 -01 -Overall -specific -01 -03 -10 -01 -03 -public -effect In August 2016, the FASB issued ASU 2016 -15 -coupon -owned -owned -public In November 2016, the FASB issued ASU 2016 -18 -of-period -of-period -public In August 2018, the FASB issued ASU 2018 -13 -13 -public Recent accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016 -02 -of-use of the lease payments. For operating leases with a term of 12 -public -02 -11 -11 -lease -11 -10 -05 In June 2016, the FASB issued ASU 2016 -13 -public -effect -retrospective |
Accounts Receivable
Accounts Receivable | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
ACCOUNTS RECEIVABLE | 3. ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: December 31, June 30, Accounts receivable $ 81,345 $ 69,996 Allowance for doubtful accounts (5,047 ) (4,743 ) Accounts receivable, net $ 76,298 $ 65,253 Movement of allowance for doubtful accounts was as follows: Three months ended Six months ended 2020 2021 2020 2021 Balance at beginning of the period $ 4,524 $ 4,416 $ 5,537 $ 5,047 Charge to expenses — 318 (863 ) (196 ) Write off — (28 ) — (131 ) Exchange difference 10 37 (140 ) 23 Balance at end of the period $ 4,534 $ 4,743 $ 4,534 $ 4,743 | 3. ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: December 31, December 31, Accounts receivable $ 73,178 $ 81,345 Allowance for doubtful accounts (5,537 ) (5,047 ) Accounts receivable, net $ 67,641 $ 76,298 Movement of allowance for doubtful accounts was as follows: December 31, December 31, Balance at beginning of year $ 10,111 $ 5,537 Charge to expenses (4,250 ) (240 ) Write off (233 ) (493 ) Exchange difference (91 ) 243 Balance at end of year $ 5,537 $ 5,047 |
Inventories, Net
Inventories, Net | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
INVENTORIES, NET | 4. INVENTORIES, NET Inventories consisted of the following: December 31, June 30, Work in process $ 22,167 $ 21,090 Raw materials 17,451 20,223 Finished goods 5,350 14,087 Total $ 44,968 $ 55,400 Provision for obsolete inventory at nil | 4. INVENTORIES, NET Inventories consisted of the following: December 31, December 31, Work in process $ 27,854 $ 22,167 Raw materials 17,201 17,451 Finished goods 12,249 5,350 Total $ 57,304 $ 44,968 Provision for obsolete inventory at $13,622, $4,233 and $1,343 were recognized for the years ended December |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Prepaid Expenses And Other Current Assets | 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS December 31, June 30, Advances to suppliers $ 2,117 $ 4,857 Other receivables 688 1,242 VAT receivables 2,471 1,342 Deposits 746 751 Total $ 6,022 $ 8,192 The balance of the VAT receivables represented the amount available for future deduction against VAT payable. | 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS December 31, December 31, VAT receivables $ 1,748 $ 2,471 Advances to suppliers 1,038 2,117 Other receivables 627 688 Deposits 535 746 Total $ 3,948 $ 6,022 The balance of the VAT receivables represented the amount available for future deduction against VAT payable. |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 6. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following: December 31, December 31, Machineries and equipment $ 73,535 $ 123,889 Buildings 37,479 39,988 Leasehold improvements 22,571 26,627 Fixtures and electronic equipment 7,459 9,086 Motor vehicles 4,641 8,073 Total 145,685 207,663 Less: accumulated depreciation (46,243 ) (67,043 ) Construction in progress 91,881 57,397 Property, plant and equipment, net $ 191,323 $ 198,017 The Group recorded depreciation expenses of $12,180, $14,676 and $16,097 for the years ended December 31, 2018, 2019 and 2020, respectively. $1,239, $2,908 and $567 impairment losses were recognized for the years ended December 31, 2018, 2019 and 2020, respectively, primarily related to the obsolete machineries and equipment as a result of technology development or product upgrade. |
Land Use Rights, Net
Land Use Rights, Net | 12 Months Ended |
Dec. 31, 2020 | |
Land Use Rights Net [Abstract] | |
LAND USE RIGHTS, NET | 7. LAND USE RIGHTS, NET Land use rights consisted of the following: December 31, December 31, Cost of land use rights $ 15,002 $ 16,007 Less: accumulated amortization (1,580 ) (2,006 ) Land use rights, net $ 13,422 $ 14,001 The land use rights were acquired for the use of the Group’s production facilities. Land use rights are amortized on a straight -line |
Acquired Intangible Assets, Net
Acquired Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
ACQUIRED INTANGIBLE ASSETS, NET | 8. ACQUIRED INTANGIBLE ASSETS, NET Intangible assets consisted of the following: December 31, December 31, Cost of acquired intangible assets $ 3,968 $ 4,051 Less: accumulated amortization (1,311 ) (1,772 ) Acquired intangible assets, net $ 2,657 $ 2,279 The Group recorded amortization expense of $250, $409 and $392 for the years ended December The annual amortization expense for each of the five succeeding fiscal years and thereafter are as follows: 2021 $ 394 2022 233 2023 233 2024 233 2025 233 Thereafter 953 Total $ 2,279 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accrued Expenses and Other Current Liabilities [Abstract] | ||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES December 31, June 30, Payables to exiting investors $ 30,000 $ — Payables for purchase of property, plant and equipment 15,122 14,103 Product warranty 4,296 10,299 Other current liabilities 3,959 4,148 Accrued payroll and welfare 2,704 2,789 Interest payable 1,379 2,239 Accrued expenses 1,696 1,713 Other tax payable 1,472 306 Total $ 60,628 $ 35,597 The payables to exiting investors represents the amount due in a year for the redemption of the shares owned by certain noncontrolling shareholders of a subsidiary. See Note 12. | 9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES December 31, December 31, Payable to exiting Investors $ — $ 30,000 Payables for purchase of property, plant and equipment 23,515 15,122 Product warranty 3,723 4,296 Accrued payroll and welfare 2,577 2,704 Accrued expenses 2,103 1,696 Deferred subsidy income-current 127 215 Deposits received from the contractors 275 102 Other tax payable 494 1,472 Other current liabilities 2,181 5,021 Total $ 34,995 $ 60,628 The payable for exiting Investors represents the amount to be paid for the redemption of the shares owned by certain noncontrolling shareholders of a subsidiary. See Note 15. |
Product Warranty
Product Warranty | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | ||
PRODUCT WARRANTY | 7. PRODUCT WARRANTY Movement of product warranty was as follows: Three months ended Six months ended 2020 2021 2020 2021 Balance at beginning of the period $ 17,299 $ 19,105 $ 18,416 $ 19,356 Provided during the period 842 8,148 951 9,057 Utilized during the period (783 ) (1,710 ) (2,009 ) (2,870 ) Balance at end of the period $ 17,358 $ 25,543 $ 17,358 $ 25,543 December 31, June 30, Product warranty – current $ 4,296 $ 10,299 Product warranty – non-current 15,060 15,244 Total $ 19,356 $ 25,543 | 10. PRODUCT WARRANTY Movement of product warranty was as follows: December 31, December 31, Balance at beginning of the year $ 16,565 $ 18,416 Provided during the year 3,501 3,477 Utilized during the year (1,650 ) (2,537 ) Balance at end of the year $ 18,416 $ 19,356 Product warranty – current $ 3,723 $ 4,296 Product warranty – non-current 14,693 15,060 The warranty costs recorded were $8,342, $3,501 and $3,477 during the years ended December |
Bank Borrowings
Bank Borrowings | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Bank Borrowings [Abstract] | ||
BANK BORROWINGS | 8. BANK BORROWINGS The Group entered into loan agreements and bank facilities with Chinese banks and a German bank. The original terms of the loans from Chinese banks range from 6 to 12 The bank facility agreement with the German bank includes a $13.0 -year -year -year Changes in bank borrowings were are as follows: Three months ended Six months ended 2020 2021 2020 2021 Beginning balance $ 5,649 $ 13,156 $ 11,922 $ 12,184 Proceeds from bank borrowings 3,714 13,158 9,473 26,603 Repayments of principal — — (11,894 ) (12,265 ) Exchange difference 22 (144 ) (89 ) (64 ) Ending balance $ 9,412 $ 26,458 $ 9,412 $ 26,458 December 31, June 30, Current $ 12,184 $ 16,572 Non-current — 9,886 Total $ 12,184 $ 26,458 Certain assets of the Group had been pledged to secure the above banking facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of December December 31, June 30, Buildings $ 22,732 $ 31,877 Machinery and equipment 19,297 17,835 Land use rights 2,789 4,466 Total $ 44,818 $ 54,178 In addition, the Group’s related parties Ochem Chemical Co., Ltd (“Ochem”) and Ochemate Material Technologies Co., Ltd (“Ochemate”) provided $20,874 and $21,838 of guarantees to secure certain bank facilities granted to the Group as of December | 11. BANK BORROWINGS The Group entered into various loan agreements, i.e. banking facilities, with certain Chinese banks. The original terms of the loans range from 2 to 12 December 31, December 31, Beginning balance as of January 1 $ 66,267 $ 11,922 Proceeds from bank borrowings 17,735 17,308 Repayments of principal during the year (71,674 ) (17,815 ) Exchange difference (406 ) 769 Ending balance as of December 31 $ 11,922 $ 12,184 Including: Current $ 11,922 $ 12,184 Total $ 11,922 $ 12,184 Certain assets of the Group had been pledged to secure the above banking facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of December December 31, December 31, Buildings $ 22,414 $ 22,732 Machinery and equipment 20,936 19,297 Land use rights 2,672 2,789 Total $ 46,022 $ 44,818 In addition, the Group’s related parties Ochem Chemical Co., Ltd (“Ochem”) and Ochemate Material Technologies Co., Ltd (“Ochemate”) provided $32,607 and $20,874 of guarantees to secure certain bank facilities granted to the Group as of December |
Other Non-Current Liabilities
Other Non-Current Liabilities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Non-Current Liabilities [Abstract] | ||
OTHER NON-CURRENT LIABILITIES | 9. OTHER NON-CURRENT LIABILITIES December 31, 2020 June 30, 2021 Payable to exiting investors $ 94,316 $ 97,979 Product warranty – non-current 15,060 15,244 Deferred subsidy income- non-current 1,221 1,139 Total $ 110,597 $ 114,362 The payable to exiting investors represent the amount to be paid for the redemption of the shares owned by certain noncontrolling interests holders of a subsidiary. See Note 12. | 12. OTHER NON-CURRENT LIABILITIES December 31, December 31, Deferred subsidy income – non-current $ 1,389 $ 1,221 Payable to exiting Investors 114,870 94,316 Product warranty 14,693 15,060 Total $ 130,952 $ 110,597 The payable for exiting Investors represent the amount to be paid for the redemption of the shares owned by certain noncontrolling interests holders of a subsidiary. See Note 15. |
Bonds Payable
Bonds Payable | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Bonds Payable [Abstract] | ||
BONDS PAYABLE | 10. BONDS PAYABLE December 31, 2020 June 30, 2021 Bonds payable Third-party investors $ 29,915 $ 29,915 Total $ 29,915 $ 29,915 Long-term bonds payable Huzhou Saiyuan $ 73,147 $ 73,147 PIPE investors — 64,343 Total $ 73,147 $ 137,490 Convertible Bonds issued to Huzhou Saiyuan On December -interest-bearing If the subscribed bonds are not repaid by the maturity date, Huzhou Saiyuan has the right to dispose the equity interests pledged by the Company in proportion to the amount of matured bonds, or convert the bond to the equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds to equity interests of MPS, the equity interests pledged should be released and the convertible bonds should be converted to the equity interest of MPS based on the entity value of MPS at $950,000. On September Issuance Date Subscribed Amount Maturity Date Repayment Amount Annual February 1, 2019 $29,259 (RMB200 million) June 30, 2023 $29,259 (RMB200 million) 3%~4% December 31, 2018 $29,259 (RMB200 million) April 28, 2024 $14,629 (RMB100 million) 0%~4% July 11, 2024 $7,315 (RMB50 million) 0%~4% October 1, 2024 $7,315 (RMB50 million) 0%~4% January 1, 2020 $14,629 (RMB100 million) April 13, 2026 $14,629 (RMB100 million) 3%~4% An additional one -year Convertible Bonds issued to third-party investors On November -party -interest On July Convertible Notes at Fair Value On January The fair value option was elected for the measurement of the convertible notes. As of June On July | 13. BONDS PAYABLE December 31, December 31, Bonds payable Huzhou Saiyuan Equity Investment Partnership Firm (Limited Partnership) (“Huzhou Saiyuan”) $ 43,888 $ — Third-party investors 29,915 29,915 Total $ 73,803 $ 29,915 Long-term bonds payable Huzhou Saiyuan $ 29,259 $ 73,147 Total $ 29,259 $ 73,147 Convertible Bonds issued to Huzhou Saiyuan On December -interest-bearing If the subscribed bonds are not repaid by the maturity date, Huzhou Saiyuan has the right to dispose the equity interests pledged by the Company in proportion to the amount of matured bonds, or convert the bond to the equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds to equity interests of MPS, the equity interests pledged should be released and the convertible bonds should be converted to the equity interest of MPS based on the entity value of MPS at $950,000. On September -year Issuance Date Subscribed Amount Maturity Date Repayment Amount Annual February 1, 2019 $ 29,259 (RMB200 million) June 30, 2023 $ 29,259 (RMB200 million) 3% ~ 4% December 31, 2018 $ 29,259 (RMB200 million) April 28, 2024 $ 14,629 (RMB100 million) 0% ~ 4% July 11, 2024 $ 7,315 (RMB50 million) 0% ~ 4% October 1, 2024 $ 7,315 (RMB50 million) 0% ~ 4% January 1, 2020 $ 14,629 (RMB100 million) April 13, 2026 $ 14,629 (RMB100 million) 3% ~ 4% As of December Convertible Bonds issued to third-party investors On November -party -interest On November Upon issuance of the convertible bond to these third -party In addition, all parties agreed on the possible scenarios for the conversion as follows: • If the government approvals are obtained before the due date, the convertible bonds will be converted to Series D2 Preferred of the Company. • If the bond holders fail to obtain the government approvals, the convertible bonds will be converted to equity interests of MPS and the bond holders shall be entitled to the same rights as those with respect to the most senior and recently issued series of preferred shares at the Company as if the bond holders have become shareholders of the Company. Under this scenario, the Group should issue a warrant to the bond holders, through which the bond holders have the right to exchange their equity interest of MPS for the Company’s preferred shares. • If the bond holders fail to convert the bonds to the Company’s or MPS’ equity interest, all parties agreed that the bonds are not interest -free • If the bond holders cannot directly exchange their equity interest obtained pursuant to the conversion or its MPS deemed equity for Series D2 Preferred of the Company under the applicable law, the bond holders shall be entitled to request (i) (a) MPS to redeem or the Company to purchase the conversion shares or (b) MPS to repay the loans whether or not the conversion actually takes place, so long as (ii) the holder of the warrant shall deliver as contemplated by the warrant an amount equal to the exchange price and the Series D2 Preferred of the Company shall be issued to such holder pursuant to the terms of the warrant. • The number of shares to be issued to each holder upon the conversion shall be such RMB amount of the registered capital of MPS determined as: A = B x C / D Where: A: the RMB amount (rounded downwards to the nearest RMB) of the registered capital of MPS to be issued to the holder upon conversion; B: the registered capital of MPS as of the due date of obtaining the government approval; C: the aggregate participation of that holder in the bond outstanding on the due date of obtaining the government approval; and D: the lower of (i) the RMB equivalent of $950,000; or (ii) the pre -money During 2019, consensus was reached that obtaining the approvals was extended to November On February Pursuant to the framework agreement, (a) Effective at the closing, each CB Investor’s overseas affiliate (“CB SPV”) shall subscribe for the applicable shares issued by Holdings. The aggregate number of shares that will be issued shall equal the aggregate number of Holdings shares that would have been issued collectively to the CB Investors with respect to the convertible loan agreement pursuant to the SPAC Transaction had such CB Investors held Microvast shares prior to the consummation of the Merger. (b) Effective as of the closing, the convertible loan agreement shall be amended to waive the repayment rights and conversion rights. (c) CB Investors shall obtain relevant approvals required for their investment in its CB SPV. Once CB Investors received the required approvals, MPS shall repay in full any remaining amount held by CB Investors; and concurrently therewith, CB Investor shall use the same proceeds received from such repayment to repay in full of the subscription amount. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 14. INCOME TAXES US The Company is incorporated in the U.S. and is subject to the U.S. state and federal income tax. On December -time On March PRC Under the Enterprise Income Tax Law of the PRC (the “EIT Law”), PRC enterprise income tax is generally calculated at 25% of the Company’s subsidiaries located in the PRC as determined in accordance with the EIT Law, except for certain subsidiaries which enjoy tax rates substantially lower than 25% due to incentive policies. MPS was recognized as a “New and High Tech Enterprises” (“NHTE”) by relevant PRC government authorities in 2012 and received renewal of its NHTE status in 2015 and 2018. Therefore, MPS, as the NHTE, is entitled to a rate of 15% for 2018, 2019 and 2020. Hongwei was recognized as a NHTE by relevant PRC government authorities in 2020 and it is entitled to a rate of 15% for 2020, 2021 and 2022. The withholding tax of 10% under the EIT Law is imposed on dividends declared to foreign investors with respect to profit earned by PRC subsidiaries from January UK UK corporation tax is calculated at an average tax rate of 19% for the years ended December Germany Germany enterprise income tax which is a combination of corporate income tax and trade tax is calculated at an average tax rate of 31.9% for the years ended December A provision for income tax of $6,425, $189 and $1 has been recognized for the years ended December Year Ended December 31, 2018 2019 2020 Domestic $ (4,965 ) $ (3,030 ) $ (3,584 ) Foreign (49,301 ) (56,444 ) (30,040 ) Loss before income tax $ (54,266 ) $ (59,474 ) $ (33,624 ) The current and deferred components of the income tax expense in the consolidated statements of operations were as follows: Year Ended December 31, 2018 2019 2020 Current tax expenses: Domestic $ 453 $ — $ — Foreign 85 189 1 Total current tax expense 538 189 1 Deferred tax expense: Domestic 2,856 — — Foreign 3,031 — — Total deferred tax expense 5,887 — — Total provision for income taxes $ 6,425 $ 189 $ 1 The components of the Group’s deferred tax assets are as follows: December 31, December 31, Deferred tax assets: Net operating loss carry-forwards $ 22,521 $ 28,484 Allowance for doubtful accounts and inventory provision 3,323 3,443 Product warranty 2,762 2,903 Impairment of property, plant and equipment 673 821 Deferred income 227 216 Accrued expense 736 805 Others 615 615 Less: valuation allowance (30,857 ) (37,287 ) Net deferred tax assets $ — $ — The movements of valuation allowance for the years end December Year Ended December 31, 2018 2019 2020 Balance at beginning of the period $ 1,822 $ 19,503 $ 30,857 Additions 18,102 11,649 7,402 Reversal (421 ) (295 ) (972 ) Balance at end of the period $ 19,503 $ 30,857 $ 37,287 Reconciliation between the income tax expense computed by applying the U.S. federal corporate income tax rate of 21% to loss before income tax and actual provision is as follows: Year Ended December 31, 2018 2019 2020 Loss before income tax $ (54,266 ) $ (59,474 ) $ (33,624 ) Tax credit at the U.S. federal corporate income tax rate of 21% (11,396 ) (12,490 ) (7,061 ) Tax effect of permanent differences (4,033 ) (2,961 ) (2,152 ) Tax effect of income tax rate difference in other jurisdictions 3,417 4,076 2,511 Changes in valuation allowance 17,943 11,669 6,702 Others 494 (105 ) 1 Income tax expense $ 6,425 $ 189 $ 1 As of December -forwards |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | ||
NONCONTROLLING INTERESTS | 12. NONCONTROLLING INTERESTS Noncontrolling interests of MPS In March 2017, the Company sold 17.39% equity interest of its wholly -owned -party In February 2018, the Company signed a series of repurchase and redemption agreements with 6 out of the 8 investors of MPS which requested to redeem in aggregate 14.05% equity interests in MPS (“exiting Investors”), at a redemption value equal to the initial capital contribution plus 6% simple annual interest. To facilitate the repurchase and redemption transaction, MPS and the exiting Investors entered into certain property mortgage agreements on May Pursuant to an extension agreement signed in September 2020, the Group paid $30,000 (RMB214.2 a) Minimum repayment of $30,000 (RMB214.2 b) 15% of the incremental proceeds should be paid if the proceeds received in the financing is between $200,000 and $400,000. c) 20% of the incremental proceeds and up to a maximum of the overdue payable amount should be paid if the proceeds received in the financing is above $400,000. On July | 15. NONCONTROLLING INTERESTS Noncontrolling interests of MPS In March 2017, the Company sold 17.39% equity interest of its wholly -owned -party The investors are entitled to receive dividend or distributable assets on a pro rata basis with ordinary shareholder and also enjoy certain preferential rights. The equity interest sold by MPS to the Investors are considered as ordinary shares with preferential rights, including equity compensation for performance guarantee in connection with 2017 and 2018 net profit and repurchase and redemption rights under circumstances of default conditions, as specified in the investment agreement. In February 2018, the Company signed a series of repurchase and redemption agreements with 6 out of the 8 investors of MPS which requested to redeem in aggregate 14.05% equity interests in MPS (“exiting Investors”), at a redemption value equal to the initial capital contribution plus 6% simple annual interest. To facilitate the repurchase and redemption transaction, MPS and the exiting Investors entered into certain property mortgage agreements on May The Group paid $211,566 to the exiting Investors in total, of which $200,000 was the capital and $11,566 was the interests during 2018. Given the actual payment was behind the schedule as agreed in the repurchase and redemption agreements, a standstill agreement was signed by MPS and the exiting Investors. The agreement separated the overdue amount into first and subsequent instalments, with the first instalment due by October During 2019, the Group paid $32,700 to the exiting Investors in total, of which $28,986 was the capital and $3,714 was the interests. Given the balance outstanding was not fully paid before the Cure period, agreements were signed in October 2019 and April 2020 to extend the overdue payable to November 2020. In September 2020, the overdue payable was further extended to June -current In the extension agreement signed in September 2020, all parties agreed that commencing on April Pursuant to the extension agreement, the Group is required to pay $30,000 (RMB214.2 a) Minimum repayment of $30,000 (RMB214.2 b) 15% of the incremental proceeds should be paid if the proceeds received in the financing is between $200,000 and $400,000. c) 20% of the incremental proceeds and up to a maximum of the overdue payable amount should be paid if the proceeds received in the financing is above $400,000. • In February 2018, a commitment letter was signed among the Group and the other two noncontrolling investors who chose to keep their noncontrolling interests holding in MPS and through which the Group granted these investors