The Department of Energy defended a recent decision to help fund a battery factory for a company that has generated the vast majority of its revenue from China.
BIDEN ADMIN WON'T SAY IF NON-BINARY OFFICIAL CHARGED WITH STEALING WOMAN'S LUGGAGE STILL GETTING PAID
The announcement didn't mention Microvast's ties to China, instead identifying it as a"majority U.S.-owned company, traded on NASDAQ and headquartered in Stafford, Texas." The company went public on the stock exchange "Microvast is leading the charge to secure domestic battery production, which will strengthen our country’s manufacturing base and reduce reliance on Chinese manufacturers," Smith said.
"Giving hundreds of millions of taxpayer dollars to a company whose operations are based in China that refuses to comply with American securities rules is crazy," Sen. Marco Rubio, R-Fla. — the vice chair of the Select Committee on Intelligence — told the Washington Free Beacon on Monday."What's more, any new technology developed in this partnership is almost certainly going to benefit China given Microvast's operations there.
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