From manufacturing cars to issuing tokens, from plans to go public on NASDAQ to NFT-based virtual equity, from promising to help Palestine to claiming pure Arab heritage, EV Electra's business model and funding strategy seem to be fraught with uncertainties and contradictions.

The Rise of a "White Knight"?

Remember the once-cool but now bankrupt HiPhi Motors? It seems to have found a "white knight" in the Middle East, promising a revival.

According to reports, a Middle Eastern electric vehicle company named EV Electra plans to invest $1 billion to restructure HiPhi Motors and seek a controlling stake. On May 22, Jiangsu HiPhi Motors Co., Ltd. was officially established with a registered capital of $143.27 million. The company is jointly funded by Lebanon-based EV Electra Ltd. and HiPhi's parent company, Human Horizons, with equity stakes of 69.8% and 30.2%, respectively.

The latest environmental impact assessment report from the Yancheng Economic Development Zone reveals that the retooling project of the former HiPhi Motors' factory, the Yueda Kia Plant No. 1, has already started. It plans to produce three models—HiPhi X, Y, and Z—with an expected completion date of October this year.

Who is EV Electra?

Public records indicate that EV Electra was founded in 2017 and is headquartered in Beirut, Lebanon. The company claims to be the first Arab-Canadian electric vehicle manufacturer and the first electric vehicle company in the Middle East and the Arab world. It operates in Canada, Italy, Germany, Turkey, and Asia.

Notably, EV Electra has been expanding globally in recent years. In 2021, it acquired a majority stake in Detroit Electric, and in 2023, it announced the purchase of the NEVS Emily GT and Pons Robotaxi projects. Currently, EV Electra's official website features the HiPhi Motors logo and three models.

Token Issuance and NFT Equity

Surprisingly, EV Electra is conducting a token public offering on its official website. The website shows that EV Electra has launched its ecosystem token, EVET, which can be purchased directly by connecting a wallet, with 1 EVET equal to 1 USDT. For those unfamiliar with cryptocurrency, the company even supports bank transfers for purchasing.

According to its description, using EV Electra tokens to purchase vehicles offers a 20% discount and can be used for minting EV Electra NFTs. These NFTs are described as a form of virtual equity, allowing holders to share in company profits.

Dual-Token System and Future Plans

EV Electra's white paper, released in April 2025, reveals a dual-token system. EVET is a utility token with a total supply of 1.2 billion, allocated as follows: 28.33% for private sales, 41.6% for public sales, and 30% for the team. At a valuation of 1 EVET = 1 USDT, the company aims to raise $840 million. The token offers a 20% discount on vehicle purchases.

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

The white paper outlines an ambitious future: selling 100,000 vehicles to achieve $1.5 billion in profit, with $150 million allocated to NFT holders.

Why Issue Tokens?

EV Electra's founder, Jihad M. Mohammad, stated on social media that the company originally planned to go public on NASDAQ but changed its strategy due to "Trump's erratic behavior." Instead, it adopted a "hybrid approach," digitizing part of the company's equity into NFTs with dividend rights, while also planning a reverse merger (shell company) listing on the Hong Kong Stock Exchange.

For funding purposes, Jihad openly stated that part of the funds would be used to help Palestine, and another part would be used to create a fund. He emphasized that they are the first company to adopt this model and have a pure Arab and Muslim heritage.

Controversial History

Both EV Electra and its founder, Jihad, have faced significant controversies. In 2023, EV Electra was accused of participating in a cryptocurrency scam, using car manufacturing as a cover to defraud investors. Later, Jihad responded by stating that the software developer, Swedish businessman Anthony Norman, had been detained, convicted of multiple fraud charges, and dismissed from the company, with investors receiving refunds.

At the end of 2023, automotive media reported that EV Electra 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. After the exposure, these concept images disappeared from EV Electra's website.

Questions and Concerns

The recent actions have raised many questions within the industry: A Middle Eastern electric vehicle company with a controversial history is promising to restructure HiPhi with $1 billion while simultaneously raising $840 million through token issuance. The true intentions and financial strength of the company are worth considering.

More worrisome is the direct use of the HiPhi brand and product images for token marketing. It is unclear whether this move has been approved by Human Horizons.

Conclusion

We support the revival of HiPhi Motors, but we also hope that HiPhi will carefully assess the qualifications and intentions of its partners. It is essential not to lose direction in the fog of capital and avoid becoming a pawn for foreign companies to speculate on cryptocurrency. After all, a true "white knight" should bring funding, technology, and market access, not empty promises and illusory token blueprints.

