What's Going On With Microvast Stock?
Portfolio Pulse from Adam Eckert
Microvast Holdings Inc (NASDAQ:MVST) shares are trading lower after the U.S. Department of Energy (DOE) reportedly canceled contract negotiations for a potential $200 million award. This comes after Microvast and General Motors Co (NYSE:GM) received a $200 million grant from the DOE in late 2022.
May 22, 2023 | 9:32 pm
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NEUTRAL IMPACT
General Motors Co (NYSE:GM) was involved in a previous $200 million grant from the DOE with Microvast.
Although General Motors was involved in the previous $200 million grant from the DOE with Microvast, the cancellation of contract negotiations for another potential award is not directly related to GM. Therefore, the impact on GM's stock price is expected to be neutral.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Microvast shares are trading lower after the U.S. Department of Energy canceled contract negotiations for a potential $200 million award.
The cancellation of contract negotiations for a potential $200 million award by the DOE is a significant setback for Microvast. This news is likely to negatively impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100