Remember that stylish yet unfortunately bankrupt HiPhi automobile?
It has welcomed the Middle Eastern white knight and may be reborn.
According to reports, a Middle Eastern electric vehicle company named EV Electra plans to invest $1 billion in the restructuring of HiPhi and seeks a controlling stake.
According to Tianyancha, Jiangsu HiPhi Automobile Co., Ltd. was officially established on May 22, with a registered capital of $143.2665 million. The company was jointly funded by Lebanese electric vehicle company EV Electra Ltd. and HiPhi's parent company, Huaren Yuntong, with shareholding ratios of 69.8% and 30.2%, respectively.
The latest environmental impact report disclosed by Yancheng Economic Development Zone shows that the renovation project of the Yueda Kia factory, which was once a manufacturing facility for HiPhi automobiles, has been launched. It plans to produce three models: HiPhi X, Y, and Z, expected to be completed by October 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 states that the company is the first Arab-Canadian electric vehicle manufacturer to launch electric vehicles; the first electric vehicle company in the Middle East and Arab world; and has operations in Canada, Italy, Germany, Turkey, and Asia.
It is worth noting that EV Electra has been expanding globally in recent years: acquiring a majority stake in a Detroit electric vehicle company in 2021, and announcing the purchase of the NEVS Emily GT and Pons Robotaxi projects in 2023.
Currently, the homepage of EV Electra's official website features the HiPhi logo and three vehicle models.
However, unexpectedly, the editor found that EV Electra, this electric vehicle company, is actually conducting a token public offering on its official website.
The official website shows that EV Electra has launched its ecological token EVET, which can currently be purchased directly by connecting a wallet, at 1 EVET = 1 USDT. If you don't know how to use cryptocurrency, bank transfers are even supported for purchases.
According to its description, using EV Electra tokens to purchase vehicles can enjoy a 20% discount and can mint using EVET.
EV Electra NFT, this NFT is equivalent to a 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 further; EV Electra adopts a dual-token system.
EVET is a utility token with a total supply of 1.2 billion, 28.33% for private placement, 41.6% for public offering, and 30% belongs to the team. Priced at 1 EVET = 1 USDT, it aims to raise $840 million, which is quite ambitious. Its practical benefit is that using EVET for payments can get a 20% discount.
EVEN is an NFT in ERC-721 format with a total of 12 million, mainly used for profit sharing and governance. EV Electra promises to convert 10% of its net profit into USDT for distribution to NFT holders.
In the white paper, EV Electra outlines a future blueprint (big pie), selling 100,000 vehicles, obtaining $1.5 billion in profit, and distributing $150 million to NFT holders.
According to its development roadmap, EV Electra plans to complete token issuance and exchange listing in the second quarter (Q2) of 2025, establish a governance framework and production reservations in Q3, and complete the first USDT profit distribution in 2026, aiming for a target production of 500,000 electric vehicles between 2027 and 2030.
Why issue a token?
EV Electra founder Jihad M. Mohammad announced on his personal social media that the company originally planned to go public on NASDAQ, but changed plans due to 'Trump's crazy actions', shifting to a 'hybrid approach' by digitizing part of the company's equity as NFTs. These NFTs will have dividend rights, and there are plans for a reverse merger listing on the Hong Kong Stock Exchange.
Regarding the use of funds for financing, Jihad frankly stated that part of the funds would be used to help Palestine, while another part would be used to create a fund, emphasizing that they are the first company to adopt this model and have pure Arab and Muslim lineage.
However, both EV Electra and its founder Jihad are quite controversial.
In 2023, EV Electra was accused of being involved in a cryptocurrency scam, using automotive manufacturing as a pretext to defraud investors. Later, Jihad responded that the software developer, Swedish businessman Anthony Norman, had been detained, convicted of multiple fraud crimes, and dismissed, with investors receiving refunds.
At the end of 2023, automotive media reported that EV Electra had used images of other manufacturers' cars on its website, presenting them as its own designs, including the Skywell ET5 SUV and a K-1 Attack kit car. All vehicles in the images were labeled with the EV Electra logo. After exposure, these concept images disappeared from the EV Electra website.
Currently, the newly established company jointly set up by HiPhi and EV Electra has a registered capital of $100 million contributed by the new Middle Eastern owner according to the shareholding ratio, with a subscription date of December 31, 2025.
On the token issuance official website of EV Electra, materials from HiPhi have been integrated, stating, 'After EV Electra acquires HiPhi, high-end electric vehicles will be elevated to a new height.'
This series of actions has also raised many questions in the industry: a controversial Middle Eastern electric vehicle company promising $1 billion to restructure HiPhi while raising $840 million through tokens; its true intentions and financial strength are worth pondering.
What is even more concerning is that the HiPhi brand and product image have been directly used for token marketing. Has this operation received approval from the Chinese company?
From automobile manufacturing to token issuance, from NASDAQ listing plans to NFT virtual equity, from promises to help Palestine to claims of pure Arab lineage, EV Electra's business model and financing strategy seem filled with uncertainty and contradictions.
We look forward to and support the rebirth of HiPhi automobiles, but we also hope that HiPhi can cautiously 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 hype cryptocurrencies.
After all, the true 'white knight' should bring funds, technology, and market, rather than empty promises and illusory token blueprints.