redemption right if the Company fails to complete an initial public offering in the U.S. by December Accordingly, the Group recorded the redeemable noncontrolling interests as mezzanine equity due to the newly added substantive redemption feature. Before the noncontrolling interests became redeemable in February 2018, the net loss attributable to the noncontrolling shareholders was $1,016 for the year ended December In November 2018, another commitment letter was signed with investors who remained as noncontrolling shareholders in MPS, through which the annual interest rate for redemption changed from 6% to 12% and the liquidation preference was adjusted. The shares to be exchange under the warrant were also changed from 66,336 to 107,650 ordinary shares. The fair value difference resulted from the rights and terms change was determined to be an extinguishment of the original instrument and replaced by another instrument with different rights and terms. The Group remeasured the redeemable noncontrolling interests at their fair value at the date of the extinguishment. The fair value is calculated by using the Black Scholes Model with the inputs below: November 2, Expected liquidation date December 31, 2021 Length of Holding Period Restriction in years 3.16 Volatility per year 48% Dividend Yield expressed as % of stock price 0.00 Additionally, given the performance guarantee target was not achieved, the Group recorded $1,168 accrual for the performance guarantee compensation for the investors who held the investments on MPS as of December 31, 2018. The noncontrolling interests of MPS for the year ended December 31, 2018 are summarized below: Amounts Balances as of December 31, 2017 $ 60,571 Transferred from liabilities (i) 18,841 Accrual for performance guarantee compensation 1,168 Net loss attributable to noncontrolling interests shareholders (1,016 ) Foreign currency translation adjustment attributed to noncontrolling interest shareholders 1,874 Reclassification to redeemable noncontrolling interests (ii) (81,438 ) Balances as of December 31, 2018 $ — ____________ (i) The transfer is due to one of the exiting Investors subsequently in February 2018 decided to redeem only half of his holding. (ii) The reclassification is due to the substantial redemption right granted to the exiting Investors, thus the noncontrolling interests shall be accounted for redeemable noncontrolling interests when the change occurred in 2018. In connection with the SPAC Transaction, the redeemable noncontrolling interests’ holders (“NCI Investors”) entered into a framework agreement with Holdings, MPS and the Company on February Pursuant to the framework agreement, (a) Holdings will form MVST SPV as a wholly -owned (b) Prior to the closing, Holdings shall issue an aggregate of 17,253,182 Holdings Shares to MVST SPV to be held on behalf of the NCI Investors. (c) Effective from such date that the registration statement first becomes effective, each NCI Investor irrevocably and unconditionally waives (A) any and all rights that such NCI Investor has by virtue of its investment in MPS or ownership of MPS equity and (B) any and all rights and/or claims that such NCI Investor has, or may have, against the Group or properties and assets of the Group under the previous agreements; (C) Effective from the closing, the previous agreements shall terminate and cease be in effect. (d) If requested by one or more NCI Investors, MVST SPV shall effect one or more dispositions of the SPV shares held on behalf of the NCI Investors through one or more underwriters. MVST SPV shall use all of the net cash proceeds received to purchase a proportionate amount of the MPS equity held by the NCI Investors. MVST SPV will own all of the MPS equity held by the NCI Investors and the NCI Investors will have received all of the net proceeds generated from the sale of all such SPV shares. Noncontrolling interests of Hongwei Noncontrolling interests represents interests held by third parties in Hongwei, the Groups’ consolidated VIE. Noncontrolling interests are presented as a separate component of equity in the consolidated balance sheet. The amount of net loss attributable to noncontrolling interests was $4,783 and $2,123 for year ended December In 2019, the Group settled an outstanding loan of $14,544 that the noncontrolling interest had made to Hongwei and became Hongwei’s sole owner in October 2019. As a result, the Group reclassified the outstanding balance of noncontrolling interest of $7,771 to additional paid in capital. The noncontrolling interests of Hongwei for the years ended December 31, 2018 and 2019 are summarized below: Amounts Balances as of December 31, 2017 $ (1,066 ) Net loss attributable to noncontrolling interests shareholders (4,783 ) Foreign currency translation adjustment attributed to noncontrolling interest shareholders 185 Balances as of December 31, 2018 $ (5,664 ) Net loss attributable to noncontrolling interests shareholders (2,123 ) Foreign currency translation adjustment attributed to noncontrolling interest shareholders 16 Acquisition of noncontrolling interests 7,771 Balances as of December 31, 2019 $ — |
Ordinary Shares
Ordinary Shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Ordinary Shares [Abstract] | ||
ORDINARY SHARES | 13. ORDINARY SHARES The Company’s Amended and Restated Certificate of Incorporation authorizes 100,000,000 ordinary shares with a par value of $0.01 per share. As of December On July | 16. ORDINARY SHARES The Company’s Amended and Restated Certificate of Incorporation authorizes 100,000,000 ordinary shares with a par value of $0.01 per share. As of December |
Preferred Shares
Preferred Shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of Preferred Shares [Abstract] | ||
PREFERRED SHARES | 14. PREFERRED SHARES As of December Preferred Shares Number of Shareholders Series C1 Preferred 166,950 Ashmore Global Special Situations Fund 4 Limited Partnership and Ashmore Global Special Situations Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”) Series C2 Preferred 126,345 Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC Series D1 Preferred 139,186 Evergreen Ever Limited (“EEL”) Total 432,481 The changes in the balance of Series Preferred and redeemable noncontrolling interests included in the mezzanine equity for the six months ended June Series C1 Series C2 Series D1 Redeemable Balance as of January 1, 2020 $ 76,684 $ 73,100 $ 127,935 $ 80,561 Accretion 974 2,217 4,662 2,552 Ending balance as of March 31, 2020 $ 77,658 $ 75,317 $ 132,597 $ 83,113 Accretion 974 2,217 4,662 2,552 Ending balance as of June 30, 2020 $ 78,632 $ 77,534 $ 137,259 $ 85,665 Balance as of January 1, 2021 $ 80,581 $ 81,966 $ 146,583 $ 90,820 Accretion 1,003 2,281 4,759 2,577 Ending balance as of March 31, 2021 $ 81,584 $ 84,247 $ 151,342 $ 93,397 Accretion 1,003 2,281 4,759 2,606 Ending balance as of June 30, 2021 $ 82,587 $ 86,528 $ 156,101 $ 96,003 On July | 17. PREFERRED SHARES As of January Preferred Shares Category Number of Shareholders Series A1 Preferred 195,653 Ashmore Global Special Situations Fund 4 and Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”) Series B1 Preferred 97,642 Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC Series EEL Preferred 139,186 Evergreen Ever Limited (“EEL”) Total 432,481 In 2018, upon issuance of the convertible bond to third -party As this transaction resulted in extinguishment of preferred shares, the Group re -measured -in The key terms of the Series C1, C2, D1 and D2 (the “Series Preferred”) issued or to be issued by the Company are as follows: Conversion rights Each of the Series Preferred shall be convertible, at the option of the holder thereof, at any time into fully -paid Each Series Preferred shall automatically be converted into ordinary shares of the Company, based on the then -effective The conversion price is subject to adjustment for dilution, including but not limited to share splits, subdivisions, combinations, consolidation of ordinary shares, reclassification and other dilutive events. Voting rights After the issuance of Series C1 Preferred and Series C2 Preferred (the “Series C Preferred”), and Series D1 Preferred and Series D2 Preferred (the “Series D Preferred”), each preferred shareholder is entitled to the number of votes equal to the number of preferred shares and has voting rights and powers equal to the ordinary shareholders. Redemption rights Redemption rights on Series A1/C1, B1/C2 and EEL/D1 Preferred The Series A1/C1 and B1/C2 Preferred are redeemable at any time by the holder. The preferred shares owned by EEL shall be redeemable at the option of EEL in the event that a qualified IPO or qualified trade sale fails to occur on or prior to December The redemption price for A1/C1, B1/C2 and EEL/D1 Preferred shall be equal to the aggregate amount of (i) the Series A1/C1, B1/C2 and EEL/D1 preferred shares per share purchase price paid or credited as fully paid on such preferred shares, (ii) all accrued, whether declared or not, but unpaid dividends and distributions on such preferred shares calculated up to and including the date of redemption, (iii) a premium which, together with items (i) and (ii) above, would give the holder of such preferred shares an internal rate of return of 15% for A1/C1 and B1/C2, and 6% (modified to 12% for D1 Preferred) to EEL per annum in respect of the series per share purchase price up to and including the date of redemption. If Series A1/C1 Preferred and Series B1/C2 Preferred exercise the redemption rights after the Series EEL/D1 Preferred become redeemable, the redemption right of the Series A1/C1 Preferred and Series B1/C2 Preferred shall be pari passu with the redemption rights of Series EEL/D1 Preferred. If the Company does not have sufficient legally available funds to effect redemption, the redemption price for any shares not redeemed increases by 8% per annum with ultimate redemption required when the Company has sufficient legally available funds. The Company has elected a policy to recognize changes in the redemption value immediately as they occur and adjust the carrying amount to equal the redemption value at end of each reporting period. Redemption rights on Series B2 Preferred The Series B2 Preferred were not redeemable, however the liquidation preference makes it redeemable upon certain deemed liquidation events, such as a reorganization or composition with creditors or other analogous insolvency proceeding of the Company. Such liquidation preference was removed upon the issuance of preferred share to EEL. Dividends rights Dividends on Series A1/C1, B1/C2 and EEL/D1 Preferred All shareholders shall be entitled to receive, when and as declared by the Board, out of any assets of the Company legally available therefor, such dividends as may be declared from time to time by the Board. Each share of Series A1/C1 Preferred, Series B1/C2 Preferred and Series EEL/D1 shall be entitled to receive dividends (‘‘Accruing Dividends’’) at the rate per annum of 6% of the Series A1/C1 Preferred, the Series B1/C2 Preferred and the Series EEL/D1 per share purchase price compounded annually. The Accruing Dividends shall accrue from day to day, whether or not declared, and shall be cumulative. Such Accruing Dividends shall be payable only when, as, and if declared by the Company’s Board of Directors and the Company shall be under no obligation to pay such dividends until declared. After the issuance of Series C and D1 Preferred, the dividends preference were amended as follows: First, to the holders of Series D Preferred that have exercised their redemption rights on or prior to December Second, to the holders of Series D Preferred that have not exercised their redemption rights in accordance with the terms of the Shareholders Agreement on or prior to December Third, to the holders of Series C Preferred that have exercised their redemption rights on or prior to December Fourth, to the holders of Series C Preferred that have not exercised their redemption rights on or prior to December Fifth, to the holders of ordinary shares. Dividends on Series B2 Preferred The Series B2 Preferred shall have no dividend preference and the dividend rights of the holders of Series B2 Preferred shall rank on parity with the ordinary shares of the Company. Participating rights The Series Preferred have the right to participate in any distributions made to junior securities on an as -converted No dividend was declared or paid to the Series Preferred shareholders during the years ended December Liquidation preference Upon the issuance of Series C Preferred and Series D1 Preferred, the liquidation preferences were amended as follows: • • • • • • • The change in the balance of Series Preferred and redeemable noncontrolling interests included in the mezzanine equity for the years ended December Series A1/C1 Series B1/C2 Series EEL/D1 Redeemable Balance as of January 1, 2018 $ 66,839 $ 57,490 $ 140,000 $ — Reclassification from noncontrolling interests — — — 81,438 Accretion before the fair value change — — — 2,505 Fair value change of redeemable noncontrolling interests due to extinguishment — — — (5,828 ) Accretion after the fair value change 10,025 8,391 13,223 1,500 Ending balance as of December 31, 2018 $ 76,864 $ 65,881 $ 153,223 $ 79,615 Accretion before the extinguishment 961 804 15,439 796 Conversion from Series A1 to C2 Preferred (11,417 ) 11,417 — — Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment 7,135 (12,146 ) (56,127 ) (8,299 ) Accretion after the extinguishment 3,141 7,144 15,400 8,449 Ending balance as of December 31, 2019 $ 76,684 $ 73,100 $ 127,935 $ 80,561 Accretion 3,897 8,866 18,648 10,259 Ending balance as of December 31, 2020 $ 80,581 $ 81,966 $ 146,583 $ 90,820 |
Share-based payment
Share-based payment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
SHARE-BASED PAYMENT | 15. SHARE-BASED PAYMENT The share options, non -vested -vested Share options Share options activity for the six months ended June Share options Number of Weighted Weighted Weighted (US$) (US$) Outstanding as of January 1, 2020 47,277 $ 881.97 $ 343.83 7.1 Forfeited (4,462 ) 366.00 285.11 Outstanding as of March 31, 2020 42,815 $ 935.74 $ 349.95 7.0 Outstanding as of June 30, 2020 42,815 $ 935.74 $ 349.95 6.8 Expected to vest and exercisable as of June 30, 2020 42,815 $ 935.74 $ 349.95 6.8 Outstanding as of January 1, 2021 216,706 991.99 468.60 9.0 Forfeited (5,700 ) 1005.85 475.71 Outstanding as of March 31, 2021 211,006 $ 991.62 $ 468.41 8.7 Forfeited (800 ) 1005.85 475.71 Outstanding as of June 30, 2021 210,206 $ 991.57 $ 468.38 8.5 Expected to vest and exercisable as of June 30, 2021 210,206 $ 991.57 $ 468.38 8.5 Non-vested share No non -vested -vested Number of shares Weighted per share (US$) Outstanding as of January 1, 2020 20,523 $ 182.13 Transfer to non-vested share units (20,523 ) $ 182.13 Outstanding as of March 31, 2020 — $ — Outstanding as of June 30, 2020 — $ — Non-vested share units The non -vested Number of shares Weighted per share (US$) Outstanding as of January 1, 2020 123,575 $ 143.89 Forfeited (446 ) $ 227.24 Transfer from non-vested shares 20,523 $ 182.13 Outstanding as of March 31, 2020 143,652 $ 149.10 Outstanding as of June 30, 2020 143,652 $ 149.10 Outstanding as of January 1, 2021 143,652 $ 149.10 Forfeited — $ — Outstanding as of June 30, 2021 143,652 $ 149.10 Subsequent to the completion of the merger between Microvast and Tuscan Holdings Corp., the options granted under Microvast’s stock incentive plan were converted into options to purchase common stock of the combined company at exchange ratio of 160.3 with three -year -vested -year Series B2 Preferred subscribed by employees On October -fourth As of December Subsequent to the completion of the merger between Microvast and Tuscan Holdings Corp., the Series B2 Award were converted into options to purchase common stock of the combined company at exchange ratio of 160.3, with three -year | 18. SHARE-BASED PAYMENT In 2012, the Company adopted a Share Incentive Plan. The plan permits the grant of options to purchase ordinary shares, share appreciation rights, non -vested -vested -diluted The share options, non -vested -vested -forfeitable -third -vested -vested The share options, non -vested -vested Share options Share options activity for the years ended December Share options Number Weighted Weighted Weighted (US$) (US$) Outstanding as of January 1, 2018 56,362 $ 892.24 $ 350.52 9.1 Granted 1,000 1,005.85 $ 225.30 Forfeited (2,400 ) 1,005.85 $ 387.63 Outstanding as of December 31, 2018 54,962 $ 889.35 $ 346.63 8.1 Forfeited (7,685 ) 934.82 $ 363.82 Outstanding as of December 31, 2019 47,277 $ 881.97 $ 343.83 7.1 Granted 176,890 1,005.85 $ 495.95 Forfeited (7,461 ) 623.31 $ 326.36 Outstanding as of December 31, 2020 216,706 991.99 468.60 9.0 Expected to vest and exercisable as of December 31, 2020 216,706 $ 991.99 $ 468.60 9.0 In determining the fair value of the share options, the binomial option pricing model was applied. The key assumptions used to determine the fair value of the options at the respective grant dates were as follows: Grant date For the Risk-free interest rate (1) 3.55 % Expected dividend yield (2) 0.0 % Volatility (3) 51.7 % Exercise multiple (4) 2.2 Life of options (5) 10 years Fair value of underlying ordinary shares (6) $515.40 Grant date For the Risk-free interest rate (1) 1.54% ~ 1.61% Expected dividend yield (2) 0.0% Volatility (3) 50.2% ~ 51.8% Exercise multiple (4) 2.2 ~ 2.8 Life of options (5) 10 years Fair value of underlying ordinary shares (6) $976.98 ~ $1,316.40 ____________ (1) Risk -free Risk -free (2) Expected dividend yield The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options. (3) Volatility The volatility of the underlying ordinary shares during the lives of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. (4) Exercise multiple Exercise multiple represents the value of the underlying share as a multiple of exercise price of the option which, if achieved, results in exercise of the option. (5) Life of options Life of options was extracted from option agreements. (6) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a valuation with the assistance of a third party appraiser. Non-vested share The non -vested Number of Weighted (US$) Outstanding as of January 1, 2018 43,723 $ 139.80 Forfeited (8,923 ) $ 102.35 Outstanding as of December 31, 2018 34,800 $ 149.40 Transfer to non-vested share units (14,277 ) $ 102.35 Outstanding as of December 31, 2019 20,523 $ 182.13 Transfer to non-vested share units (20,523 ) $ 182.13 Outstanding as of December 31, 2020 — $ — Non-vested share units The non -vested Number of Weighted (US$) Outstanding as of January 1, 2018 120,007 $ 155.55 Forfeited (5,890 ) $ 188.84 Outstanding as of December 31, 2018 114,117 $ 153.83 Forfeited (4,819 ) $ 255.99 Transfer from non-vested shares 14,277 $ 102.35 Outstanding as of December 31, 2019 123,575 $ 143.89 Forfeited (446 ) $ 227.24 Transfer from non-vested shares 20,523 $ 182.13 Outstanding as of December 31, 2020 143,652 $ 149.10 As of December -based -vested -vested Series B2 Preferred subscribed by employees On October -fourth a qualified IPO or Initial Vesting Date, and on each of the first, second and third anniversaries of the Initial Vesting Date; provided that through each applicable vesting date, the holder of the Series B2 Award remains employed with the Group. If a holder of the Series B2 Award terminates employment before the vesting of the Series B2 Award, the Company could choose to repurchase the Series B2 Preferred (and any ordinary shares into which such Series B2 Preferred have been converted) for a per share price equal to the lower of the original Series B2 Preferred subscription price or 70% of the fair market value of such Series B2 Preferred. According to the terms in the Amended and Restated Shareholders Agreement, the Company has the rights (the “Call Option”), but not the obligation to do so, however the Company believes that it is likely that the Company would exercise the Call Option if the holder of the Series B2 Award terminates the employment relationship with the Company before the Series B2 Awards are vested. After the Series B2 Awards vested and in any event the potion of the ordinary shares vested are not listed in any stock exchange, the Company is obligated to repurchase the ordinary shares at fair value (the “Repurchase Obligation”). Due to the Company’s Call Option, the Company has in substance granted to the holder of the Award a stock option (the “Stock Option”) with a maximum value of $366.00. The Series B2 Preferred agreement permits employees to exercise the Stock Option in exchange for cash before the requisite service is provided (e.g., before the award is vested under its original terms); however, such arrangements provide that the Company will subsequently repurchase such shares at the subscription price if the employee leaves the Company before the vesting conditions are satisfied. The proceeds received is recognized as a deposit liability and will be transferred to mezzanine equity when such shares vested. In the year 2017, 10,644 |
Mainland China Contribution Pla
Mainland China Contribution Plan | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
MAINLAND CHINA CONTRIBUTION PLAN | 16. MAINLAND CHINA CONTRIBUTION PLAN Full time employees of the Group in the PRC participate in a government -mandated | 19. MAINLAND CHINA CONTRIBUTION PLAN Full time employees of the Group in the PRC participate in a government -mandated |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Statutory Reserves and Restricted Net Assets [Abstract] | |
STATUTORY RESERVES AND RESTRICTED NET ASSETS | 20. STATUTORY RESERVES AND RESTRICTED NET ASSETS PRC legal restrictions permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, determined in accordance with PRC regulations. Prior to payment of dividends, pursuant to the laws applicable to the PRC Domestic Enterprises and PRC Foreign Investment Enterprises, the PRC subsidiaries must make appropriations from after -tax -distributable -tax -end -tax As a result of these PRC laws and regulations, the Group’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. The balances of restricted net assets were $156,333 and $156,333 as of December |
Segment Information
Segment Information | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
SEGMENT INFORMATION | 17. SEGMENT INFORMATION Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s CODM has been identified as the Chief Executive Officer (“CEO”), who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only and does not distinguish between products for the purpose of making decisions about resources allocation and performance assessment. As such, the Group concluded that it has one operating segment and one reporting segment. Long -lived December 31, 2020 June 30, 2021 Geographic regions Amount % Amount % PRC 198,921 94 % 191,182 83 % Asia & Pacific 198,921 94 % 191,182 83 % Germany 12,747 6 % 21,462 9 % United Kingdom 120 0 % 99 0 % Europe 12,867 6 % 21,561 9 % United States 230 0 % 18,930 8 % Total 212,018 100 % 231,673 100 % Revenues, classified by major geographic regions in which the Group’s customers are located are as follows. Three months ended Six months ended 2020 2021 2020 2021 Geographic regions Amount % Amount % Amount % Amount % PRC 8,680 40 % 21,650 65 % 11,610 41 % 32,292 67 % India 738 3 % 1,998 6 % 1,135 4 % 3,269 7 % Russia 5,052 23 % 3,267 10 % 5,535 19 % 3,724 8 % Other countries 332 2 % 2,169 6 % 407 1 % 2,283 5 % Asia & Pacific 14,802 68 % 29,084 87 % 18,687 65 % 41,568 87 % United Kingdom 1,212 6 % 3,508 11 % 3,504 12 % 5,212 10 % Netherlands 4,187 19 % 2 0 % 4,192 15 % 22 0 % Other countries 1,491 7 % 721 2 % 2,234 8 % 1,324 3 % Europe 6,890 32 % 4,231 13 % 9,930 35 % 6,558 13 % Other 6 0 % 57 0 % 30 0 % 184 0 % Total 21,698 100 % 33,372 100 % 28,647 100 % 48,310 100 % | 21. SEGMENT INFORMATION Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s CODM has been identified as the Chief Executive officer (“CEO”), who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only and does not distinguish between products for the purpose of making decisions about resources allocation and performance assessment. As such, the Group concluded that it has one operating segment and one reporting segment. Substantially all of the Group’s assets are located in the PRC. Revenues, classified by major geographic regions in which the Group’s customers are located are as follows. Year ended December 31, Geographic regions 2018 2019 2020 Amount % Amount % Amount % PRC 146,235 84 % 49,346 64 % 66,160 62 % India — 0 % 4,988 7 % 8,570 8 % Russia 10,869 6 % 3,673 5 % 5,671 5 % Other countries 236 0 % 7,430 10 % 2,254 2 % Asia & Pacific 157,340 90 % 65,437 86 % 82,655 77 % United Kingdom 595 0 % 668 1 % 11,544 11 % Netherlands 1,621 1 % 1,384 2 % 5,326 5 % Other countries 14,352 9 % 8,627 11 % 7,444 7 % Europe 16,568 10 % 10,679 14 % 24,314 23 % Other 327 0 % 318 0 % 549 0 % Total 174,235 100 % 76,434 100 % 107,518 100 % |
