According to PANews on May 28, TechFlow reported that the Middle Eastern electric vehicle company EV Electra plans to invest $1 billion to participate in the restructuring of HiPhi and seek a controlling stake. On May 22, Jiangsu HiPhi Automotive was established, jointly funded by EV Electra and Huaren Yuntong, with shareholding ratios of 69.8% and 30.2% respectively. The environmental assessment report from Yancheng Economic and Technological Development Zone indicates that the renovation project of the Yueda Kia factory has commenced, planning to produce three models from HiPhi, expected to be completed in October this year.
The official website of EV Electra has launched the ecological token EVET, with 1 EVET equal to 1 USDT, supporting purchases via cryptocurrency and bank transfer. Its white paper published in April 2025 reveals plans to raise $840 million through tokens and adopt a dual-token system, with EVEN in NFT form, promising to distribute 10% of net profits to holders.
It is worth noting that EV Electra was accused in 2023 of plagiarizing design images from car companies like Skywell and was involved in cryptocurrency fraud controversies. Founder Jihad Mohammad claims to have addressed the responsible parties. Currently, the brand image of HiPhi has been used on the token marketing page of EV Electra.
