On January 10, 2023, Microvast Holdings, Inc. (the ‘Company’) and Sascha Rene Kelterborn, the Company’s President and Chief Revenue Officer, mutually agreed that, effective immediately, Mr. Kelterborn would step down from his role as President of the Company in order to focus on developing the Company’s global business especially in North America, Europe and Asia. Mr. Kelterborn will remain employed as the Company’s Chief Revenue Officer pursuant to the terms of his agreements with the Company. Effective immediately, Yang Wu, the Company’s Chief Executive Officer and a member of the Company’s Board of Directors, will also serve as President of the Company.

Mr. Wu did not enter into any new agreements with the Company and will not receive any additional compensation in connection with his service as President and Chief Executive Officer of the Company.