Related party balances and tran
Related party balances and transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY BALANCES AND TRANSACTIONS | 18. RELATED PARTY BALANCES AND TRANSACTIONS Name Relationship with the Group Ochem Controlled by CEO Ochemate Controlled by CEO (1) Related party transaction Three months ended Six months ended 2020 2021 2020 2021 Raw material sold to Ochem $ — $ 138 $ — $ 293 (2) Interest -free MPS received certain interest -free -free The outstanding balance for the amount due from Ochem was nil | 22. RELATED PARTY BALANCES AND TRANSACTIONS Name Relationship with the Group Ochem Controlled by CEO Ochemate Controlled by CEO (1) Amount due from related party December 31, December 31, Amount due from related party: Ochem (i) $ 1,856 $ — Total $ 1,856 $ — ____________ (i) The balance represents advance payment for materials purchased from Ochem. (2) Related parties transactions Year Ended December 31, 2018 2019 2020 Raw material purchased from Ochem $ 30 $ — $ — Raw material purchased from Ochemate 2 — — Raw material sold to Ochem — — 167 (3) Interest -free MPS received certain interest -free nil Also, Ochem and Ochemate provided certain pledges and credit guarantees for the Group to secure bank facilities. Please refer to Note 11. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
NET LOSS PER SHARE | 19. NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Three months ended Six months ended 2020 2021 2020 2021 Numerator: Net loss attributable to ordinary shareholders $ (19,671 ) $ (39,148 ) $ (42,613 ) $ (67,461 ) Denominator: Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share 617,880 617,880 617,880 617,880 Basic and diluted net loss per share $ (31.84 ) $ (63.36 ) $ (68.97 ) $ (109.18 ) For the three and six months ended June -dilutive Three months ended Six months ended 2020 2021 2020 2021 Shares issuable upon exercise of share options 42,815 210,683 42,840 212,019 Shares issuable upon vesting of non-vested shares — — 1,015 — Shares issuable upon conversion of Series B2 Preferred 53,319 53,319 53,319 53,319 Shares issuable upon conversion of Series C1 Preferred 166,950 166,950 166,950 166,950 Shares issuable upon conversion of Series C2 Preferred 126,345 126,345 126,345 126,345 Shares issuable upon conversion of Series D1 Preferred 139,186 139,186 139,186 139,186 Shares issuable upon conversion of Series D2 Preferred 102,512 102,512 102,512 102,512 Shares issuable upon conversion of non-controlling interests of a subsidiary 107,650 107,650 107,650 107,650 | 23. NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Year ended December 31, 2018 2019 2020 Numerator: Net loss attributable to ordinary shareholders $ (100,033 ) $ (115,479 ) $ (80,963 ) Denominator: Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share 617,880 617,880 617,880 Basic and diluted net loss per share $ (161.90 ) $ (186.90 ) $ (131.03 ) For the years ended December -dilutive Year ended December 31, 2018 2019 2020 Shares issuable upon exercise of share options 55,998 50,594 114,065 Shares issuable upon vesting of non-vested shares 39,262 29,401 450 Shares issuable upon conversion of Series A1 Preferred 195,653 16,304 — Shares issuable upon conversion of Series B1 Preferred 97,642 8,137 — Shares issuable upon conversion of Series B2 Preferred 53,319 53,319 53,319 Shares issuable upon conversion of Series C1 Preferred — 153,038 166,950 Shares issuable upon conversion of Series C2 Preferred — 115,816 126,345 Shares issuable upon conversion of Series EEL/D1 Preferred 139,186 139,186 139,186 Shares issuable upon conversion of Series D2 Preferred 17,085 102,512 102,512 Shares issuable upon conversion of noncontrolling interests of a subsidiary 67,694 107,650 107,650 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Litigation • Mr. Smith On September On February -week Based on the information available, the Company anticipated the losses are not probable and cannot be estimated and therefore, no accrual for contingency loss was recorded in the consolidated financial statements for the three and six months ended June Capital commitments Capital commitments for construction of property and purchase of property, plant and equipment were $9,141 as of June Lease commitments Future minimum payments under lease commitments as of June 2021 Six months period ending December 31, 2021 $ 2,293 2022 3,637 2023 3,135 2024 2,361 2025 1,944 2026 1,944 Thereafter 17,596 $ 32,910 | 24. COMMITMENTS AND CONTINGENCIES Litigation • Mr. Jeff Q. Xu On August for Writ of Mandamus challenging the trail court’s denial of the Company’s Motion to Compel Documents from Mr. The case was settled on December • Mr. Smith On September On February The Court issued a Docket Control Order on June Based on the information available, the Company anticipated the losses are not probable and cannot be estimated and therefore, no accrual for contingency loss was recorded in the consolidated financial statements for the years ended December Capital commitments Capital commitments for construction of property and purchase of property, plant and equipment were $30,706 as of December 31, 2020, which is mainly for the construction of the lithium battery production line. Lease commitments Future minimum payments under lease commitments as of December December 31, 2021 $ 3,539 2022 3,376 2023 3,001 2024 2,426 2025 2,025 Thereafter 19,675 $ 34,042 |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | 21. SUBSEQUENT EVENTS The Group has evaluated events subsequent to the balance sheet date of June Merger Transactions On July | 25. SUBSEQUENT EVENTS The Group has evaluated events subsequent to the balance sheet date of December Issuance of Convertible Promissory Notes On January Acquisition of Building In January 2021, the Group acquired a manufacturing facility in Tennessee, United States, at the cost of $18.3 Merger Transaction On February -owned Bank Loans In the second quarter of 2021, the Group entered into several short -term |
Reclassification of the Consoli
Reclassification of the Consolidated Statements of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Reclassification of the Consolidated Statements of Operations | 26. RECLASSIFICATION OF THE CONSOLIDATED STATEMENTS OF OPERATIONS Subsequent to the issuance of the Group’s 2018, 2019 and 2020 consolidated financial statements, the Group identified a classification error in its consolidated statements of operations. The Group determined that $13,622, $4,233 and $1,343, respectively, of inventory impairment for the year ended December The following table summarizes the effects of the correction on the consolidated statements of operations for the three years ended December Year Ended December 31, 2018 As previously Adjustment As corrected Cost of revenues $ (139,764 ) $ (13,622 ) $ (153,386 ) Gross profit 34,471 (13,622 ) 20,849 General and administrative expenses (47,851 ) 13,622 (34,229 ) Total operating expenses (93,697 ) 13,622 (80,075 ) Year Ended December 31, 2019 As previously Adjustment As corrected Cost of revenues $ (72,432 ) $ (4,233 ) $ (76,665 ) Gross profit/(loss) 4,002 (4,233 ) (231 ) General and administrative expenses (19,399 ) 4,233 (15,166 ) Total operating expenses (61,106 ) 4,233 (56,873 ) Year Ended December 31, 2020 As previously Adjustment As corrected Cost of revenues $ (89,035 ) $ (1,343 ) $ (90,378 ) Gross profit 18,483 (1,343 ) 17,140 General and administrative expenses (20,192 ) 1,343 (18,849 ) Total operating expenses (50,590 ) 1,343 (49,247 ) |
Schedule I Condensed Financial
Schedule I Condensed Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company [Member] | |
Schedule I Condensed Financial Information of Parent Company [Line Items] | |
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY | December 31, December 31, Assets Current assets: Cash and cash equivalents $ 5,378 $ 1,600 Prepaid expenses and other current assets 9 126 Amount due from subsidiaries 3,081 3,081 Total Current Assets 8,468 4,807 Property, plant and equipment, net 1 3 Other non-current assets — 377 Investments in subsidiaries — 6,122 Total Assets $ 8,469 $ 11,309 Liabilities Current liabilities: Accrued expenses and other current liabilities $ 2 $ — Income tax payables 557 557 Amount due to subsidiaries 12 64,432 Total Current Liabilities 571 64,989 Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”) 21,792 21,792 Deficits of investments in subsidiaries 28,648 — Total Liabilities $ 51,011 $ 86,781 Mezzanine Equity Series C1 convertible redeemable preferred shares (“Series C1 Preferred”) (US$0.01 par value; 166,950 shares authorized, issued and outstanding as of December 31, 2019 and 2020) 76,684 80,581 Series C2 convertible redeemable preferred shares (“Series C2 Preferred”) (US$0.01 par value; 126,345 shares authorized, issued and outstanding as of December 31, 2019 and 2020) 73,100 81,966 Series D1 convertible redeemable preferred shares (“Series D1 Preferred”) (US$0.01 par value; 139,186 shares authorized, issued and outstanding as of December 31, 2019 and 2020) 127,935 146,583 Total Mezzanine Equity $ 277,719 $ 309,130 Shareholders’ Deficit Ordinary shares (par value of US$0.01 per share, 1,500,000 shares authorized as of December 31, 2019 and 2020; 617,880 shares issued and outstanding as of December 31, 2019 and 2020) $ 6 $ 6 Additional paid-in capital 3,727 — Accumulated deficit (314,728 ) (391,964 ) Accumulated other comprehensive deficit (9,266 ) 7,356 Total Shareholders’ Deficit (320,261 ) (384,602 ) Total Liabilities, Mezzanine Equity and Shareholders’ Deficit $ 8,469 $ 11,309 Year ended December 31, 2018 2019 2020 Revenues from subsidiaries $ 371 $ 289 $ 199 Gross profit 371 289 199 Operating expenses: General and administrative expenses (3,909 ) (2,360 ) (3,340 ) Total operating expenses (3,909 ) (2,360 ) (3,340 ) Subsidy income — — 224 Loss from operations (3,538 ) (2,071 ) (2,917 ) Other income and expenses: Interest income 25 134 38 Loss before provision for income taxes (3,513 ) (1,937 ) (2,879 ) Income tax expense (3,309 ) — — Loss from investment in subsidiaries and variable (48,070 ) (55,603 ) (30,746 ) Net loss attributable to Microvast, Inc $ (54,892 ) $ (57,540 ) $ (33,625 ) Year ended December 31, 2018 2019 2020 Net loss $ (54,892 ) $ (57,540 ) $ (33,625 ) Other comprehensive loss, net of tax of nil: Foreign currency translation adjustment (30,088 ) (3,965 ) 16,622 Total comprehensive loss $ (84,980 ) $ (61,505 ) $ (17,003 ) Year ended December 31, 2018 2019 2020 Net cash used in operating activities $ (5,416 ) $ (6,736 ) $ (3,398 ) Net cash used in investing activities — — (380 ) Cash flows from financing activities Repurchase shares from former shareholders (3,728 ) — — Net cash used in financing activities (3,728 ) — — Decrease in cash, cash equivalents and restricted cash (9,144 ) (6,736 ) (3,778 ) Cash, cash equivalents and restricted cash at beginning of the year 21,258 12,114 5,378 Cash, cash equivalents and restricted cash at end of the year $ 12,114 $ 5,378 $ 1,600 |
Basis for Preparation
Basis for Preparation | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company [Member] | |
Basis for Preparation [Line Items] | |
BASIS FOR PREPARATION | 1. BASIS FOR PREPARATION The condensed financial information of the Company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Company has used the equity method to account for investments in its subsidiaries. |
Investments in Subsidiaries
Investments in Subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company [Member] | |
Investments in Subsidiaries [Line Items] | |
INVESTMENTS IN SUBSIDIARIES | 2. INVESTMENTS IN SUBSIDIARIES The Company and its subsidiaries were included in the consolidated financial statements where the inter -company -alone |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 11. FAIR VALUE MEASUREMENT Measured or disclosed at fair value on a recurring basis The Group measured its financial assets and liabilities, including cash and cash equivalents, restricted cash and convertible notes at fair value on a recurring basis as of December -party The key assumptions used in valuation of convertible notes as of June Probability for Conversion 90% Probability for Redemption 10% Remaining life 0.1 – 2.5 years As of December Fair Value Measurement as of December 31, 2020 Quoted Significant Significant Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 21,496 — — $ 21,496 Restricted cash 19,700 — — 19,700 Total $ 41,196 — — $ 41,196 Fair Value Measurement as of June 30, 2021 Quoted Significant Significant Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 13,367 — — $ 13,367 Restricted cash 20,460 — — 20,460 Convertible notes — — 64,343 64,343 Total $ 33,827 — 64,343 $ 98,170 The following is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June Convertible Balance as of January 1, 2021 $ — Issuance of convertible notes 57,500 Changes in fair value of convertible notes 3,600 Balance as of March 31, 2021 $ 61,100 Changes in fair value of convertible notes 3,243 Balance as of June 30, 2021 $ 64,343 Measured or disclosed at fair value on a nonrecurring basis The Group measured the long -lived |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of presentation and use of estimates | Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements include the financial information of Microvast Inc. and its subsidiaries. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Security and Exchange Commission and U.S. generally accepted accounting standards for interim financial reporting. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these interim financial statements. The results of operations for the three months and six months periods ended June The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements for each of the three years in the period ended December The financial information as of December The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Group’s consolidated financial statements for each of the three years in the period ended December Significant accounting estimates reflected in the Group’s financial statements include allowance for doubtful accounts, provision for obsolete inventories, impairment of long -lived The unaudited condensed consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business is dependent on, among other things, the Group’s ability to generate sufficient cash flows from operations, and the Group’s ability to arrange adequate financing arrangements. | Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Basis of consolidation | Basis of consolidation The consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries and VIE. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business is dependent on, among other things, the Group’s ability to generate sufficient cash flows from operations, and the Group’s ability to arrange adequate financing arrangements. The Group had recurring losses in the past three years and had total shareholders’ deficits of $384,602 and working capital totaled at $5,697 as of December The Group has generated positive cash flows from operations in 2019 and 2020, of $13,371 and $15,556, respectively, and expects to be in positive operating cash flows position for year 2021. In addition, the Group obtained proceeds totaled at $57,500 from the issuance of convertible notes in January and February 2021 and obtained $9,921 bank loans in subsequent period (Note 25). Therefore, as of the issuance date of these financial statements, management is of the opinion that the Group will be able to satisfy its liabilities as they become due in the next twelve months, and accordingly, these consolidated financial statements are prepared on a going concern basis. | |
Consolidation of Variable Interest Entity | Consolidation of Variable Interest Entity The Group determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Group consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Group and a third party established Hongwei of which they each subscribed 20% and 80% equity interest, respectively. In 2017, the Group made contributions of cash and intangible assets to Hongwei; whereas the other equity interest holder did not make capital contributions. Hongwei met the definition as a VIE. The Group concluded that Hongwei, since its inception, was a VIE and the Group was its primary beneficiary. Accordingly, Hongwei has been consolidated by the Group. The Group became the sole equity interest owner of Hongwei in October 2019 (Note 15). For the year ended December | |
Noncontrolling interests and redeemable noncontrolling interests | Noncontrolling interests and redeemable noncontrolling interests For the Company’s consolidated subsidiaries and VIE, noncontrolling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Noncontrolling interests are classified as a separate line item in the equity section of the Company’s Consolidated Balance Sheets and have been separately disclosed in the Company’s Consolidated Statements of Operations and Comprehensive Loss to distinguish the interests from that of the Company. Noncontrolling interests in subsidiaries that are redeemable at the option of the holder and not solely within the control of the Company for cash or other assets are classified outside of permanent equity at redemption value as redeemable noncontrolling interests. If the redemption event is probable to occur, the Company records the redeemable noncontrolling interests at the redemption value on each balance sheet date with the changes recognized as an adjustment to equity. | |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue, costs and expenses in the consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include allowance for doubtful accounts, provision for obsolete inventories, impairment of long -lived | |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have maturities of three months or less. | |
Restricted cash | Restricted cash Restricted cash represents deposits made to banks to secure bank acceptance notes (or Notes Payable) and letter of credit issued by the Group. It’s common in PRC that the banks require the Group to pledge notes received from its customers, up to 111%, or make a deposit for up to 100% of the face amount of the bank acceptance notes the Group issued as collateral. The deposits and the matured bank acceptance notes from its customers are recorded as restricted cash in the consolidated balance sheets. | |
Accounts receivable | Accounts receivable Accounts receivable represents those receivables derived in the ordinary course of business, net of allowance for doubtful accounts. The Group maintains an allowance for doubtful accounts for estimated losses on accounts receivable. Management considers the following factors when determining the collectability of specific accounts: creditworthiness of customers, aging of the receivables, past transaction history with customers and their current financial condition, changes in customer payment terms, specific facts and circumstances, and the overall economic climate in the industries the Group operates. | |
Notes receivable and payable | Notes receivable and payable The Group accepts bank acceptance notes (“notes”) from customers in the PRC in the normal course of business. The Group may present these notes with banks in the PRC for cash payment or endorse these notes to its suppliers to settle its accounts payable. When the notes are endorsed by the Company, the Company is jointly liable with other endorsers in the note. Notes that have been presented with banks or endorsed to suppliers are derecognized from the consolidated balance sheets when the notes are settled with banks or the obligations as endorser are discharged. Notes receivable and payable are typically non -interest As of December | |
Short-term investments | Short-term investments The Group’s short -term -to-maturity -term The Group reviews its held -to-maturity -than-temporary -term | |
Inventories, net | Inventories, net Inventories of the Group consist of raw materials, work in process and finished goods. Inventories are stated at the lower of cost or net realizable value. Inventory costs include expenses that are directly or indirectly incurred in the acquisition, including shipping and handling costs charged to the Group by suppliers, and production of manufactured product for sale. Such as the cost of materials and supplies used in production, direct labor costs and allocated overhead costs are all included in the inventory costs. The allocated overhead cost includes the depreciation, insurance, employee benefits, and indirect labor. Cost is determined using the weighted average method. Inventories are written down to net realizable value taking into consideration of estimates of future demand, technology developments, market conditions and reasonably predicative costs of completion or disposal. | |
Prepaid expenses and other current assets | Prepaid expenses and other current assets Prepaid expenses and other current assets primarily consist of advances to suppliers, deposits and value -added | |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight -line Buildings 20 years Machineries and equipment 10 years Fixtures and electronic equipment 4 – 5 years Motor vehicles 5 years Leasehold improvements Shorter of the lease term or estimated useful lives Construction in progress represents manufacturing facilities and equipment under construction, and is stated at cost. The capitalization of these costs is ceased when construction in progress is transferred to property, plant and equipment and substantially ready for its intended use. No depreciation is recorded for construction in progress. Repair and maintenance costs are charged to expenses as incurred. | |
Land use rights, net | Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight -line | |
Acquired intangible assets, net | Acquired intangible assets, net Acquired intangible assets with definite lives are amortized on a straight -line | |
Impairment of long-lived assets | Impairment of long-lived assets The Company reviews long -lived -lived | |
Fair value of financial instrument | Fair value of financial instrument Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, notes receivable, short -term -term -term -term -term | |
Fair value | Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model -derived Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |
Measured fair value on a recurring basis | Measured fair value on a recurring basis The Group measured its financial assets and liabilities at fair value on a recurring basis as of December | |
Measured fair value on a nonrecurring basis | Measured fair value on a nonrecurring basis The Group measured the fair value of the Company’s convertible redeemable preferred share and the redeemable noncontrolling interests of a subsidiary on each of the date when there are changes in the terms of shareholding rights and preferences. The fair value was determined using models with significant unobservable inputs (Level 3 inputs), among which, the Group applied a Discounts For Lack of Marketability (“DLOM”) of 20% in the fair value measurement for the convertible redeemable preferred share and redeemable noncontrolling interests in 2019, since there was no readily available market for shares in a closely -held -Scholes The Group measured the long -lived | |
