Microvast Holdings, Inc.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of Microvast Holdings, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Microvast Holdings, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, changes in stockholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the Schedule I (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 16, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is matter arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

Going concern – refer to Note 1 of the Financial Statements

Critical Audit Matter Description

As discussed in Note 1 to the financial statements, there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern. Management's plans including generation of cash inflows from operations and refinancing of short-term bank borrowings in the next twelve months since the date of issuance of the financial statements to alleviate the substantial doubt are also described in Note 1.

We identified the evaluation of the Company's assessment of its ability to continue as a going concern as a critical audit matter because a high degree of auditor judgment was required to evaluate the reasonableness of management’s estimates and assumptions related to the Company’s cash flow forecast used in its going concern analysis.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the Company’s going concern included the following, among others:

•We tested the effectiveness of internal controls over the Company's going concern assessment and forecasted cash flows.

•We performed a retrospective review to compare the Company's historical forecasted cash flows to actual results to assess the Company's ability to accurately forecast.

•We assessed the reasonableness of the underlying data and assumptions included in management's forecasted cash flows.

•We performed sensitivity analyses to assess the impact of changes in the key assumptions such as revenue growth rate and gross margin ratio.

•We inspected the terms of loan agreements to determine whether any covenants have been breached and whether the repayment within the next twelve months are properly included in the forecast.

•We evaluated the reasonableness of the Company’s assessment that the management plans are probable to alleviate the substantial doubt.

•We reviewed subsequent events to identify those that represent additional conditions and events to be considered in aggregate and whether any contradictory evidence exists.

/s/Deloitte Touche Tohmatsu Certified Public Accountants LLP

Beijing, the People’s Republic of China

March 16, 2026

We have served as the Company’s auditor since 2011.