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ACQUIRED INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
ACQUIRED INTANGIBLE ASSETS, NET ACQUIRED INTANGIBLE ASSETS, NET
December 31, 2022September 30,
2023
Cost of acquired intangible assets$3,493 $5,405 
Less: accumulated amortization(1,857)(2,195)
Acquired intangible assets, net$1,636 $3,210 

In December, 2022, Microvast Inc. set up a new subsidiary named Microvast Precision Works Co., Ltd ("MPW") together with a third party (the "NCI"). In the first quarter of 2023, the Company invested cash of $5,072 in MPW to hold a 70% shareholding, and the NCI injected patents with a total value of $2,174 for the remaining 30% shareholding. Such patents received are recorded as intangible assets.    
The Group recorded amortization expense of $61 and $122 for the three months ended September 30, 2022 and 2023, respectively, and $183 and $371 for the nine months ended September 30, 2022 and 2023, respectively. No impairment losses were recognized for the three and nine months ended September 30, 2022 and 2023.
The annual amortization expense for each of the five succeeding fiscal years and thereafter are as follows:
Three months period ending December 31, 2023$121 
2024481 
2025477 
2026476 
2027469 
2028381 
Thereafter805 
Total$3,210