Revenue recognition | Revenue recognition Nature of Goods and Services The Group’s sales revenue consists primarily of sales of lithium batteries. The obligation of the Group is providing the electronic power products. Revenue is recognized at the point of time when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods or services. Disaggregation of revenue For the three months ended June For the six months ended June Contract balances Contract balances include accounts receivable and advance from customers. Accounts receivable represent cash not received from customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheet, represents payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period. During the three months ended June | Revenue recognition On January -09 Nature of Goods and Services The Group’s sales revenue consists primarily of sales of lithium batteries. The obligation of the Group is providing the electronic power products. Revenue is recognized at the point of time when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods or services. Disaggregation of revenue For the years ended December Sales Incentive In 2018, the Group provides sales incentives to some of its customers, which mainly relates the reduced sales prices. The sales incentives are discounts to be applied to future sales to the customer which cannot be exchanged for cash. To the extent that the sales incentive represents a material right or options to acquire additional goods or services at a discount in the future period, the material right is recognized as a separate performance obligation at the outset of the arrangement based on the most likely amount of incentive to be provided to the customer. Amounts allocated to a material right are recognized as revenue when those future goods are sold to the customers. During 2019 and 2020, no such sales incentives were granted to customers. Contract balances Contract balances include accounts receivable and advance from customers. Accounts receivable represent cash not received from customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Contract liabilities, recorded in advance from customers in the consolidated balance sheet, represents payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period. During the year ended December |
Value added taxes | Value added taxes Value added tax (“VAT”) on sales was calculated at 17% and changed to 16% since May | |
Cost of revenues | Cost of revenues Cost of revenues primarily consists of the cost of the products ultimately sold to customers, shipping and handling costs charged to the Group in the sales, the direct labor costs, product warranty expense, provision for the inventories and other related expenses that are directly attributable to the production of products. | |
Product Warranty | Product Warranty The Group provides product warranties, which entail repair or replacement of non -conforming The Group’s product warranties generally range from one to eight years. The Group establishes a reserve for the estimated cost of the product warranty at the time revenue is recognized. The portion of the warranties is expected to incur within the next 12 -current | |
Research and development expenses | Research and development expenses Research and development expenses primarily consist of salaries and benefits for research and development personnel, materials, office rental expense, general expenses and depreciation expenses associated with research and development activities. | |
Subsidy income | Subsidy income Government subsidies represent government grants received from local government authorities. Government subsidies related to the investment in production facilities initially records as other current or other non -current -line The Group amortized the deferred subsidy at $1,904, $2,304 and $166 during the years ended December -current Government subsidies are recognized as subsidy income when no conditions are imposed. The Group received and recognized $9,538, $3,243 and $3,000 of government subsidy income during the years ended December | |
Income taxes | Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more -likely-than-not The Group accounts for uncertain tax positions by reporting a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Group believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Group recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. | |
Share-based payment | Share-based payment Equity -settled -based -market -market For cash -settled -based -measured Equity -settled -based | |
Comprehensive loss | Comprehensive loss Comprehensive loss includes net loss and foreign currency translation adjustments. Comprehensive loss is reported in the Consolidated Statements of Comprehensive Loss. | |
Net loss per share | Net loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two -class -class The Company’s preferred shares are participating securities as they participate in undistributed earnings on an as -if-converted Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares and convertible bonds using the if -converted -vested -dilutive | |
Foreign currencies | Foreign currencies The functional currency of the Company and MP Solutions is the United States dollar (“U.S. dollar”). For the Company’s subsidiaries located in the PRC, the functional currency is the Chinese Renminbi (“RMB”); the Company’s UK subsidiary, MP UK, the functional currency is the Great British Pound (“Pound”); the Company’s Germany subsidiary, MV GmbH, the functional currency is the Euro, and the Company’s Singapore subsidiary, MV Singapore, the functional currency is the Singapore Dollar (“SGD”). In preparing the consolidated financial statements of each individual group subsidiary, transactions in currencies other than the subsidiary’s functional currency (foreign currencies) are converted into the functional currency at the rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non -monetary Exchange differences on the monetary items are recognized in the consolidated statements of operations in the period in which they arise. For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into the reporting currency of the Group (i.e. US$) at the prevailing exchange rate at the end of the reporting period, and their income and expenses are translated at the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive loss. | |
Foreign currency risk | Foreign currency risk RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash, cash equivalents and restricted cash of the Group included aggregate amounts of $32,844 and $35,194 as of December | |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, notes receivable and short -term The following table summarizes net revenues from customers that accounted for 10% or more of the Group’s net revenues for 2018, 2019 and 2020: December 31, December 31, December 31, Percentage of revenue contributed by Customer A 16 % 11 % — 16 % 11 % — The following table summarizes accounts receivable from customers that accounted for 10% or more of the Group’s accounts receivable: December 31, December 31, Percentage of accounts receivable from Customer B — 10 % — 10 % | |
Supplier Concentration | Supplier Concentration The Group relies on third parties for the supply of raw materials. In instances where these parties fail to perform their obligations, the Group may find alternative suppliers in the open market. For the years ended December | |
Newly adopted accounting pronouncements | Newly adopted accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Updates (“ASU”) 2014 -09 -09 -09 -public -09 In January 2016, the FASB issued a new pronouncement ASU 2016 -01 -Overall -specific -01 -03 -10 -01 -03 -public -effect In August 2016, the FASB issued ASU 2016 -15 -coupon -owned -owned -public In November 2016, the FASB issued ASU 2016 -18 -of-period -of-period -public In August 2018, the FASB issued ASU 2018 -13 -13 -public | |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016 -02 -of-use of the lease payments. For operating leases with a term of 12 -public -02 -11 -11 -lease -11 -10 -05 In June 2016, the FASB issued ASU 2016 -13 -public -effect -retrospective |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of company subsidiaries | Subsidiaries Place of incorporation Date of Percentage Microvast Power Solutions, Inc 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 Huzhou, PRC July 2017 100% owned by MPS Huzhou Hong Yang Taxi Co., Ltd. Huzhou, PRC October 2017 100% owned by MPS Microvast APAC PTE. LTD. Singapore May 2017 100% owned by MPS Huzhou Hongwei New Energy Huzhou, PRC December 2016 100% owned by MPS |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of property, plant and equipment are carried at cost less accumulated depreciation | Buildings 20 years Machineries and equipment 10 years Fixtures and electronic equipment 4 – 5 years Motor vehicles 5 years Leasehold improvements Shorter of the lease term or estimated useful lives |
Schedule of net revenues from customers | December 31, December 31, December 31, Percentage of revenue contributed by Customer A 16 % 11 % — 16 % 11 % — |
Schedule of accounts receivable from customers | December 31, December 31, Percentage of accounts receivable from Customer B — 10 % — 10 % |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Schedule of accounts receivable | December 31, June 30, Accounts receivable $ 81,345 $ 69,996 Allowance for doubtful accounts (5,047 ) (4,743 ) Accounts receivable, net $ 76,298 $ 65,253 | December 31, December 31, Accounts receivable $ 73,178 $ 81,345 Allowance for doubtful accounts (5,537 ) (5,047 ) Accounts receivable, net $ 67,641 $ 76,298 |
Schedule of allowance for doubtful accounts | Three months ended Six months ended 2020 2021 2020 2021 Balance at beginning of the period $ 4,524 $ 4,416 $ 5,537 $ 5,047 Charge to expenses — 318 (863 ) (196 ) Write off — (28 ) — (131 ) Exchange difference 10 37 (140 ) 23 Balance at end of the period $ 4,534 $ 4,743 $ 4,534 $ 4,743 | December 31, December 31, Balance at beginning of year $ 10,111 $ 5,537 Charge to expenses (4,250 ) (240 ) Write off (233 ) (493 ) Exchange difference (91 ) 243 Balance at end of year $ 5,537 $ 5,047 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Schedule of components of inventories | December 31, June 30, Work in process $ 22,167 $ 21,090 Raw materials 17,451 20,223 Finished goods 5,350 14,087 Total $ 44,968 $ 55,400 | December 31, December 31, Work in process $ 27,854 $ 22,167 Raw materials 17,201 17,451 Finished goods 12,249 5,350 Total $ 57,304 $ 44,968 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Schedule of receivables represented the amount available for future deduction against VAT payable | December 31, June 30, Advances to suppliers $ 2,117 $ 4,857 Other receivables 688 1,242 VAT receivables 2,471 1,342 Deposits 746 751 Total $ 6,022 $ 8,192 | December 31, December 31, VAT receivables $ 1,748 $ 2,471 Advances to suppliers 1,038 2,117 Other receivables 627 688 Deposits 535 746 Total $ 3,948 $ 6,022 |
Property, Plant And Equipment_2
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property plant and equipment, net | December 31, December 31, Machineries and equipment $ 73,535 $ 123,889 Buildings 37,479 39,988 Leasehold improvements 22,571 26,627 Fixtures and electronic equipment 7,459 9,086 Motor vehicles 4,641 8,073 Total 145,685 207,663 Less: accumulated depreciation (46,243 ) (67,043 ) Construction in progress 91,881 57,397 Property, plant and equipment, net $ 191,323 $ 198,017 |
Land Use Rights, Net (Tables)
Land Use Rights, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Land Use Rights Net [Abstract] | |
Schedule of land use rights | December 31, December 31, Cost of land use rights $ 15,002 $ 16,007 Less: accumulated amortization (1,580 ) (2,006 ) Land use rights, net $ 13,422 $ 14,001 |
Acquired Intangible Assets, N_2
Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible assets | December 31, December 31, Cost of acquired intangible assets $ 3,968 $ 4,051 Less: accumulated amortization (1,311 ) (1,772 ) Acquired intangible assets, net $ 2,657 $ 2,279 |
Schedule of annual amortization expense | 2021 $ 394 2022 233 2023 233 2024 233 2025 233 Thereafter 953 Total $ 2,279 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | ||
Schedule of accrued expenses and other current liabilities | December 31, June 30, Payables to exiting investors $ 30,000 $ — Payables for purchase of property, plant and equipment 15,122 14,103 Product warranty 4,296 10,299 Other current liabilities 3,959 4,148 Accrued payroll and welfare 2,704 2,789 Interest payable 1,379 2,239 Accrued expenses 1,696 1,713 Other tax payable 1,472 306 Total $ 60,628 $ 35,597 | December 31, December 31, Payable to exiting Investors $ — $ 30,000 Payables for purchase of property, plant and equipment 23,515 15,122 Product warranty 3,723 4,296 Accrued payroll and welfare 2,577 2,704 Accrued expenses 2,103 1,696 Deferred subsidy income-current 127 215 Deposits received from the contractors 275 102 Other tax payable 494 1,472 Other current liabilities 2,181 5,021 Total $ 34,995 $ 60,628 |
Product Warranty (Tables)
Product Warranty (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Schedule of movement of product warranty | Three months ended Six months ended 2020 2021 2020 2021 Balance at beginning of the period $ 17,299 $ 19,105 $ 18,416 $ 19,356 Provided during the period 842 8,148 951 9,057 Utilized during the period (783 ) (1,710 ) (2,009 ) (2,870 ) Balance at end of the period $ 17,358 $ 25,543 $ 17,358 $ 25,543 | December 31, December 31, Balance at beginning of the year $ 16,565 $ 18,416 Provided during the year 3,501 3,477 Utilized during the year (1,650 ) (2,537 ) Balance at end of the year $ 18,416 $ 19,356 Product warranty – current $ 3,723 $ 4,296 Product warranty – non-current 14,693 15,060 |
Schedule of warranty cost | December 31, June 30, Product warranty – current $ 4,296 $ 10,299 Product warranty – non-current 15,060 15,244 Total $ 19,356 $ 25,543 |
Bank Borrowings (Tables)
Bank Borrowings (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Bank Borrowings [Abstract] | ||
Schedule of various loan agreements | Three months ended Six months ended 2020 2021 2020 2021 Beginning balance $ 5,649 $ 13,156 $ 11,922 $ 12,184 Proceeds from bank borrowings 3,714 13,158 9,473 26,603 Repayments of principal — — (11,894 ) (12,265 ) Exchange difference 22 (144 ) (89 ) (64 ) Ending balance $ 9,412 $ 26,458 $ 9,412 $ 26,458 December 31, June 30, Current $ 12,184 $ 16,572 Non-current — 9,886 Total $ 12,184 $ 26,458 | December 31, December 31, Beginning balance as of January 1 $ 66,267 $ 11,922 Proceeds from bank borrowings 17,735 17,308 Repayments of principal during the year (71,674 ) (17,815 ) Exchange difference (406 ) 769 Ending balance as of December 31 $ 11,922 $ 12,184 Including: Current $ 11,922 $ 12,184 Total $ 11,922 $ 12,184 |
Schedule of banking facilities and aggregate carrying amount | December 31, June 30, Buildings $ 22,732 $ 31,877 Machinery and equipment 19,297 17,835 Land use rights 2,789 4,466 Total $ 44,818 $ 54,178 | December 31, December 31, Buildings $ 22,414 $ 22,732 Machinery and equipment 20,936 19,297 Land use rights 2,672 2,789 Total $ 46,022 $ 44,818 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Non-Current Liabilities [Abstract] | ||
Schedule of other non-current liabilities | December 31, 2020 June 30, 2021 Payable to exiting investors $ 94,316 $ 97,979 Product warranty – non-current 15,060 15,244 Deferred subsidy income- non-current 1,221 1,139 Total $ 110,597 $ 114,362 | December 31, December 31, Deferred subsidy income – non-current $ 1,389 $ 1,221 Payable to exiting Investors 114,870 94,316 Product warranty 14,693 15,060 Total $ 130,952 $ 110,597 |
Bonds Payable (Tables)
Bonds Payable (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Bonds Payable [Abstract] | ||
Schedule of bonds payable | December 31, 2020 June 30, 2021 Bonds payable Third-party investors $ 29,915 $ 29,915 Total $ 29,915 $ 29,915 Long-term bonds payable Huzhou Saiyuan $ 73,147 $ 73,147 PIPE investors — 64,343 Total $ 73,147 $ 137,490 | December 31, December 31, Bonds payable Huzhou Saiyuan Equity Investment Partnership Firm (Limited Partnership) (“Huzhou Saiyuan”) $ 43,888 $ — Third-party investors 29,915 29,915 Total $ 73,803 $ 29,915 Long-term bonds payable Huzhou Saiyuan $ 29,259 $ 73,147 Total $ 29,259 $ 73,147 |
Schedule of repayments and interests | Issuance Date Subscribed Amount Maturity Date Repayment Amount Annual February 1, 2019 $29,259 (RMB200 million) June 30, 2023 $29,259 (RMB200 million) 3%~4% December 31, 2018 $29,259 (RMB200 million) April 28, 2024 $14,629 (RMB100 million) 0%~4% July 11, 2024 $7,315 (RMB50 million) 0%~4% October 1, 2024 $7,315 (RMB50 million) 0%~4% January 1, 2020 $14,629 (RMB100 million) April 13, 2026 $14,629 (RMB100 million) 3%~4% | Issuance Date Subscribed Amount Maturity Date Repayment Amount Annual February 1, 2019 $ 29,259 (RMB200 million) June 30, 2023 $ 29,259 (RMB200 million) 3% ~ 4% December 31, 2018 $ 29,259 (RMB200 million) April 28, 2024 $ 14,629 (RMB100 million) 0% ~ 4% July 11, 2024 $ 7,315 (RMB50 million) 0% ~ 4% October 1, 2024 $ 7,315 (RMB50 million) 0% ~ 4% January 1, 2020 $ 14,629 (RMB100 million) April 13, 2026 $ 14,629 (RMB100 million) 3% ~ 4% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of loss before provision for income taxes | Year Ended December 31, 2018 2019 2020 Domestic $ (4,965 ) $ (3,030 ) $ (3,584 ) Foreign (49,301 ) (56,444 ) (30,040 ) Loss before income tax $ (54,266 ) $ (59,474 ) $ (33,624 ) |
Schedule of current and deferred components of the income tax expense | Year Ended December 31, 2018 2019 2020 Current tax expenses: Domestic $ 453 $ — $ — Foreign 85 189 1 Total current tax expense 538 189 1 Deferred tax expense: Domestic 2,856 — — Foreign 3,031 — — Total deferred tax expense 5,887 — — Total provision for income taxes $ 6,425 $ 189 $ 1 |
Schedule of deferred tax assets | December 31, December 31, Deferred tax assets: Net operating loss carry-forwards $ 22,521 $ 28,484 Allowance for doubtful accounts and inventory provision 3,323 3,443 Product warranty 2,762 2,903 Impairment of property, plant and equipment 673 821 Deferred income 227 216 Accrued expense 736 805 Others 615 615 Less: valuation allowance (30,857 ) (37,287 ) Net deferred tax assets $ — $ — |
Schedule of valuation allowance | Year Ended December 31, 2018 2019 2020 Balance at beginning of the period $ 1,822 $ 19,503 $ 30,857 Additions 18,102 11,649 7,402 Reversal (421 ) (295 ) (972 ) Balance at end of the period $ 19,503 $ 30,857 $ 37,287 |
Schedule of reconciliation between the income tax expense | Year Ended December 31, 2018 2019 2020 Loss before income tax $ (54,266 ) $ (59,474 ) $ (33,624 ) Tax credit at the U.S. federal corporate income tax rate of 21% (11,396 ) (12,490 ) (7,061 ) Tax effect of permanent differences (4,033 ) (2,961 ) (2,152 ) Tax effect of income tax rate difference in other jurisdictions 3,417 4,076 2,511 Changes in valuation allowance 17,943 11,669 6,702 Others 494 (105 ) 1 Income tax expense $ 6,425 $ 189 $ 1 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Schedule of noncontrolling shareholders in MPS | November 2, Expected liquidation date December 31, 2021 Length of Holding Period Restriction in years 3.16 Volatility per year 48% Dividend Yield expressed as % of stock price 0.00 |
Schedule of noncontrolling interests of Hongwei | Amounts Balances as of December 31, 2017 $ 60,571 Transferred from liabilities (i) 18,841 Accrual for performance guarantee compensation 1,168 Net loss attributable to noncontrolling interests shareholders (1,016 ) Foreign currency translation adjustment attributed to noncontrolling interest shareholders 1,874 Reclassification to redeemable noncontrolling interests (ii) (81,438 ) Balances as of December 31, 2018 $ — (i) The transfer is due to one of the exiting Investors subsequently in February 2018 decided to redeem only half of his holding. (ii) The reclassification is due to the substantial redemption right granted to the exiting Investors, thus the noncontrolling interests shall be accounted for redeemable noncontrolling interests when the change occurred in 2018. |
Schedule of noncontrolling interests of Hongwei | Amounts Balances as of December 31, 2017 $ (1,066 ) Net loss attributable to noncontrolling interests shareholders (4,783 ) Foreign currency translation adjustment attributed to noncontrolling interest shareholders 185 Balances as of December 31, 2018 $ (5,664 ) Net loss attributable to noncontrolling interests shareholders (2,123 ) Foreign currency translation adjustment attributed to noncontrolling interest shareholders 16 Acquisition of noncontrolling interests 7,771 Balances as of December 31, 2019 $ — |
Preferred Shares (Tables)
Preferred Shares (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Preferred Shares [Abstract] | ||
Schedule of preferred shares issued and outstanding | Preferred Shares Number of Shareholders Series C1 Preferred 166,950 Ashmore Global Special Situations Fund 4 Limited Partnership and Ashmore Global Special Situations Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”) Series C2 Preferred 126,345 Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC Series D1 Preferred 139,186 Evergreen Ever Limited (“EEL”) Total 432,481 | Preferred Shares Category Number of Shareholders Series A1 Preferred 195,653 Ashmore Global Special Situations Fund 4 and Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”) Series B1 Preferred 97,642 Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC Series EEL Preferred 139,186 Evergreen Ever Limited (“EEL”) Total 432,481 |
Schedule of balance of Series Preferred and redeemable noncontrolling interests | Series C1 Series C2 Series D1 Redeemable Balance as of January 1, 2020 $ 76,684 $ 73,100 $ 127,935 $ 80,561 Accretion 974 2,217 4,662 2,552 Ending balance as of March 31, 2020 $ 77,658 $ 75,317 $ 132,597 $ 83,113 Accretion 974 2,217 4,662 2,552 Ending balance as of June 30, 2020 $ 78,632 $ 77,534 $ 137,259 $ 85,665 Balance as of January 1, 2021 $ 80,581 $ 81,966 $ 146,583 $ 90,820 Accretion 1,003 2,281 4,759 2,577 Ending balance as of March 31, 2021 $ 81,584 $ 84,247 $ 151,342 $ 93,397 Accretion 1,003 2,281 4,759 2,606 Ending balance as of June 30, 2021 $ 82,587 $ 86,528 $ 156,101 $ 96,003 | Series A1/C1 Series B1/C2 Series EEL/D1 Redeemable Balance as of January 1, 2018 $ 66,839 $ 57,490 $ 140,000 $ — Reclassification from noncontrolling interests — — — 81,438 Accretion before the fair value change — — — 2,505 Fair value change of redeemable noncontrolling interests due to extinguishment — — — (5,828 ) Accretion after the fair value change 10,025 8,391 13,223 1,500 Ending balance as of December 31, 2018 $ 76,864 $ 65,881 $ 153,223 $ 79,615 Accretion before the extinguishment 961 804 15,439 796 Conversion from Series A1 to C2 Preferred (11,417 ) 11,417 — — Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment 7,135 (12,146 ) (56,127 ) (8,299 ) Accretion after the extinguishment 3,141 7,144 15,400 8,449 Ending balance as of December 31, 2019 $ 76,684 $ 73,100 $ 127,935 $ 80,561 Accretion 3,897 8,866 18,648 10,259 Ending balance as of December 31, 2020 $ 80,581 $ 81,966 $ 146,583 $ 90,820 |
Share-based payment (Tables)
Share-based payment (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Schedule of stock option activity plan | Share options Number of Weighted Weighted Weighted (US$) (US$) Outstanding as of January 1, 2020 47,277 $ 881.97 $ 343.83 7.1 Forfeited (4,462 ) 366.00 285.11 Outstanding as of March 31, 2020 42,815 $ 935.74 $ 349.95 7.0 Outstanding as of June 30, 2020 42,815 $ 935.74 $ 349.95 6.8 Expected to vest and exercisable as of June 30, 2020 42,815 $ 935.74 $ 349.95 6.8 Outstanding as of January 1, 2021 216,706 991.99 468.60 9.0 Forfeited (5,700 ) 1005.85 475.71 Outstanding as of March 31, 2021 211,006 $ 991.62 $ 468.41 8.7 Forfeited (800 ) 1005.85 475.71 Outstanding as of June 30, 2021 210,206 $ 991.57 $ 468.38 8.5 Expected to vest and exercisable as of June 30, 2021 210,206 $ 991.57 $ 468.38 8.5 | Share options Number Weighted Weighted Weighted (US$) (US$) Outstanding as of January 1, 2018 56,362 $ 892.24 $ 350.52 9.1 Granted 1,000 1,005.85 $ 225.30 Forfeited (2,400 ) 1,005.85 $ 387.63 Outstanding as of December 31, 2018 54,962 $ 889.35 $ 346.63 8.1 Forfeited (7,685 ) 934.82 $ 363.82 Outstanding as of December 31, 2019 47,277 $ 881.97 $ 343.83 7.1 Granted 176,890 1,005.85 $ 495.95 Forfeited (7,461 ) 623.31 $ 326.36 Outstanding as of December 31, 2020 216,706 991.99 468.60 9.0 Expected to vest and exercisable as of December 31, 2020 216,706 $ 991.99 $ 468.60 9.0 |