From manufacturing cars to issuing tokens, from plans to go public on NASDAQ to NFT-based virtual equity, from promising to help Palestine to claiming pure Arab heritage, EV Electra's business model and funding strategy seem to be fraught with uncertainties and contradictions.

The Rise of a "White Knight"?

Remember the once-cool but now bankrupt HiPhi Motors? It seems to have found a "white knight" in the Middle East, promising a revival.

According to reports, a Middle Eastern electric vehicle company named EV Electra plans to invest $1 billion to restructure HiPhi Motors and seek a controlling stake. On May 22, Jiangsu HiPhi Motors Co., Ltd. was officially established with a registered capital of $143.27 million. The company is jointly funded by Lebanon-based EV Electra Ltd. and HiPhi's parent company, Human Horizons, with equity stakes of 69.8% and 30.2%, respectively.

The latest environmental impact assessment report from the Yancheng Economic Development Zone reveals that the retooling project of the former HiPhi Motors' factory, the Yueda Kia Plant No. 1, has already started. It plans to produce three models—HiPhi X, Y, and Z—with an expected completion date of October this year.

Who is EV Electra?

Public records indicate that EV Electra was founded in 2017 and is headquartered in Beirut, Lebanon. The company claims to be the first Arab-Canadian electric vehicle manufacturer and the first electric vehicle company in the Middle East and the Arab world. It operates in Canada, Italy, Germany, Turkey, and Asia.

Notably, EV Electra has been expanding globally in recent years. In 2021, it acquired a majority stake in Detroit Electric, and in 2023, it announced the purchase of the NEVS Emily GT and Pons Robotaxi projects. Currently, EV Electra's official website features the HiPhi Motors logo and three models.

Token Issuance and NFT Equity

Surprisingly, EV Electra is conducting a token public offering on its official website. The website shows that EV Electra has launched its ecosystem token, EVET, which can be purchased directly by connecting a wallet, with 1 EVET equal to 1 USDT. For those unfamiliar with cryptocurrency, the company even supports bank transfers for purchasing.

According to its description, using EV Electra tokens to purchase vehicles offers a 20% discount and can be used for minting EV Electra NFTs. These NFTs are described as a form of virtual equity, allowing holders to share in company profits.

Dual-Token System and Future Plans

EV Electra's white paper, released in April 2025, reveals a dual-token system. EVET is a utility token with a total supply of 1.2 billion, allocated as follows: 28.33% for private sales, 41.6% for public sales, and 30% for the team. At a valuation of 1 EVET = 1 USDT, the company aims to raise $840 million. The token offers a 20% discount on vehicle purchases.

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

The white paper outlines an ambitious future: selling 100,000 vehicles to achieve $1.5 billion in profit, with $150 million allocated to NFT holders.

Why Issue Tokens?

EV Electra's founder, Jihad M. Mohammad, stated on social media that the company originally planned to go public on NASDAQ but changed its strategy due to "Trump's erratic behavior." Instead, it adopted a "hybrid approach," digitizing part of the company's equity into NFTs with dividend rights, while also planning a reverse merger (shell company) listing on the Hong Kong Stock Exchange.

For funding purposes, Jihad openly stated that part of the funds would be used to help Palestine, and another part would be used to create a fund. He emphasized that they are the first company to adopt this model and have a pure Arab and Muslim heritage.

Controversial History

Both EV Electra and its founder, Jihad, have faced significant controversies. In 2023, EV Electra was accused of participating in a cryptocurrency scam, using car manufacturing as a cover to defraud investors. Later, Jihad responded by stating that the software developer, Swedish businessman Anthony Norman, had been detained, convicted of multiple fraud charges, and dismissed from the company, with investors receiving refunds.

At the end of 2023, automotive media reported that EV Electra 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. After the exposure, these concept images disappeared from EV Electra's website.

Questions and Concerns

The recent actions have raised many questions within the industry: A Middle Eastern electric vehicle company with a controversial history is promising to restructure HiPhi with $1 billion while simultaneously raising $840 million through token issuance. The true intentions and financial strength of the company are worth considering.

More worrisome is the direct use of the HiPhi brand and product images for token marketing. It is unclear whether this move has been approved by Human Horizons.

Conclusion

We support the revival of HiPhi Motors, but we also hope that HiPhi will carefully assess the qualifications and intentions of its partners. It is essential not to lose direction in the fog of capital and avoid becoming a pawn for foreign companies to speculate on cryptocurrency. After all, a true "white knight" should bring funding, technology, and market access, not empty promises and illusory token blueprints.