Why is MVST stock down by over 20% in premarket today?

Microvast (MVST) stock plunged over 20% premarket after missing analyst expectations for Q4. Revenue declined 15% to $96.4 million, and adjusted losses widened due to regulatory shifts in South Korea and customer ramp-up delays in EMEA. CEO Yang Wu stated the company remains focused on expanding its main plant in Huzhou, China.