Microvast Holdings, Inc. (MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, issued the following statement from founder, chairman, President and CEO, Mr. Yang Wu in response to recent developments:
“I’m proud to be a Chinese American. My wife and I first came to America in 1994 to pursue the American Dream. I wanted a better life with freedom and opportunity, for myself and my family— I’ve worked hard to build Microvast, a battery technology company I founded in Texas in 2006. Microvast started with a vision to promote electrification and accelerate the adoption of clean energy.”
“Just like many American companies, we decided to develop and manufacture our products in China first because of the early adoption of electric vehicles there. Following the spur of America’s electrification, we decided to bring our innovative technology back to the United States. So far, Microvast has created more than 140 American jobs across Florida, Texas, Colorado, and Tennessee, with over 25% of our employees being military veterans or their spouses, and we’re continuing to expand.”
“Every day, we hear pundits and politicians talk about the importance of ‘Buy America’ and reshoring American jobs. That’s exactly what Microvast was trying to do with our proprietary separator technology—build a new manufacturing plant and hire over 500 American workers, including veterans. Microvast’s efforts are in support of America’s commitment to reshore manufacturing in the United States, safeguard innovative technology, and enhance essential battery supply chains.”
“Although I’m disappointed, we didn’t receive the grant from the Department of Energy, and despite the misleading rhetoric, Microvast is an American company deeply committed to doing business in America and continuing our efforts to secure battery manufacturing in the U.S. In fact, we’re progressing with our $300 million+ investment in our Clarksville, Tennessee facility. This is going to create more than 250 jobs, and many more will follow as we expect our business to continue growing rapidly. Based on confirmed customer orders, this facility is already close to being sold out for its first year of operation, and to meet this huge demand, our business priority is to bring this facility into production as soon as possible. I invite Members of Congress and their staff to visit our facilities in Tennessee, Florida, and Colorado. They should take the time to meet our employees and see firsthand how we’re creating new jobs in this critical sector. Our doors are always open.”
“I’m proud to be a Chinese American, and an American citizen. I love this country and the opportunities it gives everyone willing to work hard—no matter where they are from. Microvast will continue to invest in American technology, American jobs, and American manufacturing.”
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