Schedule of weighted average assumptions applied to options | Grant date For the Risk-free interest rate (1) 3.55 % Expected dividend yield (2) 0.0 % Volatility (3) 51.7 % Exercise multiple (4) 2.2 Life of options (5) 10 years Fair value of underlying ordinary shares (6) $515.40 Grant date For the Risk-free interest rate (1) 1.54% ~ 1.61% Expected dividend yield (2) 0.0% Volatility (3) 50.2% ~ 51.8% Exercise multiple (4) 2.2 ~ 2.8 Life of options (5) 10 years Fair value of underlying ordinary shares (6) $976.98 ~ $1,316.40 | |
Schedule non-vested shares activity | Number of shares Weighted per share (US$) Outstanding as of January 1, 2020 20,523 $ 182.13 Transfer to non-vested share units (20,523 ) $ 182.13 Outstanding as of March 31, 2020 — $ — Outstanding as of June 30, 2020 — $ — Number of shares Weighted per share (US$) Outstanding as of January 1, 2020 123,575 $ 143.89 Forfeited (446 ) $ 227.24 Transfer from non-vested shares 20,523 $ 182.13 Outstanding as of March 31, 2020 143,652 $ 149.10 Outstanding as of June 30, 2020 143,652 $ 149.10 Outstanding as of January 1, 2021 143,652 $ 149.10 Forfeited — $ — Outstanding as of June 30, 2021 143,652 $ 149.10 | Number of Weighted (US$) Outstanding as of January 1, 2018 43,723 $ 139.80 Forfeited (8,923 ) $ 102.35 Outstanding as of December 31, 2018 34,800 $ 149.40 Transfer to non-vested share units (14,277 ) $ 102.35 Outstanding as of December 31, 2019 20,523 $ 182.13 Transfer to non-vested share units (20,523 ) $ 182.13 Outstanding as of December 31, 2020 — $ — Number of Weighted (US$) Outstanding as of January 1, 2018 120,007 $ 155.55 Forfeited (5,890 ) $ 188.84 Outstanding as of December 31, 2018 114,117 $ 153.83 Forfeited (4,819 ) $ 255.99 Transfer from non-vested shares 14,277 $ 102.35 Outstanding as of December 31, 2019 123,575 $ 143.89 Forfeited (446 ) $ 227.24 Transfer from non-vested shares 20,523 $ 182.13 Outstanding as of December 31, 2020 143,652 $ 149.10 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
Schedule of assets and revenues major geographic regions | Three months ended Six months ended 2020 2021 2020 2021 Geographic regions Amount % Amount % Amount % Amount % PRC 8,680 40 % 21,650 65 % 11,610 41 % 32,292 67 % India 738 3 % 1,998 6 % 1,135 4 % 3,269 7 % Russia 5,052 23 % 3,267 10 % 5,535 19 % 3,724 8 % Other countries 332 2 % 2,169 6 % 407 1 % 2,283 5 % Asia & Pacific 14,802 68 % 29,084 87 % 18,687 65 % 41,568 87 % United Kingdom 1,212 6 % 3,508 11 % 3,504 12 % 5,212 10 % Netherlands 4,187 19 % 2 0 % 4,192 15 % 22 0 % Other countries 1,491 7 % 721 2 % 2,234 8 % 1,324 3 % Europe 6,890 32 % 4,231 13 % 9,930 35 % 6,558 13 % Other 6 0 % 57 0 % 30 0 % 184 0 % Total 21,698 100 % 33,372 100 % 28,647 100 % 48,310 100 % | Year ended December 31, Geographic regions 2018 2019 2020 Amount % Amount % Amount % PRC 146,235 84 % 49,346 64 % 66,160 62 % India — 0 % 4,988 7 % 8,570 8 % Russia 10,869 6 % 3,673 5 % 5,671 5 % Other countries 236 0 % 7,430 10 % 2,254 2 % Asia & Pacific 157,340 90 % 65,437 86 % 82,655 77 % United Kingdom 595 0 % 668 1 % 11,544 11 % Netherlands 1,621 1 % 1,384 2 % 5,326 5 % Other countries 14,352 9 % 8,627 11 % 7,444 7 % Europe 16,568 10 % 10,679 14 % 24,314 23 % Other 327 0 % 318 0 % 549 0 % Total 174,235 100 % 76,434 100 % 107,518 100 % |
Schedule of long-lived assets geographic regions | December 31, 2020 June 30, 2021 Geographic regions Amount % Amount % PRC 198,921 94 % 191,182 83 % Asia & Pacific 198,921 94 % 191,182 83 % Germany 12,747 6 % 21,462 9 % United Kingdom 120 0 % 99 0 % Europe 12,867 6 % 21,561 9 % United States 230 0 % 18,930 8 % Total 212,018 100 % 231,673 100 % |
Related party balances and tr_2
Related party balances and transactions (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Schedule of amount due from related party | December 31, December 31, Amount due from related party: Ochem (i) $ 1,856 $ — Total $ 1,856 $ — (i) The balance represents advance payment for materials purchased from Ochem. | |
Schedule of related parties transactions | Three months ended Six months ended 2020 2021 2020 2021 Raw material sold to Ochem $ — $ 138 $ — $ 293 | Year Ended December 31, 2018 2019 2020 Raw material purchased from Ochem $ 30 $ — $ — Raw material purchased from Ochemate 2 — — Raw material sold to Ochem — — 167 |
Schedule of relationship with the group | Name Relationship with the Group Ochem Controlled by CEO Ochemate Controlled by CEO |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Schedule of computation of basic and diluted net loss per share | Three months ended Six months ended 2020 2021 2020 2021 Numerator: Net loss attributable to ordinary shareholders $ (19,671 ) $ (39,148 ) $ (42,613 ) $ (67,461 ) Denominator: Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share 617,880 617,880 617,880 617,880 Basic and diluted net loss per share $ (31.84 ) $ (63.36 ) $ (68.97 ) $ (109.18 ) | Year ended December 31, 2018 2019 2020 Numerator: Net loss attributable to ordinary shareholders $ (100,033 ) $ (115,479 ) $ (80,963 ) Denominator: Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share 617,880 617,880 617,880 Basic and diluted net loss per share $ (161.90 ) $ (186.90 ) $ (131.03 ) |
Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share | Three months ended Six months ended 2020 2021 2020 2021 Shares issuable upon exercise of share options 42,815 210,683 42,840 212,019 Shares issuable upon vesting of non-vested shares — — 1,015 — Shares issuable upon conversion of Series B2 Preferred 53,319 53,319 53,319 53,319 Shares issuable upon conversion of Series C1 Preferred 166,950 166,950 166,950 166,950 Shares issuable upon conversion of Series C2 Preferred 126,345 126,345 126,345 126,345 Shares issuable upon conversion of Series D1 Preferred 139,186 139,186 139,186 139,186 Shares issuable upon conversion of Series D2 Preferred 102,512 102,512 102,512 102,512 Shares issuable upon conversion of non-controlling interests of a subsidiary 107,650 107,650 107,650 107,650 | Year ended December 31, 2018 2019 2020 Shares issuable upon exercise of share options 55,998 50,594 114,065 Shares issuable upon vesting of non-vested shares 39,262 29,401 450 Shares issuable upon conversion of Series A1 Preferred 195,653 16,304 — Shares issuable upon conversion of Series B1 Preferred 97,642 8,137 — Shares issuable upon conversion of Series B2 Preferred 53,319 53,319 53,319 Shares issuable upon conversion of Series C1 Preferred — 153,038 166,950 Shares issuable upon conversion of Series C2 Preferred — 115,816 126,345 Shares issuable upon conversion of Series EEL/D1 Preferred 139,186 139,186 139,186 Shares issuable upon conversion of Series D2 Preferred 17,085 102,512 102,512 Shares issuable upon conversion of noncontrolling interests of a subsidiary 67,694 107,650 107,650 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of future minimum payments under lease commitments | 2021 Six months period ending December 31, 2021 $ 2,293 2022 3,637 2023 3,135 2024 2,361 2025 1,944 2026 1,944 Thereafter 17,596 $ 32,910 | December 31, 2021 $ 3,539 2022 3,376 2023 3,001 2024 2,426 2025 2,025 Thereafter 19,675 $ 34,042 |
Reclassification of the Conso_2
Reclassification of the Consolidated Statements of Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed financial information of parent company statement of operations | Year Ended December 31, 2018 As previously Adjustment As corrected Cost of revenues $ (139,764 ) $ (13,622 ) $ (153,386 ) Gross profit 34,471 (13,622 ) 20,849 General and administrative expenses (47,851 ) 13,622 (34,229 ) Total operating expenses (93,697 ) 13,622 (80,075 ) Year Ended December 31, 2019 As previously Adjustment As corrected Cost of revenues $ (72,432 ) $ (4,233 ) $ (76,665 ) Gross profit/(loss) 4,002 (4,233 ) (231 ) General and administrative expenses (19,399 ) 4,233 (15,166 ) Total operating expenses (61,106 ) 4,233 (56,873 ) Year Ended December 31, 2020 As previously Adjustment As corrected Cost of revenues $ (89,035 ) $ (1,343 ) $ (90,378 ) Gross profit 18,483 (1,343 ) 17,140 General and administrative expenses (20,192 ) 1,343 (18,849 ) Total operating expenses (50,590 ) 1,343 (49,247 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assumptions used in valuation of convertible notes | Probability for Conversion 90% Probability for Redemption 10% Remaining life 0.1 – 2.5 years |
Schedule of fair value measurements of group’s assets and liabilities of recurring basis | Fair Value Measurement as of December 31, 2020 Quoted Significant Significant Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 21,496 — — $ 21,496 Restricted cash 19,700 — — 19,700 Total $ 41,196 — — $ 41,196 Fair Value Measurement as of June 30, 2021 Quoted Significant Significant Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 13,367 — — $ 13,367 Restricted cash 20,460 — — 20,460 Convertible notes — — 64,343 64,343 Total $ 33,827 — 64,343 $ 98,170 |
Schedule of reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis | Convertible Balance as of January 1, 2021 $ — Issuance of convertible notes 57,500 Changes in fair value of convertible notes 3,600 Balance as of March 31, 2021 $ 61,100 Changes in fair value of convertible notes 3,243 Balance as of June 30, 2021 $ 64,343 |
Organization and Principal Ac_3
Organization and Principal Activities (Details) - Schedule of company subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
Microvast Power Solutions, Inc (“MP Solutions”) [Member] | |
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items] | |
Place of incorporation | Texas, USA |
Date of incorporation or acquisition | July 2013 |
Percentage of ownership | 100% |
Microvast Power Systems Co., Ltd. (“MPS”) [Member] | |
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items] | |
Place of incorporation | Huzhou, PRC |
Date of incorporation or acquisition | December 2006 |
Percentage of ownership | 91.97% |
Microvast Power Systems UK Limited (“MP UK”) [Member] | |
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items] | |
Place of incorporation | Cardiff, United Kingdom (“UK”) |
Date of incorporation or acquisition | September 2014 |
Percentage of ownership | 100% owned by MPS |
Microvast GmbH (“MV GmbH”) [Member] | |
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items] | |
Place of incorporation | Germany |
Date of incorporation or acquisition | May 2016 |
Percentage of ownership | 100% |
Huzhou Microvast Electric Vehicle Sales Service, Ltd. (“MV E-Vehicle”) [Member] | |
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items] | |
Place of incorporation | Huzhou, PRC |
Date of incorporation or acquisition | July 2017 |
Percentage of ownership | 100% owned by MPS |
Huzhou Hong Yang Taxi Co., Ltd. (“MV Taxi”) [Member] | |
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items] | |
Place of incorporation | Huzhou, PRC |
Date of incorporation or acquisition | October 2017 |
Percentage of ownership | 100% owned by MPS |
Microvast APAC PTE. LTD. (“MV Singapore”) [Member] | |
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items] | |
Place of incorporation | Singapore |
Date of incorporation or acquisition | May 2017 |
Percentage of ownership | 100% owned by MPS |
Huzhou Hongwei New Energy Automobile Co., Ltd. (“Hongwei”) [Member] | |
Organization and Principal Activities (Details) - Schedule of company subsidiaries [Line Items] | |
Place of incorporation | Huzhou, PRC |
Date of incorporation or acquisition | December 2016 |
Percentage of ownership | 100% owned by MPS |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | May 01, 2018 | Apr. 01, 2019 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2021 | Jan. 31, 2021 | Jan. 31, 2019 |
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Total shareholders’ deficits | $ (384,602,000) | |||||||||||||
Working capital total | 5,697,000 | |||||||||||||
Cash flows operations | $ (15,025,000) | $ 260,000 | $ 15,556,000 | $ 13,371,000 | $ (5,492,000) | |||||||||
Ownership percentage | 80.00% | 20.00% | ||||||||||||
Net revenues | 509,000 | |||||||||||||
Net income loss | 5,492,000 | |||||||||||||
Variable interest entity operating activities amount | 6,796,000 | |||||||||||||
Variable interest entity investing activities | 1,290,000 | |||||||||||||
Notes receivable | $ 20,839,000 | $ 33,356,000 | ||||||||||||
Interest income from the short-term investments | $ 37,000 | 366,000 | ||||||||||||
Estimated useful life term | 50 years | |||||||||||||
Recognized impairment loss of long lived assets | $ 567,000 | $ 2,908,000 | ||||||||||||
Fair value measurement percentage | 20.00% | |||||||||||||
Deferred revenue | $ 1,565,000 | |||||||||||||
Adjustment to retained earnings and accumulate deficit | 1,565,000 | $ 1,565,000 | ||||||||||||
Revenue | $ 33,372,000 | $ 21,698,000 | 48,310,000 | 28,647,000 | 107,518,000 | $ 76,434,000 | 174,235,000 | |||||||
Revenue recognized | 582,000 | 556,000 | ||||||||||||
Amortized deferred subsidy | 166,000 | 2,304,000 | 1,904,000 | |||||||||||
Deferred subsidy income | 215,000 | 127,000 | ||||||||||||
Deferred non current portion | 1,221,000 | 1,389,000 | ||||||||||||
Government subsidy income | 3,000,000 | 3,243,000 | $ 9,538,000 | |||||||||||
Aggregate amount | 35,194,000 | $ 32,844,000 | ||||||||||||
Net revenue percentage | $ 0.10 | |||||||||||||
Percentage of accounts receivable | 10.00% | |||||||||||||
Purchase percentage | 12.00% | 17.00% | 26.00% | |||||||||||
Revenue recognized | 135,000 | 206,000 | $ 1,321,000 | $ 446,000 | ||||||||||
Subsequent Event [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Issuance of convertible notes | $ 9,921,000 | $ 57,500,000 | ||||||||||||
Revenue From Products [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Value added tax rate percentage | 13.00% | |||||||||||||
Services [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Value added tax rate percentage | 6.00% | |||||||||||||
Customers [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Group to pledge notes received percentage | 111.00% | |||||||||||||
Deposit [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Deposit of the face rate | 100.00% | |||||||||||||
Minimum [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Value added tax rate percentage | 17.00% | |||||||||||||
Maximum [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Value added tax rate percentage | 16.00% | |||||||||||||
Asia&Pacific [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Revenue | 29,084,000 | $ 41,568,000 | 14,802,000 | $ 18,687,000 | $ 82,655,000 | $ 65,437,000 | ||||||||
Europe [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Revenue | 4,231,000 | 6,558,000 | 6,890,000 | 9,930,000 | 24,314,000 | 10,679,000 | ||||||||
Other Geographical [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Revenue | $ 549,000 | $ 318,000 | ||||||||||||
Other Geographic Regions [Member] | ||||||||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||||||||
Revenue | $ 57,000 | $ 184,000 | $ 6,000 | $ 30,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of property, plant and equipment are carried at cost less accumulated depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Buildings [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 20 years |
Machineries and equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 10 years |
Motor vehicles [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 5 years |
Leasehold improvements [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | Shorter of the lease term or estimated useful lives |
Minimum [Member] | Fixtures and electronic equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 4 years |
Maximum [Member] | Fixtures and electronic equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 5 years |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of net revenues from customers | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies (Details) - Schedule of net revenues from customers [Line Items] | |||
Percentage of revenue contributed by Customer A | 11.00% | 16.00% | |
Percentage of revenue contributed by Customer A [Member] | |||
Significant Accounting Policies (Details) - Schedule of net revenues from customers [Line Items] | |||
Percentage of revenue contributed by Customer A | 11.00% | 16.00% |
Significant Accounting Polici_6
Significant Accounting Policies (Details) - Schedule of accounts receivable from customers | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of accounts receivable from Customer B | 10.00% | |
Percentage of accounts receivable from Customer B [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of accounts receivable from Customer B | 10.00% |
Accounts Receivable (Details) -
Accounts Receivable (Details) - Schedule of accounts receivable - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accounts receivable [Abstract] | |||
Accounts receivable | $ 69,996 | $ 81,345 | $ 73,178 |
Allowance for doubtful accounts | (4,743) | (5,047) | (5,537) |
Accounts receivable, net | $ 65,253 | $ 76,298 | $ 67,641 |
Accounts Receivable (Details)_2
Accounts Receivable (Details) - Schedule of allowance for doubtful accounts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of allowance for doubtful accounts [Abstract] | ||
Beginning balance | $ 5,537 | $ 10,111 |
Charge to expenses | (240) | (4,250) |
Write off | (493) | (233) |
Exchange difference | 243 | (91) |
Ending balance | $ 5,047 | $ 5,537 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |||||||
Provision for obsolete inventories | $ 5,880 | $ 6,098 | $ 646 | $ 1,343 | $ 4,233 | $ 13,622 |
Inventories, Net (Details) - Sc
Inventories, Net (Details) - Schedule of components of inventories - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of components of inventories [Abstract] | |||
Work in process | $ 21,090 | $ 22,167 | $ 27,854 |
Raw materials | 20,223 | 17,451 | 17,201 |
Finished goods | 14,087 | 5,350 | 12,249 |
Total | $ 55,400 | $ 44,968 | $ 57,304 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - Schedule of receivables represented the amount available for future deduction against VAT payable - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of receivables represented the amount available for future deduction against VAT payable [Abstract] | |||
VAT receivables | $ 1,342 | $ 2,471 | $ 1,748 |
Advances to suppliers | 4,857 | 2,117 | 1,038 |
Other receivables | 1,242 | 688 | 627 |
Deposits | 751 | 746 | 535 |
Total | $ 8,192 | $ 6,022 | $ 3,948 |
Property, Plant And Equipment_3
Property, Plant And Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 16,097 | $ 14,676 | $ 12,180 |
Impairment losses | $ 567 | $ 2,908 | $ 1,239 |
Property, Plant And Equipment_4
Property, Plant And Equipment, Net (Details) - Schedule of property plant and equipment, net - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Total | $ 207,663 | $ 145,685 | |
Less: accumulated depreciation | (67,043) | (46,243) | |
Construction in progress | 57,397 | 91,881 | |
Property, plant and equipment, net | $ 217,686 | 198,017 | 191,323 |
Machineries and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 123,889 | 73,535 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 39,988 | 37,479 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 26,627 | 22,571 | |
Fixtures and electronic equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 9,086 | 7,459 | |
Motor vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 8,073 | $ 4,641 |
Land Use Rights, Net (Details)
Land Use Rights, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Land Use Rights Net [Abstract] | |||
Estimated usage term period | 50 years | ||
Amortization expense | $ 303 | $ 302 | $ 316 |
Future amortization expenses, description | Future amortization expense is $302 per year for each of the next five years through December 31, 2025 and thereafter. |
Land Use Rights, Net (Details)
Land Use Rights, Net (Details) - Schedule of land use rights - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of land use rights [Abstract] | ||
Cost of land use rights | $ 16,007 | $ 15,002 |
Less: accumulated amortization | (2,006) | (1,580) |
Land use rights, net | $ 14,001 | $ 13,422 |
Acquired Intangible Assets, N_3
Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 392 | $ 409 | $ 250 |
Acquired Intangible Assets, N_4
Acquired Intangible Assets, Net (Details) - Schedule of Intangible assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Intangible assets [Abstract] | ||
Cost of acquired intangible assets | $ 4,051 | $ 3,968 |
Less: accumulated amortization | (1,772) | (1,311) |
Acquired intangible assets, net | $ 2,279 | $ 2,657 |
Acquired Intangible Assets, N_5
Acquired Intangible Assets, Net (Details) - Schedule of annual amortization expense $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of annual amortization expense [Abstract] | |
2021 | $ 394 |
2022 | 233 |
2023 | 233 |
2024 | 233 |
2025 | 233 |
Thereafter | 953 |
Total | $ 2,279 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accrued expenses and other current liabilities [Abstract] | |||
Payable to exiting Investors | $ 30,000 | ||
Payables for purchase of property, plant and equipment | 14,103 | 15,122 | 23,515 |
Product warranty | 10,299 | 4,296 | 3,723 |
Accrued payroll and welfare | 2,789 | 2,704 | 2,577 |
Accrued expenses | 1,713 | 1,696 | 2,103 |
Deferred subsidy income-current | 215 | 127 | |
Deposits received from the contractors | 102 | 275 | |
Other tax payable | 306 | 1,472 | 494 |
Other current liabilities | 5,021 | 2,181 | |
Total | $ 35,597 | $ 60,628 | $ 34,995 |
Product Warranty (Details)
Product Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |||
Warranty costs | $ 3,477 | $ 3,501 | $ 8,342 |
Product Warranty (Details) - Sc
Product Warranty (Details) - Schedule of movement of product warranty - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of movement of product warranty [Abstract] | ||||||
Balance at beginning of the year | $ 19,356 | $ 18,416 | $ 18,416 | $ 16,565 | ||
Provided during the year | $ 8,148 | $ 842 | 9,057 | 951 | 3,477 | 3,501 |
Utilized during the year | 1,710 | $ 783 | 2,870 | $ 2,009 | (2,537) | (1,650) |
Balance at end of the year | 19,356 | 18,416 | ||||
Product warranty – current | 10,299 | 10,299 | 4,296 | 3,723 | ||
Product warranty – non-current | $ 15,244 | $ 15,244 | $ 15,060 | $ 14,693 |
Bank Borrowings (Details)
Bank Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Bank Borrowings (Details) [Line Items] | |||
Guarantee to secure certain loan | $ 21,838 | $ 20,874 | $ 32,607 |
Debt instrument term, description | The original terms of the loans from Chinese banks range from 6 to 12 months and the interest rates range from 5.00% to 6.00% per annum. | ||
Loan balance | $ 16,572 | ||
Bank facility agreement, description | the German bank includes a $13.0 million (EUR11 million) 8-year maturity term loan and a $4.7 million (EUR4 million) revolving facility (“German Bank Facility Agreement”). The interest rate of the 8-year maturity term loan is EURIBOR plus a margin rate determined by the financial leverage ratio of the Group. The $4.7 million (EUR4 million) revolving facility at 6% annual interest, needs to be renewed every year (60 days in advance). During the six months ended June 30, 2021, the Group drew down the 8-year maturity term loan at the amount of $9,886. | ||
Minimum [Member] | |||
Bank Borrowings (Details) [Line Items] | |||
Interest rate | 4.68% | ||
Maximum [Member] | |||
Bank Borrowings (Details) [Line Items] | |||
Interest rate | 5.66% |
Bank Borrowings (Details) - Sch
Bank Borrowings (Details) - Schedule of various loan agreements - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of various loan agreements [Abstract] | |||||||
Beginning balance | $ 11,922 | $ 66,267 | |||||
Proceeds from bank borrowings | $ 26,603 | $ 9,473 | 17,308 | 17,735 | $ 62,432 | ||
Repayments of principal during the year | (12,265) | (11,894) | (17,815) | (71,674) | |||
Exchange difference | (144) | $ 22 | (64) | $ (89) | 769 | (406) | |
Ending balance | 12,184 | 11,922 | |||||
Including: | |||||||
Current | 16,572 | 16,572 | 12,184 | 11,922 | |||
Total | $ 26,458 | $ 26,458 | $ 12,184 | $ 11,922 |
Bank Borrowings (Details) - S_2
