Microvast loses $200M US grant over alleged China ties.
Microvast Holdings is exploring its options after the US Energy Department cancelled a $200m grant following concerns over its alleged links to China. The grant was to help Microvast build a plant in Tennessee and support work by General Motors and Microvast on developing specialised EV battery separator technology. Microvast CEO Yang Wu said that neither the Chinese government nor the Chinese Communist Party has any ownership in the company, nor do they control or influence company operations in any way.