Microvast Stock Sees Sudden Selling Pressure: What's Going On?
Portfolio Pulse from Adam Eckert
Microvast Holdings (NASDAQ:MVST) stock is trading lower following reports that the U.S. Department of Energy (DOE) canceled contract negotiations for a potential $200 million award. This comes after Microvast and General Motors (NYSE:GM) received a $200 million grant from the DOE in late 2022.
May 23, 2023 | 12:40 pm
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NEGATIVE IMPACT
Microvast's stock is trading lower due to the U.S. Department of Energy canceling 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
NEUTRAL IMPACT
General Motors, which previously received a $200 million grant from the DOE alongside Microvast, may see a minor impact due to the cancellation of contract negotiations for Microvast.
Although General Motors previously received a $200 million grant from the DOE alongside Microvast, the cancellation of contract negotiations for Microvast is not directly related to GM. Therefore, the impact on GM's stock price is expected to be minimal.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 50