Bank Borrowings (Details) - Schedule of banking facilities and aggregate carrying amount - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of banking facilities and aggregate carrying amount [Abstract] | |||
Buildings | $ 31,877 | $ 22,732 | $ 22,414 |
Machinery and equipment | 17,835 | 19,297 | 20,936 |
Land use rights | 4,466 | 2,789 | 2,672 |
Total | $ 54,178 | $ 44,818 | $ 46,022 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Details) - Schedule of other non-current liabilities - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of other non-current liabilities [Abstract] | |||
Deferred subsidy income – non-current | $ 1,139 | $ 1,221 | $ 1,389 |
Payable to exiting Investors | 97,979 | 94,316 | 114,870 |
Product warranty | 15,244 | 15,060 | 14,693 |
Total | $ 114,362 | $ 110,597 | $ 130,952 |
Bonds Payable (Details)
Bonds Payable (Details) $ in Thousands, ¥ in Millions | Jan. 04, 2021USD ($) | Feb. 02, 2019USD ($) | Feb. 02, 2019CNY (¥) | Feb. 01, 2019USD ($) | Feb. 01, 2019CNY (¥) | Jan. 14, 2019USD ($) | Jan. 14, 2019CNY (¥) | Jan. 09, 2019USD ($) | Jan. 09, 2019CNY (¥) | Nov. 02, 2018USD ($) | Nov. 02, 2018CNY (¥) | Jul. 23, 2021shares | Feb. 28, 2021USD ($) | Jan. 31, 2021USD ($) | Sep. 28, 2020CNY (¥) | Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Jan. 31, 2019USD ($) | Jan. 31, 2019CNY (¥) | Jan. 28, 2019USD ($) | Jan. 28, 2019CNY (¥) | Dec. 29, 2018USD ($) | Dec. 29, 2018CNY (¥) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021CNY (¥) | Mar. 31, 2020CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Jun. 30, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Nov. 02, 2018CNY (¥) |
Bonds Payable (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Bond loan | $ 29,259 | ¥ 200 | $ 29,259 | ¥ 200 | $ 14,629 | ¥ 100 | $ 87,776 | ¥ 600 | $ 43,888 | ¥ 300 | $ 73,147 | ¥ 500 | ||||||||||||||||||||||
Converted from the existing non interest bearing loan | $ 29,259 | ¥ 200 | ||||||||||||||||||||||||||||||||
Equity holding pledged percentage | 12.39% | 12.39% | ||||||||||||||||||||||||||||||||
Previous converted bond loan | $ 29,259 | ¥ 200 | ||||||||||||||||||||||||||||||||
Estimated enterprise value of the contract | $ 950,000 | |||||||||||||||||||||||||||||||||
Unsubscribed bond loans (in Yuan Renminbi) | ¥ | ¥ 100 | |||||||||||||||||||||||||||||||||
Previously subscribed bond loans (in Yuan Renminbi) | ¥ | ¥ 400 | |||||||||||||||||||||||||||||||||
Aggregate amount of bond loan | $ 73,147 | ¥ 500 | ||||||||||||||||||||||||||||||||
Cash proceeds received by MPS | 24,869 | ¥ 170 | ||||||||||||||||||||||||||||||||
Subscription quota amount | $ 4,388 | ¥ 30 | ||||||||||||||||||||||||||||||||
Subscription amount | $ 658 | ¥ 4.5 | $ 3,730 | ¥ 25.5 | $ 658 | ¥ 4.5 | $ 29,915 | $ 29,915 | ¥ 204.5 | |||||||||||||||||||||||||
Key contribution conditions, description | Upon issuance of the convertible bond to these third-party investors, the Company signed a contribution and issuance agreement with the existing preferred shareholders on November 2, 2018, in which all preferred shareholders of the Company agreed that when contribution conditions are met, the existing shareholders will exchange their respective Series A1, Series B1 and Series EEL Preferred for Series C1 Preferred shares (“Series C1 Preferred”) for Series A1 shareholders, Series C2 Preferred shares (“Series C2 Preferred”) for Series B1 shareholders and Series D1 Preferred shares(“Series D1 Preferred”) for EEL, respectively, with rights and obligations amended. The key contribution conditions is that the third party convertible bond holders shall have paid MPS an aggregate amount of $29,259 (RMB200 million). As cash contribution of $29,259 was received by MPS on January 30, 2019, the Series C1, C2 and D1 Preferred were issued on the same day. | |||||||||||||||||||||||||||||||||
Bond loan | $ 950,000 | |||||||||||||||||||||||||||||||||
Subscribed by bond holders | ¥ 204.5 | $ 29,915 | ||||||||||||||||||||||||||||||||
Purchase agreement to issue convertible promissory note amount | $ 57,500 | |||||||||||||||||||||||||||||||||
Interest rate | 6.00% | |||||||||||||||||||||||||||||||||
Convertible promissory notes issued amount | $ 64,343 | $ 64,343 | ||||||||||||||||||||||||||||||||
Changes in fair value | $ 6,843 | |||||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||
Bonds Payable (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Convertible promissory notes issued amount | $ 57,500 | |||||||||||||||||||||||||||||||||
Convertible promissory notes converted common stock shares (in Shares) | shares | 6,736,106 | |||||||||||||||||||||||||||||||||
Huzhou Saiyuan [Member] | ||||||||||||||||||||||||||||||||||
Bonds Payable (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Convertible bond, description | MPS signed an agreement with Huzhou Saiyuan, an entity established by the local government, to issue convertible bonds to Huzhou Saiyuan for a total consideration of $87,776 (RMB600 million), of which $29,259 (RMB200 million) was converted from the existing non-interest-bearing loan with Huzhou Saiyuan as of December 31, 2018. The Company pledged its 12.39% equity holding over MPS to Huzhou Saiyuan to facilitate the issuance of convertible bonds. Besides the previous converted bond $29,259 (RMB200 million), Huzhou Saiyuan further subscribed $14,629 (RMB100 million) on January 9, 2019 and $29,259 (RMB200 million) on February 1, 2019, respectively. As of December 31, 2019, the outstanding balance of the convertible bonds to Huzhou Saiyuan was $73,147 (RMB500 million), of which $43,888 (RMB300 million) will be due within 1 year. | MPS signed an agreement with Huzhou Saiyuan, an entity established by the local government, to issue convertible bonds to Huzhou Saiyuan for a total consideration of $87,776 (RMB600 million), of which $29,259 (RMB200 million) was converted from the existing non-interest-bearing loan with Huzhou Saiyuan as of December 31, 2018. The Company pledged its 12.39% equity holding over MPS to Huzhou Saiyuan to facilitate the issuance of convertible bonds. Besides the previous converted bond $29,259 (RMB200 million), Huzhou Saiyuan further subscribed $14,629 (RMB100 million) on January 9, 2019 and $29,259 (RMB200 million) on February 1, 2019, respectively. As of December 31, 2019, the outstanding balance of the convertible bonds to Huzhou Saiyuan was $73,147 (RMB500 million), of which $43,888 (RMB300 million) will be due within 1 year. | ||||||||||||||||||||||||||||||||
Subscribed bonds, description | If the subscribed bonds are not repaid by the maturity date, Huzhou Saiyuan has the right to dispose the equity interests pledged by the Company in proportion to the amount of matured bonds, or convert the bond to the equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds to equity interests of MPS, the equity interests pledged should be released and the convertible bonds should be converted to the equity interest of MPS based on the entity value of MPS at $950,000. | If the subscribed bonds are not repaid by the maturity date, Huzhou Saiyuan has the right to dispose the equity interests pledged by the Company in proportion to the amount of matured bonds, or convert the bond to the equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds to equity interests of MPS, the equity interests pledged should be released and the convertible bonds should be converted to the equity interest of MPS based on the entity value of MPS at $950,000. | ||||||||||||||||||||||||||||||||
Outstanding balance | 73,147 | $ 73,147 | $ 73,147 | ¥ 500 | ¥ 500 | |||||||||||||||||||||||||||||
Bond loan | 950,000 | |||||||||||||||||||||||||||||||||
Third Party Investors [Member] | ||||||||||||||||||||||||||||||||||
Bonds Payable (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Aggregate amount of bond loan | $ 58,516 | ¥ 400 | ||||||||||||||||||||||||||||||||
First Tranche [Member] | ||||||||||||||||||||||||||||||||||
Bonds Payable (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Convertible promissory notes issued amount | $ 25,000 | |||||||||||||||||||||||||||||||||
Discounted rate | 80.00% | |||||||||||||||||||||||||||||||||
Second Tranche [Member] | ||||||||||||||||||||||||||||||||||
Bonds Payable (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Convertible promissory notes issued amount | $ 32,500 | |||||||||||||||||||||||||||||||||
Discounted rate | 90.00% | |||||||||||||||||||||||||||||||||
Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||
Bonds Payable (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Fair value of convertible note | 64,343 | $ 64,343 | ||||||||||||||||||||||||||||||||
Changes in fair value | $ 3,243 | |||||||||||||||||||||||||||||||||
Extended Maturity [Member] | ||||||||||||||||||||||||||||||||||
Bonds Payable (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Extended maturity date | 1 year |
Bonds Payable (Details) - Sched
Bonds Payable (Details) - Schedule of bonds payable - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Bonds payable | |||
Bonds payable, Total | $ 29,915 | $ 29,915 | $ 73,803 |
Long-term bonds payable | |||
Long-term bonds payable, Total | 137,490 | 73,147 | 29,259 |
Huzhou Saiyuan [Member] | |||
Bonds payable | |||
Bonds payable, Total | 43,888 | ||
Long-term bonds payable | |||
Long-term bonds payable, Total | 73,147 | 29,259 | |
Third-party investors [Member] | |||
Bonds payable | |||
Bonds payable, Total | $ 29,915 | $ 29,915 | $ 29,915 |
Bonds Payable (Details) - Sch_2
Bonds Payable (Details) - Schedule of repayments and interests - 6 months ended Jun. 30, 2021 $ in Thousands, ¥ in Millions | USD ($) | CNY (¥) |
June 30, 2023 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Issuance Date | Feb. 1, 2019 | Feb. 1, 2019 |
Subscribed Amount (in Dollars and Yuan Renminbi) | $ 29,259 | ¥ 200 |
Maturity Date | Jun. 30, 2023 | Jun. 30, 2023 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 29,259 | ¥ 200 |
April 28, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Issuance Date | Dec. 31, 2018 | Dec. 31, 2018 |
Subscribed Amount (in Dollars and Yuan Renminbi) | $ 29,259 | ¥ 200 |
Maturity Date | Apr. 28, 2024 | Apr. 28, 2024 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 14,629 | ¥ 100 |
July 11, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Maturity Date | Jul. 11, 2024 | Jul. 11, 2024 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 7,315 | ¥ 50 |
October 1, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Maturity Date | Oct. 1, 2024 | Oct. 1, 2024 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 7,315 | ¥ 50 |
April 13, 2026 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Issuance Date | Jan. 1, 2020 | Jan. 1, 2020 |
Subscribed Amount (in Dollars and Yuan Renminbi) | $ 14,629 | ¥ 100 |
Maturity Date | Apr. 13, 2026 | Apr. 13, 2026 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 14,629 | ¥ 100 |
Minimum [Member] | June 30, 2023 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 3.00% | 3.00% |
Minimum [Member] | April 28, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 0.00% | 0.00% |
Minimum [Member] | July 11, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 0.00% | 0.00% |
Minimum [Member] | October 1, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 0.00% | 0.00% |
Minimum [Member] | April 13, 2026 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 3.00% | 3.00% |
Maximum [Member] | June 30, 2023 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Maximum [Member] | April 28, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Maximum [Member] | July 11, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Maximum [Member] | October 1, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Maximum [Member] | April 13, 2026 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 22, 2017 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes (Details) [Line Items] | ||||||||||
Taxable deduction percentage | 80.00% | |||||||||
Tax rates substantially lower | 25.00% | |||||||||
Withholding income tax | 10.00% | |||||||||
Iincome tax (in Dollars) | $ 109 | $ 137 | $ 218 | $ 275 | $ 1 | $ 189 | $ 6,425 | |||
Federal corporate income tax rate | 21.00% | |||||||||
operating loss carried forward (in Dollars) | $ 179,995 | |||||||||
Remaining operating loss (in Dollars) | 20,205 | |||||||||
opearting loss carried forward indefinite (in Dollars) | 6,377 | |||||||||
Net operating loss carry forwards (in Dollars) | $ 6,702 | $ 11,669 | $ 17,943 | |||||||
Hongwei [Member] | ||||||||||
Income Taxes (Details) [Line Items] | ||||||||||
income tax | 15.00% | |||||||||
Maximum [Member] | ||||||||||
Income Taxes (Details) [Line Items] | ||||||||||
Tax and income earned | 35.00% | |||||||||
Minimum [Member] | ||||||||||
Income Taxes (Details) [Line Items] | ||||||||||
Tax and income earned | 21.00% | |||||||||
PRC [Member] | ||||||||||
Income Taxes (Details) [Line Items] | ||||||||||
income tax | 25.00% | 15.00% | 15.00% | 15.00% | ||||||
operating loss carried forward (in Dollars) | $ 153,413 | |||||||||
UK [Member] | ||||||||||
Income Taxes (Details) [Line Items] | ||||||||||
income tax | 19.00% | 19.00% | 19.00% | |||||||
Germany [Member] | ||||||||||
Income Taxes (Details) [Line Items] | ||||||||||
income tax | 31.90% | 31.90% | 31.90% | |||||||
Forecast [Member] | Hongwei [Member] | ||||||||||
Income Taxes (Details) [Line Items] | ||||||||||
income tax | 15.00% | 15.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of loss before provision for income taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of loss before provision for income taxes [Abstract] | |||
Domestic | $ (3,584) | $ (3,030) | $ (4,965) |
Foreign | (30,040) | (56,444) | (49,301) |
Loss before income tax | $ (33,624) | $ (59,474) | $ (54,266) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of current and deferred components of the income tax expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax expenses: | |||||||
Domestic | $ 453 | ||||||
Foreign | 1 | 189 | 85 | ||||
Total current tax expense | 1 | 189 | 538 | ||||
Deferred tax expense: | |||||||
Domestic | 2,856 | ||||||
Foreign | 3,031 | ||||||
Total deferred tax expense | 5,887 | ||||||
Total provision for income taxes | $ 109 | $ 137 | $ 218 | $ 275 | $ 1 | $ 189 | $ 6,425 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of deferred tax assets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carry-forwards | $ 28,484 | $ 22,521 |
Allowance for doubtful accounts and inventory provision | 3,443 | 3,323 |
Product warranty | 2,903 | 2,762 |
Impairment of property, plant and equipment | 821 | 673 |
Deferred income | 216 | 227 |
Accrued expense | 805 | 736 |
Others | 615 | 615 |
Less: valuation allowance | (37,287) | (30,857) |
Net deferred tax assets |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of valuation allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of valuation allowance [Abstract] | |||
Balance at beginning of the period | $ 30,857 | $ 19,503 | $ 1,822 |
Additions | 7,402 | 11,649 | 18,102 |
Reversal | (972) | (295) | (421) |
Balance at end of the period | $ 37,287 | $ 30,857 | $ 19,503 |
Income Taxes (Details) - Sche_5
Income Taxes (Details) - Schedule of reconciliation between the income tax expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of reconciliation between the income tax expense [Abstract] | |||||||
Loss before income tax | $ (26,960) | $ (7,720) | $ (43,150) | $ (18,710) | $ (33,624) | $ (59,474) | $ (54,266) |
Tax credit at the U.S. federal corporate income tax rate of 21% | (7,061) | (12,490) | (11,396) | ||||
Tax effect of permanent differences | (2,152) | (2,961) | (4,033) | ||||
Tax effect of income tax rate difference in other jurisdictions | 2,511 | 4,076 | 3,417 | ||||
Changes in valuation allowance | 6,702 | 11,669 | 17,943 | ||||
Others | 1 | (105) | 494 | ||||
Income tax expense | $ 1 | $ 189 | $ 6,425 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) $ in Thousands, ¥ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Nov. 30, 2018shares | Feb. 28, 2018 | Mar. 31, 2017USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021CNY (¥) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Jun. 30, 2021shares | Jun. 23, 2021shares | Mar. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥)shares | Sep. 04, 2017shares | |
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Percentage of equity interest | 17.39% | |||||||||||||
Cash consideration received | $ 400,000 | |||||||||||||
Redemption of noncontroling equity interest percentage | 14.05% | |||||||||||||
Simple annual interest percentage | 6.00% | |||||||||||||
Group paid capital | $ 30,000 | $ 30,000 | $ 211,566 | ¥ 214.2 | ¥ 214.2 | |||||||||
Exiting noncontrolling interests at redemption value | $ 114,870 | |||||||||||||
Compounded interest rate | 10.00% | |||||||||||||
Interest rate paid in cash each year | 5.00% | |||||||||||||
Financing total amount | $ 200,000 | |||||||||||||
Minimum repayment | $ 30,000 | ¥ 214.2 | ||||||||||||
Repayment percentage | 15.00% | 15.00% | 15.00% | |||||||||||
Estimated proceeds from financing | $ 400,000 | |||||||||||||
Simple interest rate | 6.00% | |||||||||||||
Ordinary shares converted from warrants (in Shares) | shares | 66,336 | |||||||||||||
Noncontrolling shareholders | 1,016 | |||||||||||||
Accrual for the performance guarantee compensation | $ 1,168 | |||||||||||||
Shares issued (in Shares) | shares | 617,880 | 617,880 | 617,880 | 617,880 | 2,600 | |||||||||
Net loss attributable to noncontrolling interests | $ 2,123 | 4,783 | ||||||||||||
Simple annual interest | 6.00% | |||||||||||||
Proceeds received financing amount | $ 200,000 | |||||||||||||
Convertible of common shares (in Shares) | shares | 17,253,182 | |||||||||||||
Exiting Interest Capital [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Group paid capital | 28,986 | |||||||||||||
Payable to exiting investors | 200,000 | |||||||||||||
Exiting Investors Interest [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Group paid capital | 3,714 | |||||||||||||
Payable to exiting investors | $ 11,566 | |||||||||||||
Exiting Investors [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Group paid capital | 30,000 | 32,700 | 214.2 | |||||||||||
Payable to exiting investors | $ 30,000 | ¥ 214.2 | ||||||||||||
Financing total amount | 200,000 | |||||||||||||
Proceeds received financing amount | 200,000 | |||||||||||||
Investors [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Group paid capital | 30,000 | $ 30,000 | ¥ 214.2 | ¥ 214.2 | ||||||||||
Investor [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Repayment percentage | 20.00% | |||||||||||||
MVST SPV [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Shares issued (in Shares) | shares | 17,253,182 | 17,253,182 | ||||||||||||
Hongwei’s [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Settled an outstanding loan | 14,544 | |||||||||||||
Non-controlling interest transferred to additional paid in capital | $ 7,771 | |||||||||||||
Minimum [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Interest rate percentage | 6.00% | |||||||||||||
Financing total amount | $ 200,000 | |||||||||||||
Ordinary shares converted from warrants (in Shares) | shares | 66,336 | |||||||||||||
Annual interest rate | 6.00% | |||||||||||||
Proceeds received financing amount | 200,000 | |||||||||||||
Repayment amount | 30,000 | ¥ 214.2 | ||||||||||||
Maximum [Member] | ||||||||||||||
Noncontrolling Interests (Details) [Line Items] | ||||||||||||||
Interest rate percentage | 10.00% | |||||||||||||
Financing total amount | $ 400,000 | |||||||||||||
Repayment percentage | 20.00% | |||||||||||||
Ordinary shares converted from warrants (in Shares) | shares | 107,650 | |||||||||||||
Annual interest rate | 12.00% | |||||||||||||
Proceeds received financing amount | $ 400,000 | $ 400,000 |
Noncontrolling Interests (Det_2
Noncontrolling Interests (Details) - Schedule of noncontrolling shareholders in MPS | Nov. 02, 2018 | Dec. 31, 2020 | [1] |
Schedule of noncontrolling shareholders in MPS [Abstract] | |||
Expected liquidation date | Dec. 31, 2021 | ||
Length of Holding Period Restriction in years | 3 years 1 month 28 days | ||
Volatility per year | 48.00% | 51.70% | |
Dividend Yield expressed as % of stock price | 0.00% | ||
[1] | Volatility The volatility of the underlying ordinary shares during the lives of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. |
Noncontrolling Interests (Det_3
Noncontrolling Interests (Details) - Schedule of noncontrolling interests of MPS - MPS [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Noncontrolling Interests (Details) - Schedule of noncontrolling interests of MPS [Line Items] | ||
Balances beginning | $ 60,571 | |
Transferred from liabilities | 18,841 | [1] |
Accrual for performance guarantee compensation | 1,168 | |
Net loss attributable to noncontrolling interests shareholders | (1,016) | |
Foreign currency translation adjustment attributed to noncontrolling interest shareholders | 1,874 | |
Reclassification to redeemable noncontrolling interests | (81,438) | [2] |
Balances ending | ||
[1] | The transfer is due to one of the exiting Investors subsequently in February 2018 decided to redeem only half of his holding. | |
[2] | The reclassification is due to the substantial redemption right granted to the exiting Investors, thus the noncontrolling interests shall be accounted for redeemable noncontrolling interests when the change occurred in 2018. |
Noncontrolling Interests (Det_4
Noncontrolling Interests (Details) - Schedule of noncontrolling interests of Hongwei - Hongwei [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interests (Details) - Schedule of noncontrolling interests of Hongwei [Line Items] | ||
Balance beginning | $ (5,664) | $ (1,066) |
Net loss attributable to noncontrolling interests shareholders | (2,123) | (4,783) |
Foreign currency translation adjustment attributed to noncontrolling interest shareholders | 16 | 185 |
Acquisition of noncontrolling interests | 7,771 | |
Balance ending | $ (5,664) |
Ordinary Shares (Details)
Ordinary Shares (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 23, 2021shares | Jun. 30, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019shares | Sep. 04, 2017shares | |
Ordinary Shares (Details) [Line Items] | |||||
Ordinary shares authorized | 100,000,000 | 100,000,000 | |||
Ordinary per share (in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Ordinary shares issued | 617,880 | 617,880 | 617,880 | 2,600 | |
Shares outstanding | 617,880 | 617,880 | 617,880 | ||
Subsequent Event [Member] | |||||
Ordinary Shares (Details) [Line Items] | |||||
Ordinary shares issued | 210,000,000 | ||||
Exchange ratio | 160.3 |
Preferred Shares (Details)
Preferred Shares (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Jul. 23, 2021 | |
Preferred Shares (Details) [Line Items] | ||
Decrease in fair value (in Dollars) | $ 61,138 | |
Redemption price description | The redemption price for A1/C1, B1/C2 and EEL/D1 Preferred shall be equal to the aggregate amount of (i) the Series A1/C1, B1/C2 and EEL/D1 preferred shares per share purchase price paid or credited as fully paid on such preferred shares, (ii) all accrued, whether declared or not, but unpaid dividends and distributions on such preferred shares calculated up to and including the date of redemption, (iii) a premium which, together with items (i) and (ii) above, would give the holder of such preferred shares an internal rate of return of 15% for A1/C1 and B1/C2, and 6% (modified to 12% for D1 Preferred) to EEL per annum in respect of the series per share purchase price up to and including the date of redemption. | |
Redeemed increases percent | 8.00% | |
Accruing dividends percentage | 6.00% | |
Subsequent Event [Member] | ||
Preferred Shares (Details) [Line Items] | ||
Exchange ratio | 160.3 | |
First, to holders of Series D Preferred [Member] | ||
Preferred Shares (Details) [Line Items] | ||
Liquidation preference percentage | 12.00% | |
Second, to unredeemed holders of Series D Preferred [Member] | ||
Preferred Shares (Details) [Line Items] | ||
Liquidation preference percentage | 12.00% | |
Third, to holders of Series C Preferred [Member] | ||
Preferred Shares (Details) [Line Items] | ||
Liquidation preference percentage | 12.00% | |
Sixth, to unredeemed holders of Series C Preferred [Member] | ||
Preferred Shares (Details) [Line Items] | ||
