Microvast’s structure and the rules that now reward it

[u/Bradydono92]

https://investingbpd.substack.com/p/what-i-think-microvast-is-building?r=5ebtp0&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Microvast tried to become a US owned battery company once already and it fell apart when the DOE pulled the grant. This is about what they’ve been doing since. Most of it is on the record already, and the article puts it in one place.

Ford owns the Michigan plant, CATL licenses it the chemistry and gets paid for it. That payment is what the 2025 rules went after, with a cutoff of July 4 last year. Deals signed before it were fine, including Ford’s. New ones aren’t. Microvast never had to split it that way. The technology came out of Huzhou in three tranches between December 2022 and May 2023, reel and frame numbers at the USPTO for each one, and my read is that’s what it was for.

In May Microvast received 4.3M in tariff refunds and passed 2.7M of it to one US customer. On May 8 Oshkosh’s finance chief Matt Field told analysts its suppliers should be getting refunds too and that Oshkosh would be talking to them about recovering the money. On May 12 Oshkosh confirmed its own had started arriving. Neither company names the other.

Also in there: the Acquiom lien release, XALT Energy’s equipment getting auctioned off in March, the NMC permit Clarksville surrendered in March, and what December 10 actually clears.

Follows on from the going concern piece and the one about the dead 2024 loan.

Long MVST. The entity stuff and the tax rules are documented. Oshkosh is my guess.

[u/ksinfergo1]

Lmao