Do you remember that stylish yet unfortunately bankrupt car from HiPhi?

It has welcomed the white knight from the Middle East, and it may come back to life.

According to reports, a Middle Eastern electric vehicle company named EV Electra plans to invest 1 billion dollars to participate in the restructuring of Hozon Auto and seeks to acquire a controlling stake.

According to Tianyancha, Jiangsu Gaohe Automobile Co., Ltd. was officially established on May 22, with a registered capital of 143.2665 million USD. The company was jointly financed by Lebanese electric vehicle company EV Electra Ltd. and the parent company of Gaohe Automobile, Huaren Yuntong, holding 69.8% and 30.2% of the shares, respectively.

The latest environmental impact assessment report disclosed by the Yancheng Economic and Technological Development Zone shows that the renovation project of the Yueda Kia No. 1 factory, which was once a contract manufacturer for High合汽车, has been launched and plans to produce three models: HiPhi X, Y, and Z, with completion expected in October of this year.

What kind of entity is this Middle Eastern electric vehicle company?

Public information shows that EV Electra was founded in 2017 and is an electric vehicle company headquartered in Beirut, Lebanon.

The official website introduces the company as the first Arab-Canadian electric vehicle manufacturer to launch electric vehicles; the first electric vehicle company in the Middle East and the Arab world; with operations in Canada, Italy, Germany, Turkey, and Asia.

It is worth noting that EV Electra has been expanding globally in recent years: in 2021, it acquired a majority stake in Detroit Electric Company, and in 2023, it announced the acquisition of the NEVS Emily GT and Pons Robotaxi projects.

Currently, the homepage of EV Electra’s official website features the logo of HiPhi Motors and 3 vehicle models.

However, unexpectedly, the editor found that the electric vehicle company EV Electra is actually conducting a token public offering on its official website.

According to the official website, EV Electra has launched its ecosystem token EVET, which can now be purchased directly by connecting a wallet, 1 EVET = 1 USDT. If you don’t know how to use cryptocurrency, bank transfer purchases are even supported.

According to its description, purchasing vehicles with the EV Electra token can enjoy a 20% discount and can use EVET to mint.

EV Electra NFT, this NFT is equivalent to a type of virtual share, which can be used to obtain company profits; of course, the above is just a statement.

Open the white paper released in April 2025 to explore, EV Electra adopts a dual-token system.

EVET is a utility token with a total supply of 1.2 billion coins, 28.33% for private placement, 41.6% for public offering, and 30% belonging to the team. Priced at 1 EVET = 1 USDT, it aims to raise 840 million USD, which is quite ambitious. The practical benefit lies in receiving a 20% discount when using EVET for payments.

EVEN is an ERC-721 format NFT, with a total of 12 million, mainly used for profit sharing and governance. EV Electra promises to convert 10% of net profit into USDT to distribute to NFT holders.

In the white paper, EV Electra outlines a future blueprint (big pie), selling 100,000 vehicles, achieving a profit of $1.5 billion, and distributing $150 million to NFT holders.

According to its development roadmap, EV Electra plans to complete the issue coin and exchange listing in the second quarter (Q2) of 2025, establish a governance framework and production scheduling in Q3, and complete the first USDT profit distribution in 2026. Between 2027 and 2030, it aims to achieve a target production of 500,000 electric vehicles.

Why issue coin?

Jihad M. Mohammad, the founder of EV Electra, announced on his personal social media that the company originally planned to go public on NASDAQ, but changed its plans due to “Trump’s crazy actions” and is now moving towards a “hybrid approach” by digitizing part of the company’s equity in the form of NFTs. These NFTs will have dividend rights for the shares, and there are also plans for a reverse merger listing on the Hong Kong Stock Exchange.

As for the purpose of financing, Jihad was outspoken that part of the money would be used to help Palestine and the other part would be used to create a fund, stressing that they were the first company to adopt the model and have pure Arab and Muslim roots.

However, both EV Electra and founder Jihad are quite controversial.

In 2023, EV Electra was accused of being involved in a cryptocurrency scam, using automobile manufacturing as a guise to defraud investors. Later, Jihad responded that the software developer, Swedish businessman Anthony Norman, had been detained, was convicted of multiple fraud charges, was dismissed, and investors had received refunds.

At the end of 2023, an automotive media outlet reported that EV Electra used images of cars from other manufacturers on its website and displayed them as its own designs, including the Skywell ET5 SUV and a K-1 Attack kit car, all of which were marked with the EV Electra logo. After being exposed, these concept images disappeared from the EV Electra website.

Currently, HiPhi and EV Electra have jointly established a new company, with the new Middle Eastern owner investing a registered capital of 100 million US dollars according to the shareholding ratio, with the subscription date set for December 31, 2025.

On the official token issuance website of EV Electra, the materials from HiPhi have been incorporated, stating “After the acquisition of HiPhi, EV Electra will elevate high-end electric vehicles to a new height.”

This series of actions has also raised many questions within the industry: a Middle Eastern electric vehicle company with a controversial history, while promising a $1 billion restructuring of HiPhi, is also raising $840 million through a token issuance. Its true intentions and financial strength are worth pondering.

What is even more concerning is that the brand and product image of HiPhi have been directly used for token marketing. Has this operation been approved by Huaren Yuntong?

From automobile manufacturing to token issuance, from Nasdaq listing plans to NFT virtual equity, from a commitment to help Palestine to claiming pure Arab ancestry, EV Electra’s business model and financing strategy seem to be filled with uncertainty and contradictions.

We look forward to and support the rebirth of HiPhi Automotive, but we also hope that HiPhi will carefully assess the qualifications and intentions of its partners, not to lose direction in the fog of capital, and not to let this Chinese brand become a pawn for foreign companies to speculate on cryptocurrencies.

After all, the real “white knight” should bring funding, technology, and market, rather than a piece of empty promises and illusory token blueprints.

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