Microvast Holdings, Inc. (MVST) experiences an incline of 7.57% in the aftermarket. However, the last trading session closed at $8.46 with an increase of 0.59%.
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Fiscal 2021 Second Quarter Results
MVST announced second-quarter 2021 results on 16th August 2021. Revenue for the second quarter of 2021 was $33.4 million, up 53.8 percent from the second quarter of 2020. However, the gross loss in Q2 2021 was $6.8 million, compared to $3.6 million in Q2 2020. MVST had strong sales growth in the second quarter of 2021. The company received more than $700 million in net funds from their recent business combination with Tuscan. This allowed them to execute their business plan and take advantage of the worldwide trend to electrification.
Furthermore, they are committed to executing their capacity growth plans, attracting new clients through multi-year contract wins, and attracting important personnel. While they experienced unexpected hurdles in the first half of this year, such as worldwide interruptions due to international delays, increased commodity costs, and the ongoing effect of the COVID-19 epidemic, still they worked hard and got huge success. Last but not least, they are continuing to grow their core client base of prominent OEMs who produce a wide range of commercial vehicles.
Urban Commercial Vehicle Electrification
On 29th July 2021, MVST reported that they will collaborate to create cutting-edge battery solutions to electrify eVersum’s existing and future lines of entirely “eBorn” electric vehicles. The eVersum eShuttle, which is the manifestation of a 21st-century electric vehicle that seeks to create its own unique category in the electric shuttle bus market, will be equipped with a newly designed battery system. Moreover, eShuttles are modularly constructed and can carry 15 to 50 passengers comfortably for a range of purposes at a low cost.
Key factors and a desire to cooperate with a manufacturer that offers a high degree of vertical integration drove eVersum to choose MVST as its major battery partner. Cathode and anode materials, electrolyte, and membrane separators, unique cell manufacturing, and web applications and services like battery management systems (BMS) and other power electronics are all examples of such capabilities. Using a range of cell chemistries, ranging from NMC to LFP to LTO, allows the company to achieve maximum flexibility while using the same physical battery packs, with the ability to link them adaptively in series or parallel to obtain the desired voltage and energy levels.