Article source: Deep Tide TechFlow
Do you remember that stylish yet unfortunately bankrupt Gaohe Automobile?
It has welcomed a Middle Eastern white knight, possibly to be reborn.
According to reports, a Middle Eastern electric vehicle company named EV Electra plans to invest $1 billion in Gaohe Automobile's restructuring and seeks a controlling stake.
According to Tianyancha, on May 22, Jiangsu Gaohe Automobile Co., Ltd. was officially established, with a registered capital of $143.2665 million. The company was jointly funded by Lebanese electric vehicle company EV Electra Ltd. and its parent company, Huaren Yuntong, holding 69.8% and 30.2% of the shares respectively.
The latest environmental assessment report disclosed by the Yancheng Economic Development Zone shows that the transformation project of the Yueda Kia factory, which once served as Gaohe Automobile's OEM, has been launched, planning to produce three models: Gaohe HiPhi X, Y, Z, expected to be completed in 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.
Official website introduction, the company is the first Arab-Canadian electric vehicle manufacturer to launch electric vehicles; the first electric vehicle company in the Middle East and the Arab world; has operations in Canada, Italy, Germany, Turkey, and Asia.
Notably, EV Electra has been expanding globally in recent years: acquiring a majority stake in Detroit Electric in 2021, and announcing the purchase of NEVS Emily GT and Pons Robotaxi projects in 2023.
Currently, on the homepage of EV Electra's official website, the logo of Gaohe Automobile and three models have appeared.
However, unexpectedly, the editor found that EV Electra, this electric vehicle company, is actually conducting a public token 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, 1 EVET = 1 USDT. If you don’t know how to use cryptocurrency, bank transfers are also supported for purchases.
According to its description, using EV Electra tokens to purchase vehicles can enjoy a 20% discount and can be minted using EVET.
EV Electra NFT, this NFT is equivalent to a form of virtual shares, allowing holders 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, 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, a significant ambition. The practical benefit is that using EVET for payment offers a 20% discount.
EVEN is an NFT in ERC-721 format, with a total supply of 12 million, mainly used for profit sharing and governance. EV Electra promises to convert 10% of its net profits into USDT for distribution to NFT holders.
In the white paper, EV Electra outlines a future blueprint (big pie), selling 100,000 vehicles, earning $1.5 billion in profits, 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 schedule in Q3, and complete the first USDT profit distribution in 2026, aiming to achieve a target production of 500,000 electric vehicles between 2027 and 2030.
Why issue a token?
EV Electra founder Jihad M. Mohammad posted on his personal social media that the company originally planned to list on NASDAQ, but changed plans due to 'Trump's crazy actions,' shifting to a 'hybrid approach' to digitize part of the company's equity in NFT form. These NFTs will have dividend rights, and there are plans for a reverse merger (backdoor) listing on the Hong Kong Stock Exchange.
Regarding the use of funds, Jihad candidly stated that part of the funds will be used to help Palestine, and another part will be used to create a fund, emphasizing that they are the first company to adopt this model with pure Arab and Muslim ancestry.
However, both EV Electra and founder Jihad are highly controversial.
In 2023, EV Electra was accused of being involved in a cryptocurrency scam, using automobile 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 offenses, dismissed, and investors have been refunded.
At the end of 2023, automotive media reported that EV Electra had used images of other manufacturers' vehicles on its website, displaying them as its own designs, including Skywell ET5 SUV, a K-1 Attack kit car, etc., all marked with the EV Electra logo. After being exposed, these concept images disappeared from the EV Electra website.
Currently, the new company jointly established by Gaohe and EV Electra, this new Middle Eastern boss has a registered capital of $100 million based on the share ratio, with a subscription date of December 31, 2025.
And on the EV Electra token issuance official website, Gaohe's materials have already been incorporated, stating that '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: an electric vehicle company with a controversial history, while promising $1 billion for Gaohe's restructuring, is also raising $840 million through tokens. Its true intentions and financial strength are worth pondering.
What is more concerning is that the Gaohe brand and product image have been directly used for token marketing. Has this operation received recognition from Huaren Yuntong?
From automobile manufacturing to token issuance, from plans to list on NASDAQ to NFT virtual equity, from a commitment to help Palestine to claiming pure Arab ancestry, EV Electra's business model and financing strategy seem full of uncertainty and contradictions.
We look forward to and support the rebirth of the high合 automobile, but we also hope that high合 will prudently assess the qualifications and intentions of its partners, not get lost in the fog of capital, and not let this Chinese brand become a chip for other companies to hype cryptocurrencies.
After all, the real 'white knight' should bring funding, technology, and market, not an empty promise and an ethereal token blueprint.