Liquidation preference percentage | 12.00% |
Preferred Shares (Details) - Sc
Preferred Shares (Details) - Schedule of preferred shares issued and outstanding - shares | 12 Months Ended | ||
Dec. 31, 2018 | Jun. 30, 2021 | Jan. 01, 2018 | |
Preferred Units [Line Items] | |||
Number of Shares | 432,481 | 432,481 | |
Series A1 Preferred [Member] | |||
Preferred Units [Line Items] | |||
Number of Shares | 195,653 | ||
Shareholders | Ashmore Global Special Situations Fund 4 and Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”) | ||
Series B1 Preferred [Member] | |||
Preferred Units [Line Items] | |||
Number of Shares | 97,642 | ||
Shareholders | Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC | ||
Series EEL Preferred [Member] | |||
Preferred Units [Line Items] | |||
Number of Shares | 139,186 | ||
Shareholders | Evergreen Ever Limited (“EEL”) |
Preferred Shares (Details) - _2
Preferred Shares (Details) - Schedule of balance of Series Preferred and redeemable noncontrolling interests - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Series A1/C1 Preferred [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Beginning balance | $ 80,581 | $ 76,684 | $ 76,684 | $ 76,864 | $ 66,839 | ||
Accretion before the extinguishment | 961 | ||||||
Conversion from Series A1 to C2 Preferred | (11,417) | ||||||
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment | 7,135 | ||||||
Accretion after the extinguishment | 3,141 | ||||||
Accretion | 3,897 | ||||||
Reclassification from noncontrolling interests | |||||||
Accretion before the fair value change | |||||||
Fair value change of redeemable noncontrolling interests due to extinguishment | |||||||
Accretion after the fair value change | 10,025 | ||||||
Ending balance | 80,581 | 76,684 | 76,864 | ||||
Series B1/C2 Preferred [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Beginning balance | 81,966 | 73,100 | 73,100 | 65,881 | 57,490 | ||
Accretion before the extinguishment | 804 | ||||||
Conversion from Series A1 to C2 Preferred | 11,417 | ||||||
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment | (12,146) | ||||||
Accretion after the extinguishment | 7,144 | ||||||
Accretion | 8,866 | ||||||
Reclassification from noncontrolling interests | |||||||
Accretion before the fair value change | |||||||
Fair value change of redeemable noncontrolling interests due to extinguishment | |||||||
Accretion after the fair value change | 8,391 | ||||||
Ending balance | 81,966 | 73,100 | 65,881 | ||||
Series EEL/D1 Preferred [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Beginning balance | 146,583 | 127,935 | 127,935 | 153,223 | 140,000 | ||
Accretion before the extinguishment | 15,439 | ||||||
Conversion from Series A1 to C2 Preferred | |||||||
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment | (56,127) | ||||||
Accretion after the extinguishment | 15,400 | ||||||
Accretion | 18,648 | ||||||
Reclassification from noncontrolling interests | |||||||
Accretion before the fair value change | |||||||
Fair value change of redeemable noncontrolling interests due to extinguishment | |||||||
Accretion after the fair value change | 13,223 | ||||||
Ending balance | 146,583 | 127,935 | 153,223 | ||||
Redeemable noncontrolling interests [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Beginning balance | $ 93,397 | 90,820 | $ 83,113 | 80,561 | 80,561 | 79,615 | |
Accretion before the extinguishment | 796 | ||||||
Conversion from Series A1 to C2 Preferred | |||||||
Fair value change of preferred shares and redeemable noncontrolling interests due to the extinguishment | (8,299) | ||||||
Accretion after the extinguishment | 8,449 | ||||||
Accretion | 2,606 | 2,577 | 2,552 | 2,552 | 10,259 | ||
Reclassification from noncontrolling interests | 81,438 | ||||||
Accretion before the fair value change | 2,505 | ||||||
Fair value change of redeemable noncontrolling interests due to extinguishment | (5,828) | ||||||
Accretion after the fair value change | 1,500 | ||||||
Ending balance | $ 96,003 | $ 93,397 | $ 85,665 | $ 83,113 | $ 90,820 | $ 80,561 | $ 79,615 |
Share-based payment (Details)
Share-based payment (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 04, 2017 | Oct. 30, 2015 | |
Share-based payment (Details) [Line Items] | ||||||
Vesting value per share (in Dollars per share) | $ 1,005.85 | $ 1,005.85 | ||||
Shares issued | 617,880 | 617,880 | 617,880 | 2,600 | ||
Fair value repurchased (in Dollars) | $ 7,974 | |||||
Issued and outstanding | 53,319 | 53,319 | 53,319 | |||
Series B2 Preferred [Member] | ||||||
Share-based payment (Details) [Line Items] | ||||||
Stock options value per share (in Dollars per share) | $ 366 | |||||
Fair market value percent | 70.00% | |||||
Share repurchased | 10,644 | |||||
Deposit liability (in Dollars) | $ 21,792 | $ 21,792 | $ 21,792 | |||
Series B2 Preferred [Member] | Maximum [Member] | ||||||
Share-based payment (Details) [Line Items] | ||||||
Stock options value per share (in Dollars per share) | $ 366 | |||||
Series B2 Preferred [Member] | ||||||
Share-based payment (Details) [Line Items] | ||||||
Shares issued | 79,107 | |||||
Stock options value per share (in Dollars per share) | $ 366 | |||||
Deposit liability (in Dollars) | $ 21,792 | |||||
Legally shares issued and outstanding | 53,319 | 53,319 |
Share-based payment (Details) -
Share-based payment (Details) - Schedule of stock option activity plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of stock option activity plan [Abstract] | |||
Number of shares, Outstanding at beginning (in Shares) | 47,277 | 54,962 | 56,362 |
Weighted average exercise price, Outstanding at beginning | $ 881.97 | $ 889.35 | $ 892.24 |
Weighted average grant date fair value, Outstanding at beginning | $ 343.83 | $ 346.63 | $ 350.52 |
Weighted average remaining contractual life, Outstanding at beginning | 9 years 1 month 6 days | ||
Number of shares, Granted (in Shares) | 176,890 | 1,000 | |
Weighted average exercise price, Granted | $ 1,005.85 | $ 1,005.85 | |
Weighted average grant date fair value, Granted | $ 495.95 | $ 225.30 | |
Weighted average remaining contractual life, Granted | |||
Number of shares, Forfeited (in Shares) | (7,461) | (7,685) | (2,400) |
Weighted average exercise price, Forfeited | $ 623.31 | $ 934.82 | $ 1,005.85 |
Weighted average grant date fair value, Forfeited | $ 326.36 | $ 363.82 | $ 387.63 |
Weighted average remaining contractual life, Forfeited | |||
Number of shares, Outstanding at ending (in Shares) | 216,706 | 47,277 | 54,962 |
Weighted average exercise price, Outstanding at ending | $ 991.99 | $ 881.97 | $ 889.35 |
Weighted average grant date fair value, Outstanding at ending | $ 468.60 | $ 343.83 | $ 346.63 |
Weighted average remaining contractual life, Outstanding at ending | 9 years | 7 years 1 month 6 days | 8 years 1 month 6 days |
Number of shares, Expected to vest and exercisable (in Shares) | 216,706 | ||
Weighted average exercise price, Expected to vest and exercisable | $ 991.99 | ||
Weighted average grant date fair value, Expected to vest and exercisable | $ 468.60 | ||
Weighted average remaining contractual life, Expected to vest and exercisable | 9 years |
Share-based payment (Details)_2
Share-based payment (Details) - Schedule of weighted average assumptions applied to options - $ / shares | Nov. 02, 2018 | Dec. 31, 2020 | Dec. 31, 2018 | ||
Share-based payment (Details) - Schedule of weighted average assumptions applied to options [Line Items] | |||||
Risk-free interest rate | [1] | 3.55% | |||
Expected dividend yield | [2] | 0.00% | |||
Volatility | 48.00% | 51.70% | [3] | ||
Exercise multiple (in Dollars per share) | [4] | $ 2.2 | |||
Life of options | [5] | 10 years | |||
Fair value of underlying ordinary shares (in Dollars per share) | [6] | $ 515.40 | |||
Minimum [Member] | |||||
Share-based payment (Details) - Schedule of weighted average assumptions applied to options [Line Items] | |||||
Risk-free interest rate | [1] | 1.54% | |||
Volatility | [3] | 50.20% | |||
Exercise multiple (in Dollars per share) | [4] | $ 2.2 | |||
Fair value of underlying ordinary shares (in Dollars per share) | [6] | $ 976.98 | |||
Maximum [Member] | |||||
Share-based payment (Details) - Schedule of weighted average assumptions applied to options [Line Items] | |||||
Risk-free interest rate | [1] | 1.61% | |||
Volatility | [3] | 51.80% | |||
Exercise multiple (in Dollars per share) | [4] | $ 2.8 | |||
Fair value of underlying ordinary shares (in Dollars per share) | [6] | $ 1,316.40 | |||
[1] | Risk-free interest rate Risk-free interest rate was estimated based on the market yield of US Government Bond with maturity close to the expected term of the options, plus country risk spread. | ||||
[2] | Expected dividend yield The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options. | ||||
[3] | Volatility The volatility of the underlying ordinary shares during the lives of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. | ||||
[4] | Exercise multiple Exercise multiple represents the value of the underlying share as a multiple of exercise price of the option which, if achieved, results in exercise of the option. | ||||
[5] | Life of options Life of options was extracted from option agreements. | ||||
[6] | Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a valuation with the assistance of a third party appraiser. |
Share-based payment (Details)_3
Share-based payment (Details) - Schedule non-vested shares activity - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-vested share [Member] | |||
Share-based payment (Details) - Schedule non-vested shares activity [Line Items] | |||
Number of non-vested shares, Outstanding at the beginning balance | 20,523 | 34,800 | 43,723 |
Weighted Average Grant date fair value per share, Outstanding at the beginning balance | $ 182.13 | $ 149.40 | $ 139.80 |
Number of non-vested shares, Forfeited | (8,923) | ||
Weighted Average Grant date fair value per share, Forfeited | $ 102.35 | ||
Number of non-vested shares, Outstanding at the ending balance | 20,523 | 34,800 | |
Weighted Average Grant date fair value per share, Outstanding at the ending balance | $ 182.13 | $ 149.40 | |
Number of non-vested shares, transfer to non-vested share units | (20,523) | (14,277) | |
Weighted Average Grant date fair value per share, transfer to non-vested share units | $ 182.13 | $ 102.35 | |
Non-vested share units [Member] | |||
Share-based payment (Details) - Schedule non-vested shares activity [Line Items] | |||
Number of non-vested shares, Outstanding at the beginning balance | 123,575 | 114,117 | 120,007 |
Weighted Average Grant date fair value per share, Outstanding at the beginning balance | $ 143.89 | $ 153.83 | $ 155.55 |
Number of non-vested shares, Forfeited | (446) | (4,819) | (5,890) |
Weighted Average Grant date fair value per share, Forfeited | $ 227.24 | $ 255.99 | $ 188.84 |
Number of non-vested shares, Outstanding at the ending balance | 143,652 | 123,575 | 114,117 |
Weighted Average Grant date fair value per share, Outstanding at the ending balance | $ 149.10 | $ 143.89 | $ 153.83 |
Number of non-vested shares, transfer to non-vested share units | 20,523 | 14,277 | |
Weighted Average Grant date fair value per share, transfer to non-vested share units | $ 182.13 | $ 102.35 |
Mainland China Contribution P_2
Mainland China Contribution Plan (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Apr. 01, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Apr. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | |||||||
Total employee benefits | $ 2,192 | $ 2,722 | $ 4,262 | ||||
Employee benefits | $ 1,281 | $ 640 | $ 954 | $ 418 |
Statutory Reserves and Restri_2
Statutory Reserves and Restricted Net Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory Reserves and Restricted Net Assets [Abstract] | ||
Reserve percentage | 10.00% | |
Restricted net asset | $ 156,333 | $ 156,333 |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
Operating segment | 1 | 1 |
Reporting segment. | 1 | 1 |
Segment Information (Details) -
Segment Information (Details) - Schedule of assets and revenues major geographic regions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 107,518 | $ 76,434 | $ 174,235 |
Revenue percentage | 100.00% | 100.00% | 100.00% |
PRC [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 66,160 | $ 49,346 | $ 146,235 |
Revenue percentage | 62.00% | 64.00% | 84.00% |
India [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 8,570 | $ 4,988 | |
Revenue percentage | 8.00% | 7.00% | 0.00% |
Russia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 5,671 | $ 3,673 | $ 10,869 |
Revenue percentage | 5.00% | 5.00% | 6.00% |
Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 2,254 | $ 7,430 | $ 236 |
Revenue percentage | 2.00% | 10.00% | 0.00% |
Asia & Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 82,655 | $ 65,437 | $ 157,340 |
Revenue percentage | 77.00% | 86.00% | 90.00% |
United kingdom [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 11,544 | $ 668 | $ 595 |
Revenue percentage | 11.00% | 1.00% | 0.00% |
Netherlands [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 5,326 | $ 1,384 | $ 1,621 |
Revenue percentage | 5.00% | 2.00% | 1.00% |
Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 7,444 | $ 8,627 | $ 14,352 |
Revenue percentage | 7.00% | 11.00% | 9.00% |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 24,314 | $ 10,679 | $ 16,568 |
Revenue percentage | 23.00% | 14.00% | 10.00% |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 549 | $ 318 | $ 327 |
Revenue percentage | 0.00% | 0.00% | 0.00% |
Related party balances and tr_3
Related party balances and transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related party balances and transactions (Details) [Line Items] | ||||||
Loans from related parties, accumulative amount | $ 8,426 | $ 10,456 | ||||
Outstanding balance due from related party | ||||||
Ochemate [Member] | ||||||
Related party balances and transactions (Details) [Line Items] | ||||||
Loans from related parties, accumulative amount | 18,889 | 15,142 | ||||
ochem [member] | ||||||
Related party balances and transactions (Details) [Line Items] | ||||||
Loans from related parties, accumulative amount | $ 4,184 | $ 4,531 | ||||
ochem [member] | ||||||
Related party balances and transactions (Details) [Line Items] | ||||||
Loans from related parties, accumulative amount | $ 18,889 | $ 15,142 |
Related party balances and tr_4
Related party balances and transactions (Details) - Schedule of amount due from related party - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Amount due from related party: | |||
Amount due from related party-Ochem(i) | [1] | $ 1,856 | |
Total | $ 1,856 | ||
[1] | The balance represents advance payment for materials purchased from Ochem. |
Related party balances and tr_5
Related party balances and transactions (Details) - Schedule of related parties transactions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Ochem [Member] | |||
Related Party Transaction [Line Items] | |||
Raw material purchased from Ochem | $ 30 | ||
Raw material sold to Ochem | 167 | ||
Ochemate [Member] | |||
Related Party Transaction [Line Items] | |||
Raw material purchased from Ochemate | $ 2 |
Net Loss Per Share (Details) -
Net Loss Per Share (Details) - Schedule of computation of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||
Net loss attributable to ordinary shareholders | $ (39,148) | $ (19,671) | $ (67,461) | $ (42,613) | $ (80,963) | $ (115,479) | $ (100,033) |
Denominator: | |||||||
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 |
Basic and diluted net loss per share | $ (63.36) | $ (31.84) | $ (109.18) | $ (68.97) | $ (131.03) | $ (186.90) | $ (161.90) |
Net Loss Per Share (Details) _2
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon exercise of share options | 210,683 | 42,815 | 212,019 | 42,840 | 114,065 | 50,594 | 55,998 |
Shares issuable upon vesting of non-vested shares | 1,015 | 450 | 29,401 | 39,262 | |||
Shares issuable upon conversion of Series | 16,304 | 195,653 | |||||
Shares issuable upon conversion of noncontrolling interests of a subsidiary | 107,650 | 107,650 | 67,694 | ||||
Shares issuable upon conversion of Series B1 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 8,137 | 97,642 | |||||
Shares issuable upon conversion of Series B2 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 53,319 | 53,319 | 53,319 | 53,319 | 53,319 | 53,319 | 53,319 |
Shares issuable upon conversion of Series C1 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 166,950 | 166,950 | 166,950 | 166,950 | 166,950 | 153,038 | |
Shares issuable upon conversion of Series C2 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 126,345 | 126,345 | 126,345 | 126,345 | 126,345 | 115,816 | |
Shares issuable upon conversion of Series EEL/D1 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 139,186 | 139,186 | 139,186 | 139,186 | 139,186 | 139,186 | 139,186 |
Shares issuable upon conversion of Series D2 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 102,512 | 102,512 | 102,512 | 102,512 | 102,512 | 102,512 | 17,085 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 02, 2020 | Sep. 04, 2017 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 19, 2015 |
Commitments and Contingencies (Details) [Line Items] | ||||||
Ordinary shares (in Shares) | 2,600 | 617,880 | 617,880 | 617,880 | ||
Settlement amount total | $ 1,980 | |||||
Settlement amount | 500 | |||||
Settlement amount | $ 1,480 | $ 1,480 | ||||
Capital commitments | $ 30,706 | |||||
Other equity remedies | $ 1,000 | |||||
Capital Commitments [Member] | ||||||
Commitments and Contingencies (Details) [Line Items] | ||||||
Capital commitments | $ 9,141 | |||||
Mr. Xu’s [Member] | ||||||
Commitments and Contingencies (Details) [Line Items] | ||||||
Ordinary shares (in Shares) | 15,400 | |||||
Mr. Smith [Member] | ||||||
Commitments and Contingencies (Details) [Line Items] | ||||||
Commitment, description | (1) a declaration that he owns the 2,600 ordinary shares and (2) various damages and other equitable remedies over $1,000. |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of future minimum payments under lease commitments $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of future minimum payments under lease commitments [Abstract] | |
2021 | $ 3,539 |
2022 | 3,376 |
2023 | 3,001 |
2024 | 2,426 |
2025 | 2,025 |
Thereafter | 19,675 |
Future minimum payments | $ 34,042 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jul. 23, 2021USD ($)shares | Jan. 31, 2021USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Feb. 28, 2021USD ($) | Jan. 04, 2021USD ($) | Sep. 04, 2017shares | |
Subsequent Events (Details) [Line Items] | ||||||||||
Convertible promissory notes | $ 64,343 | |||||||||
Interest rate | 6.00% | |||||||||
Convertible promissory notes | $ 32,500 | |||||||||
Proceeds from bank loans | $ 26,603 | $ 9,473 | $ 17,308 | $ 17,735 | $ 62,432 | |||||
Aggregate of shares (in Shares) | shares | 617,880 | 617,880 | 617,880 | 2,600 | ||||||
Subsequent Event [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Convertible promissory notes | $ 57,500 | |||||||||
Convertible promissory notes | $ 25,000 | |||||||||
Acquisition of building cost | $ 18,300 | |||||||||
Proceeds from bank loans | $ 9,921 | |||||||||
Net proceeds | $ 708,400 | |||||||||
Proceeds from convertible notes | $ 57,500 | |||||||||
Aggregate of shares (in Shares) | shares | 210,000,000 | |||||||||
Exchange ratio | 160.3 | |||||||||
Ownership interest | 69.90% | |||||||||
PRC [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Interest rate | 5.00% | |||||||||
PRC [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Interest rate | 6.00% |
Reclassification of the Conso_3
Reclassification of the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Information Disclosure [Abstract] | |||
Inventory impairment | $ 1,343 | $ 4,233 | $ 13,622 |
Reclassification of the Conso_4
Reclassification of the Consolidated Statements of Operations (Details) - Reclassification Of The Unaudited Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
As previously reported [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cost of revenues | $ (89,035) | $ (72,432) | $ (139,764) |
Gross profit | 18,483 | 4,002 | 34,471 |
General and administrative expenses | (20,192) | (19,399) | (47,851) |
Total operating expenses | (50,590) | (61,106) | (93,697) |
Adjustment [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cost of revenues | (1,343) | (4,233) | (13,622) |
Gross profit | (1,343) | (4,233) | (13,622) |
General and administrative expenses | 1,343 | 4,233 | 13,622 |
Total operating expenses | 1,343 | 4,233 | 13,622 |
As corrected [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cost of revenues | (90,378) | (76,665) | (153,386) |
Gross profit | 17,140 | (231) | 20,849 |
General and administrative expenses | (18,849) | (15,166) | (34,229) |
Total operating expenses | $ (49,247) | $ (56,873) | $ (80,075) |
Schedule I Condensed Financia_2
Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Balance Sheet - Parent Company [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 1,600 | $ 5,378 |
Prepaid expenses and other current assets | 126 | 9 |
Amount due from subsidiaries | 3,081 | 3,081 |
Total Current Assets | 4,807 | 8,468 |
Property, plant and equipment, net | 3 | 1 |
Other non-current assets | 377 | |
Investments in subsidiaries | 6,122 | |
Total Assets | 11,309 | 8,469 |
Liabilities | ||
Accrued expenses and other current liabilities | 2 | |
Income tax payables | 557 | 557 |
Amount due to subsidiaries | 64,432 | 12 |
Total Current Liabilities | 64,989 | 571 |
Deposit liability for series B2 convertible preferred shares (“Series B2 Preferred”) | 21,792 | 21,792 |
Deficits of investments in subsidiaries | 28,648 | |
Total Liabilities | 86,781 | 51,011 |
Mezzanine Equity | ||
Series C1 convertible redeemable preferred shares (“Series C1 Preferred”) (US$0.01 par value; 166,950 shares authorized, issued and outstanding as of December 31, 2019 and 2020) | 80,581 | 76,684 |
Series C2 convertible redeemable preferred shares (“Series C2 Preferred”) (US$0.01 par value; 126,345 shares authorized, issued and outstanding as of December 31, 2019 and 2020) | 81,966 | 73,100 |
Series D1 convertible redeemable preferred shares (“Series D1 Preferred”) (US$0.01 par value; 139,186 shares authorized, issued and outstanding as of December 31, 2019 and 2020) | 146,583 | 127,935 |
Total Mezzanine Equity | 309,130 | 277,719 |
Shareholders’ Deficit | ||
Ordinary shares (par value of US$0.01 per share, 1,500,000 shares authorized as of December 31, 2019 and 2020; 617,880 shares issued and outstanding as of December 31, 2019 and 2020) | 6 | 6 |
Additional paid-in capital | 3,727 | |
Accumulated deficit | (391,964) | (314,728) |
Accumulated other comprehensive deficit | 7,356 | (9,266) |
Total Shareholders’ Deficit | (384,602) | (320,261) |
Total Liabilities, Mezzanine Equity and Shareholders’ Deficit | $ 11,309 | $ 8,469 |
Schedule I Condensed Financia_3
Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Balance Sheet (Parentheticals) - Parent Company [Member] - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Ordinary shares, per share (in Dollars per share) | $ 0.01 | $ 0.01 |
Ordinary shares, authorized | 1,500,000 | 1,500,000 |
Ordinary shares, issued | 617,880 | 617,880 |
Ordinary shares, outstanding | 617,880 | 617,880 |
Series C1 convertible redeemable preferred shares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Convertible redeemable preferred shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Convertible redeemable preferred shares, authorized | 166,950 | 166,950 |
Convertible redeemable preferred shares, issued | 166,950 | 166,950 |
Convertible redeemable preferred shares, outstanding | 166,950 | 166,950 |
Series C2 Convertible Redeemable Preferred Share [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Convertible redeemable preferred shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Convertible redeemable preferred shares, authorized | 126,345 | 126,345 |
Convertible redeemable preferred shares, issued | 126,345 | 126,345 |
Convertible redeemable preferred shares, outstanding | 126,345 | 126,345 |
