The Middle Eastern "white knight" acquiring HiPhi Automotive is surprisingly issuing coin for financing.

Author: Deep Tide TechFlow

Do you remember that stylish yet unfortunately bankrupt car company, Hozon Auto?

It has welcomed the white knight from the Middle East, and may be reborn.

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

According to Tianyancha, on May 22, Jiangsu Gaohe Automobile Co., Ltd. was formally established with a registered capital of 143.2665 million US dollars. The company is jointly owned by EV Electra Ltd., a Lebanese electric vehicle company, and Human Horizons, the parent company of Gaohe Automobile, with a 69.8% and 30.2% stake, respectively.

The latest environmental impact assessment report disclosed by Yancheng Economic and Technological Development Zone shows that the renovation project of the Yueda Kia No. 1 factory, which was previously a manufacturing plant for HiPhi Automotive, has been launched, with plans to produce three models: HiPhi X, Y, and 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.

The official website introduces 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 the Arab world; and operates 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 purchase of the NEVS Emily GT and Pons Robotaxi projects.

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

However, unexpectedly, the editor discovered that the electric vehicle company EV Electra 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 now 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, purchasing vehicles with the EV Electra token can enjoy a 20% discount and can be minted using EVET.

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

Open the white paper released in April 2025 to find out more; EV Electra uses a dual-token system.

EVET is a utility token, with a total amount of 1.2 billion, 28.33% private, 41.6% public, and 30% belonging to the team, aiming to raise $840 million according to the pricing of 1 EVET=1 USDT, which is not small. Its practical benefit is that you can get a 20% discount when you pay with VET.

EVEN is an ERC-721 format NFT, with a total of 12 million units, mainly used for profit sharing and governance. EV Electra promises to convert 10% of its 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, generating a profit of 1.5 billion dollars, and distributing 150 million dollars to NFT holders.

According to its development roadmap, EV Electra plans to complete the token offering and exchange listing (Q2) in the second quarter of 2025, establish a governance framework and production schedule in Q3, complete the first USDT profit distribution in 2026, and complete the target production of 500,000 electric vehicles between 2027 and 2030.

Why issue a 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 plans due to “Trump’s crazy behavior” and instead opted for a “hybrid approach” to digitize part of the company’s equity in the form of NFTs, which will carry the rights to dividends of the shares. Additionally, there are 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.

Both EV Electra and its 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, convicted of multiple fraud offenses, dismissed, and investors had received refunds.

In late 2023, automotive media 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, all of which were branded with the EV Electra logo. After being exposed, the concept images disappeared from the EV Electra website.

At present, the new company jointly established by Gaohe and EV Electra, the new owner of the Middle East has a registered capital of US$100 million on a share-based basis, with a subscription date of December 31, 2025.

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

This series of moves has also raised many questions in the industry: the real intention and financial strength of a Middle Eastern electric vehicle company with a controversial history to promise a $1 billion restructuring of Gaohe while raising $840 million through tokens is 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 received approval from Huaren Yuntong?

From car manufacturing to token issuance, from plans to list on NASDAQ to NFT virtual equity, from commitments 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 Motors, 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 especially not to let this Chinese brand become a pawn for foreign companies to speculate on cryptocurrencies.

After all, a true “white knight” should bring funds, technology, and market, rather than an empty promise on paper and an illusory token blueprint.