Microvast climbs on raising annual sales expectations

Microvast Holdings

10/05/2023 10:51

** Shares of battery tech firm Microvast Holdings Inc
 MVST.O  up 13% at $1.48 premarket on lifting FY23 sales outlook
    ** Co now expects annual sales to be in the range of $348
mln and $368 mln, vs previously reported range of $336 mln and
$358 mln
    ** Updated forecast is in line with Wall Street estimate of
$347.58 mln
    ** MVST also beat Q1 sales expectations - Refinitiv data
    ** CEO Yang Wu says upbeat Q1 sales were led by the initial
production ramp-up of several of the company's commercial
vehicle customers in Europe
    ** Up to last close, stock had fallen 14% YTD

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))