Series D1 Convertible Redeemable Preferred Shares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Convertible redeemable preferred shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Convertible redeemable preferred shares, authorized | 139,186 | 139,186 |
Convertible redeemable preferred shares, issued | 139,186 | 139,186 |
Convertible redeemable preferred shares, outstanding | 139,186 | 139,186 |
Schedule I Condensed Financia_4
Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Statement of Operations - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||
Revenues from subsidiaries | $ 199 | $ 289 | $ 371 |
Gross profit | 199 | 289 | 371 |
Operating expenses: | |||
General and administrative expenses | (3,340) | (2,360) | (3,909) |
Total operating expenses | (3,340) | (2,360) | (3,909) |
Subsidy income | 224 | ||
Loss from operations | (2,917) | (2,071) | (3,538) |
Other income and expenses: | |||
Interest income | 38 | 134 | 25 |
Loss before provision for income taxes | (2,879) | (1,937) | (3,513) |
Income tax expense | (3,309) | ||
Loss from investment in subsidiaries and variable interest entities | (30,746) | (55,603) | (48,070) |
Net loss attributable to Microvast, Inc. | $ (33,625) | $ (57,540) | $ (54,892) |
Schedule I Condensed Financia_5
Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Statements of Comprehensive Loss - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Statement of Income Captions [Line Items] | |||
Net loss | $ (33,625) | $ (57,540) | $ (54,892) |
Other comprehensive loss, net of tax of nil: | |||
Foreign currency translation adjustment | 16,622 | (3,965) | (30,088) |
Total comprehensive loss | $ (17,003) | $ (61,505) | $ (84,980) |
Schedule I Condensed Financia_6
Schedule I Condensed Financial Information of Parent Company (Details) - Schedule I Condensed Financial Information of Parent Company Statements of Cash Flows - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash used in operating activities | $ (3,398) | $ (6,736) | $ (5,416) |
Net cash used in investing activities | (380) | ||
Cash flows from financing activities Repurchase shares from former shareholders | (3,728) | ||
Net cash used in financing activities | (3,728) | ||
Decrease in cash, cash equivalents and restricted cash | (3,778) | (6,736) | (9,144) |
Cash, cash equivalents and restricted cash at beginning of the year | 5,378 | 12,114 | 21,258 |
Cash, cash equivalents and restricted cash at end of the year | $ 1,600 | $ 5,378 | $ 12,114 |
Accounts Receivable (Details)_3
Accounts Receivable (Details) - Schedule of accounts receivable - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accounts receivable [Abstract] | |||
Accounts receivable | $ 69,996 | $ 81,345 | $ 73,178 |
Allowance for doubtful accounts | (4,743) | (5,047) | (5,537) |
Accounts receivable, net | $ 65,253 | $ 76,298 | $ 67,641 |
Accounts Receivable (Details)_4
Accounts Receivable (Details) - Schedule of allowance for doubtful accounts - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of allowance for doubtful accounts [Abstract] | ||||
Balance at beginning of the period | $ 4,416 | $ 4,524 | $ 5,047 | $ 5,537 |
Charge to expenses | 318 | (196) | (863) | |
Write off | (28) | (131) | ||
Exchange difference | 37 | 10 | 23 | (140) |
Balance at end of the period | $ 4,743 | $ 4,534 | $ 4,743 | $ 4,534 |
Inventories, Net (Details) - _2
Inventories, Net (Details) - Schedule of Inventories consisted - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Inventories consisted [Abstract] | |||
Work in process | $ 21,090 | $ 22,167 | $ 27,854 |
Raw materials | 20,223 | 17,451 | 17,201 |
Finished goods | 14,087 | 5,350 | 12,249 |
Total | $ 55,400 | $ 44,968 | $ 57,304 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets (Details) - Schedule of receivables represented the amount available for future deduction against VAT payable - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of receivables represented the amount available for future deduction against VAT payable [Abstract] | |||
Advances to suppliers | $ 4,857 | $ 2,117 | $ 1,038 |
Other receivables | 1,242 | 688 | 627 |
VAT receivables | 1,342 | 2,471 | 1,748 |
Deposits | 751 | 746 | 535 |
Total | $ 8,192 | $ 6,022 | $ 3,948 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accrued expenses and other current liabilities [Abstract] | |||
Payables to exiting investors | $ 30,000 | ||
Payables for purchase of property, plant and equipment | 14,103 | 15,122 | 23,515 |
Product warranty | 10,299 | 4,296 | 3,723 |
Other current liabilities | 4,148 | 3,959 | |
Accrued payroll and welfare | 2,789 | 2,704 | 2,577 |
Interest payable | 2,239 | 1,379 | |
Accrued expenses | 1,713 | 1,696 | 2,103 |
Other tax payable | 306 | 1,472 | 494 |
Total | $ 35,597 | $ 60,628 | $ 34,995 |
Product Warranty (Details) - _2
Product Warranty (Details) - Schedule of movement of product warranty - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of movement of product warranty [Abstract] | ||||||
Balance at beginning of the period | $ 19,105 | $ 17,299 | $ 19,356 | $ 18,416 | ||
Provided during the period | 8,148 | 842 | 9,057 | 951 | $ 3,477 | $ 3,501 |
Utilized during the period | (1,710) | (783) | (2,870) | (2,009) | $ 2,537 | $ 1,650 |
Balance at end of the period | $ 25,543 | $ 17,358 | $ 25,543 | $ 17,358 |
Product Warranty (Details) - _3
Product Warranty (Details) - Schedule of warranty cost - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of warranty cost [Abstract] | |||
Product warranty – current | $ 10,299 | $ 4,296 | $ 3,723 |
Product warranty – non-current | 15,244 | 15,060 | $ 14,693 |
Total | $ 25,543 | $ 19,356 |
Bank Borrowings (Details) - S_3
Bank Borrowings (Details) - Schedule of various loan agreements - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of various loan agreements [Abstract] | ||||||
Beginning balance | $ 13,156 | $ 5,649 | $ 12,184 | $ 11,922 | ||
Proceeds from bank borrowings | 13,158 | 3,714 | 26,603 | 9,473 | ||
Repayments of principal | (12,265) | (11,894) | $ (17,815) | $ (71,674) | ||
Exchange difference | (144) | 22 | (64) | (89) | 769 | (406) |
Ending balance | 26,458 | $ 9,412 | 26,458 | $ 9,412 | ||
Current | 16,572 | 16,572 | 12,184 | 11,922 | ||
Non-current | 9,886 | 9,886 | ||||
Total | $ 26,458 | $ 26,458 | $ 12,184 | $ 11,922 |
Bank Borrowings (Details) - S_4
Bank Borrowings (Details) - Schedule of banking facilities and aggregate carrying amount - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of banking facilities and aggregate carrying amount [Abstract] | |||
Buildings | $ 31,877 | $ 22,732 | $ 22,414 |
Machinery and equipment | 17,835 | 19,297 | 20,936 |
Land use rights | 4,466 | 2,789 | 2,672 |
Total | $ 54,178 | $ 44,818 | $ 46,022 |
Other Non-Current Liabilities_3
Other Non-Current Liabilities (Details) - Schedule of other Non-Current Liabilities - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of other non-current liabilities [Abstract] | |||
Payable to exiting investors | $ 97,979 | $ 94,316 | $ 114,870 |
Product warranty – non-current | 15,244 | 15,060 | 14,693 |
Deferred subsidy income- non-current | 1,139 | 1,221 | 1,389 |
Total | $ 114,362 | $ 110,597 | $ 130,952 |
Bonds Payable (Details) - Sch_3
Bonds Payable (Details) - Schedule of bonds payable - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Bonds payable | |||
Bonds payable, Total | $ 29,915 | $ 29,915 | $ 73,803 |
Long-term bonds payable | |||
Long-term bonds payable, Total | 137,490 | 73,147 | |
Third-party investors [Member] | |||
Bonds payable | |||
Bonds payable, Total | 29,915 | 29,915 | 29,915 |
Long-term bonds payable | |||
Long-term bonds payable, Total | 64,343 | ||
Huzhou Saiyuan [Member] | |||
Bonds payable | |||
Bonds payable, Total | $ 43,888 | ||
Long-term bonds payable | |||
Long-term bonds payable, Total | $ 73,147 | $ 73,147 |
Bonds Payable (Details) - Sch_4
Bonds Payable (Details) - Schedule of repayments and interests - 6 months ended Jun. 30, 2021 $ in Thousands, ¥ in Millions | USD ($) | CNY (¥) |
June 30, 2023 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Issuance Date | Feb. 1, 2019 | Feb. 1, 2019 |
Subscribed Amount (in Dollars and Yuan Renminbi) | $ 29,259 | ¥ 200 |
Maturity Date | Jun. 30, 2023 | Jun. 30, 2023 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 29,259 | ¥ 200 |
April 28, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Issuance Date | Dec. 31, 2018 | Dec. 31, 2018 |
Subscribed Amount (in Dollars and Yuan Renminbi) | $ 29,259 | ¥ 200 |
Maturity Date | Apr. 28, 2024 | Apr. 28, 2024 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 14,629 | ¥ 100 |
July 11, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Maturity Date | Jul. 11, 2024 | Jul. 11, 2024 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 7,315 | ¥ 50 |
October 1, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Maturity Date | Oct. 1, 2024 | Oct. 1, 2024 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 7,315 | ¥ 50 |
April 13, 2026 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Issuance Date | Jan. 1, 2020 | Jan. 1, 2020 |
Subscribed Amount (in Dollars and Yuan Renminbi) | $ 14,629 | ¥ 100 |
Maturity Date | Apr. 13, 2026 | Apr. 13, 2026 |
Repayment Amount (in Dollars and Yuan Renminbi) | $ 14,629 | ¥ 100 |
Minimum [Member] | June 30, 2023 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 3.00% | 3.00% |
Minimum [Member] | April 28, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 0.00% | 0.00% |
Minimum [Member] | July 11, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 0.00% | 0.00% |
Minimum [Member] | October 1, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 0.00% | 0.00% |
Minimum [Member] | April 13, 2026 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 3.00% | 3.00% |
Maximum [Member] | June 30, 2023 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Maximum [Member] | April 28, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Maximum [Member] | July 11, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Maximum [Member] | October 1, 2024 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Maximum [Member] | April 13, 2026 [Member] | ||
Bonds Payable (Details) - Schedule of repayments and interests [Line Items] | ||
Annual Interest Rate | 4.00% | 4.00% |
Fair Value Measurement (Details
Fair Value Measurement (Details) - Schedule of assumptions used in valuation of convertible notes | 6 Months Ended |
Jun. 30, 2021 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Probability for Conversion | 90.00% |
Probability for Redemption | 10.00% |
Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Remaining life | 1 month 6 days |
Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Remaining life | 2 years 6 months |
Fair Value Measurement (Detai_2
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items] | ||
Cash and cash equivalents | $ 13,367 | $ 21,496 |
Restricted cash | 20,460 | 19,700 |
Convertible notes | 64,343 | |
Total | 98,170 | 41,196 |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items] | ||
Cash and cash equivalents | 13,367 | 21,496 |
Restricted cash | 20,460 | 19,700 |
Convertible notes | ||
Total | 33,827 | 41,196 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items] | ||
Cash and cash equivalents | ||
Restricted cash | ||
Convertible notes | ||
Total | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items] | ||
Cash and cash equivalents | ||
Restricted cash | ||
Convertible notes | 64,343 | |
Total | $ 64,343 |
Fair Value Measurement (Detai_3
Fair Value Measurement (Details) - Schedule of reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Schedule of reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Beginning balance | $ 61,100 | |
Issuance of convertible notes | 57,500 | |
Changes in fair value of convertible notes | 3,243 | 3,600 |
Ending balance | $ 64,343 | $ 61,100 |
Preferred Shares (Details) - _3
Preferred Shares (Details) - Schedule of preferred shares issued and outstanding - shares | 6 Months Ended | |
Jun. 30, 2021 | Jan. 01, 2018 | |
Preferred Units [Line Items] | ||
Number of Shares | 432,481 | 432,481 |
Series C1 Preferred [Member] | ||
Preferred Units [Line Items] | ||
Number of Shares | 166,950 | |
Shareholders | Ashmore Global Special Situations Fund 4 Limited Partnership and Ashmore Global Special Situations Fund 5 Limited Partnership (“Ashmore”) and International Finance Corporation (“IFC”) | |
Series C2 Preferred [Member] | ||
Preferred Units [Line Items] | ||
Number of Shares | 126,345 | |
Shareholders | Ashmore Cayman SPC Limited (“Ashmore Cayman”) and IFC | |
Series D1 Preferred [Member] | ||
Preferred Units [Line Items] | ||
Number of Shares | 139,186 | |
Shareholders | Evergreen Ever Limited (“EEL”) |
Preferred Shares (Details) - _4
Preferred Shares (Details) - Schedule of balance of Series Preferred and redeemable noncontrolling interests - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | |
Series C1 Preferred [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Beginning balance | $ 81,584 | $ 80,581 | $ 77,658 | $ 76,684 | $ 76,684 |
Accretion | 1,003 | 1,003 | 974 | 974 | |
Ending balance | 82,587 | 81,584 | 78,632 | 77,658 | 80,581 |
Series C2 Preferred [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Beginning balance | 84,247 | 81,966 | 75,317 | 73,100 | 73,100 |
Accretion | 2,281 | 2,281 | 2,217 | 2,217 | |
Ending balance | 86,528 | 84,247 | 77,534 | 75,317 | 81,966 |
Series D1 Preferred [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Beginning balance | 151,342 | 146,583 | 132,597 | 127,935 | 127,935 |
Accretion | 4,759 | 4,759 | 4,662 | 4,662 | |
Ending balance | 156,101 | 151,342 | 137,259 | 132,597 | 146,583 |
Redeemable noncontrolling interests [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Beginning balance | 93,397 | 90,820 | 83,113 | 80,561 | 80,561 |
Accretion | 2,606 | 2,577 | 2,552 | 2,552 | 10,259 |
Ending balance | $ 96,003 | $ 93,397 | $ 85,665 | $ 83,113 | $ 90,820 |
Share-based payment (Details)_4
Share-based payment (Details) - Schedule of stock option activity plan - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Schedule of stock option activity plan [Abstract] | ||||
Number of shares, Outstanding at beginning (in Shares) | 211,006 | 216,706 | 42,815 | 47,277 |
Weighted average exercise price Outstanding at beginning | $ 991.99 | $ 881.97 | ||
Weighted average grant date fair value, Outstanding at beginning | $ 468.41 | $ 468.60 | $ 349.95 | $ 343.83 |
Weighted average remaining contractual life, Outstanding at beginning | 9 years | 7 years 1 month 6 days | ||
Number of shares, Forfeited (in Shares) | (800) | (5,700) | (4,462) | |
Weighted average exercise price, Forfeited | $ 1,005.85 | $ 1,005.85 | $ 366 | |
Weighted average grant date fair value, Forfeited | $ 475.71 | $ 475.71 | $ 285.11 | |
Number of shares, Outstanding at ending (in Shares) | 210,206 | 211,006 | 42,815 | 42,815 |
Weighted average exercise price, Outstanding at ending | $ 991.57 | $ 991.62 | $ 935.74 | $ 935.74 |
Weighted average grant date fair value, Outstanding at ending | $ 468.38 | $ 468.41 | $ 349.95 | $ 349.95 |
Weighted average remaining contractual life, Outstanding at ending | 8 years 6 months | 8 years 8 months 12 days | 6 years 9 months 18 days | 7 years |
Number of shares, Expected to vest and exercisable (in Shares) | 210,206 | 42,815 | ||
Weighted average exercise price, Expected to vest and exercisable | $ 991.57 | $ 935.74 | ||
Weighted average grant date fair value, Expected to vest and exercisable | $ 468.38 | $ 349.95 | ||
Weighted average remaining contractual life, Expected to vest and exercisable | 8 years 6 months | 6 years 9 months 18 days |
Share-based payment (Details)_5
Share-based payment (Details) - Schedule non-vested shares activity - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Non-Vested Share [Member] | |||
Share-based payment (Details) - Schedule non-vested shares activity [Line Items] | |||
Weighted average grant date fair value per share, outstanding at beginning | $ 182.13 | $ 182.13 | |
Weighted average grant date fair value per share, transfer from non-vested shares | 182.13 | ||
Weighted average grant date fair value per share, outstanding at ending | |||
Weighted average grant date fair value per share, Outstanding as of June 30, 2020 | |||
Non-Vested Share [Member] | Non-vested share [Member] | |||
Share-based payment (Details) - Schedule non-vested shares activity [Line Items] | |||
Number of non-vested shares, outstanding at beginning | 20,523 | 20,523 | |
Number of non-vested shares, transfer from non-vested shares | (20,523) | ||
Number of non-vested shares, outstanding at ending | |||
Number of non-vested shares, Outstanding as of June 30, 2020 | |||
Non-Vested Share Units [Member] | |||
Share-based payment (Details) - Schedule non-vested shares activity [Line Items] | |||
Weighted average grant date fair value per share, outstanding at beginning | $ 149.10 | $ 143.89 | $ 143.89 |
Weighted average grant date fair value per share, forfeited | 227.24 | ||
Weighted average grant date fair value per share, transfer from non-vested shares | 182.13 | ||
Weighted average grant date fair value per share, outstanding at ending | $ 149.10 | 149.10 | $ 149.10 |
Weighted average grant date fair value per share, Outstanding as of June 30, 2020 | $ 149.10 | ||
Non-Vested Share Units [Member] | Non-vested share [Member] | |||
Share-based payment (Details) - Schedule non-vested shares activity [Line Items] | |||
Number of non-vested shares, outstanding at beginning | 143,652 | 123,575 | 123,575 |
Number of non-vested shares, forfeited | (446) | ||
Number of non-vested shares, transfer from non-vested shares | 20,523 | ||
Number of non-vested shares, outstanding at ending | 143,652 | 143,652 | 143,652 |
Number of non-vested shares, Outstanding as of June 30, 2020 | 143,652 |
Segment Information (Details)_2
Segment Information (Details) - Schedule of long-lived assets - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Segment Information (Details) - Schedule of long-lived assets [Line Items] | ||
Long-lived assets by region | $ 231,673 | $ 212,018 |
Long-lived assets percentage by region | 100.00% | 100.00% |
PRC [Member] | ||
Segment Information (Details) - Schedule of long-lived assets [Line Items] | ||
Long-lived assets by region | $ 191,182 | $ 198,921 |
Long-lived assets percentage by region | 83.00% | 94.00% |
Asia & Pacific [Member] | ||
Segment Information (Details) - Schedule of long-lived assets [Line Items] | ||
Long-lived assets by region | $ 191,182 | $ 198,921 |
Long-lived assets percentage by region | 83.00% | 94.00% |
Germany [Member] | ||
Segment Information (Details) - Schedule of long-lived assets [Line Items] | ||
Long-lived assets by region | $ 21,462 | $ 12,747 |
Long-lived assets percentage by region | 9.00% | 6.00% |
United Kingdom [Member] | ||
Segment Information (Details) - Schedule of long-lived assets [Line Items] | ||
Long-lived assets by region | $ 99 | $ 120 |
Long-lived assets percentage by region | 0.00% | 0.00% |
Europe [Member] | ||
Segment Information (Details) - Schedule of long-lived assets [Line Items] | ||
Long-lived assets by region | $ 21,561 | $ 12,867 |
Long-lived assets percentage by region | 9.00% | 6.00% |
United States [Member] | ||
Segment Information (Details) - Schedule of long-lived assets [Line Items] | ||
Long-lived assets by region | $ 18,930 | $ 230 |
Long-lived assets percentage by region | 8.00% | 0.00% |
Segment Information (Details)_3
Segment Information (Details) - Schedule of revenues - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 33,372 | $ 21,698 | $ 48,310 | $ 28,647 |
Revenue percentage by region | 100.00% | 100.00% | 100.00% | 100.00% |
PRC [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 21,650 | $ 8,680 | $ 32,292 | $ 11,610 |
Revenue percentage by region | 65.00% | 40.00% | 67.00% | 41.00% |
India [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 1,998 | $ 738 | $ 3,269 | $ 1,135 |
Revenue percentage by region | 6.00% | 3.00% | 7.00% | 4.00% |
Russia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 3,267 | $ 5,052 | $ 3,724 | $ 5,535 |
Revenue percentage by region | 10.00% | 23.00% | 8.00% | 19.00% |
Other countries [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 2,169 | $ 332 | $ 2,283 | $ 407 |
Revenue percentage by region | 6.00% | 2.00% | 5.00% | 1.00% |
Asia & Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 29,084 | $ 14,802 | $ 41,568 | $ 18,687 |
Revenue percentage by region | 87.00% | 68.00% | 87.00% | 65.00% |
United Kingdom [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 3,508 | $ 1,212 | $ 5,212 | $ 3,504 |
Revenue percentage by region | 11.00% | 6.00% | 10.00% | 12.00% |
Netherlands [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 2 | $ 4,187 | $ 22 | $ 4,192 |
Revenue percentage by region | 0.00% | 19.00% | 0.00% | 15.00% |
Other countries [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 721 | $ 1,491 | $ 1,324 | $ 2,234 |
Revenue percentage by region | 2.00% | 7.00% | 3.00% | 8.00% |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 4,231 | $ 6,890 | $ 6,558 | $ 9,930 |
Revenue percentage by region | 13.00% | 32.00% | 13.00% | 35.00% |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by region | $ 57 | $ 6 | $ 184 | $ 30 |
Revenue percentage by region | 0.00% | 0.00% | 0.00% | 0.00% |
Related Party balance And trans
Related Party balance And transactions (Details) - Schedule of relationship with the group | 6 Months Ended |
Jun. 30, 2021 | |
Ochem [Member] | |
Related Party balance And transactions (Details) - Schedule of relationship with the group [Line Items] | |
Relationship | Controlled by CEO |
Ochemate [Member] | |
Related Party balance And transactions (Details) - Schedule of relationship with the group [Line Items] | |
Relationship | Controlled by CEO |
Related Party balance And tra_2
Related Party balance And transactions (Details) - Schedule of related party transactions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of related party transactions [Abstract] | ||||
Raw material sold to Ochem | $ 138 | $ 293 |
Net Loss Per Share (Details) _3
Net Loss Per Share (Details) - Schedule of computation of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||
Net loss attributable to ordinary shareholders | $ (39,148) | $ (19,671) | $ (67,461) | $ (42,613) | $ (80,963) | $ (115,479) | $ (100,033) |
Denominator: | |||||||
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per share | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 | 617,880 |
Basic and diluted net loss per share | $ (63.36) | $ (31.84) | $ (109.18) | $ (68.97) |
Net Loss Per Share (Details) _4
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon exercise of share options | 210,683 | 42,815 | 212,019 | 42,840 | 114,065 | 50,594 | 55,998 |
Shares issuable upon vesting of non-vested shares | 1,015 | 450 | 29,401 | 39,262 | |||
Shares issuable upon conversion of Series | 16,304 | 195,653 | |||||
Shares issuable upon conversion of non-controlling interests of a subsidiary | 107,650 | 107,650 | 107,650 | 107,650 | |||
Shares issuable upon conversion of Series B2 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 53,319 | 53,319 | 53,319 | 53,319 | 53,319 | 53,319 | 53,319 |
Shares issuable upon conversion of Series C1 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 166,950 | 166,950 | 166,950 | 166,950 | 166,950 | 153,038 | |
Shares issuable upon conversion of Series C2 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 126,345 | 126,345 | 126,345 | 126,345 | 126,345 | 115,816 | |
Shares issuable upon conversion of Series D1 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 139,186 | 139,186 | 139,186 | 139,186 | 139,186 | 139,186 | 139,186 |
Shares issuable upon conversion of Series D2 Preferred [Member] | |||||||
Net Loss Per Share (Details) - Schedule of shares outstanding were excluded from the calculation of diluted net loss per ordinary share [Line Items] | |||||||
Shares issuable upon conversion of Series | 102,512 | 102,512 | 102,512 | 102,512 | 102,512 | 102,512 | 17,085 |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - Schedule of future minimum payments under lease commitments $ in Thousands | Jun. 30, 2021USD ($) |
Schedule of future minimum payments under lease commitments [Abstract] | |
Six months period ending December 31, 2021 | $ 2,293 |
2022 | 3,637 |
2023 | 3,135 |
2024 | 2,361 |
2025 | 1,944 |
2026 | 1,944 |
Thereafter | 17,596 |
Total | $ 32,910 |