Middle Eastern electric vehicle company EV Electra has announced a bold $1 billion investment plan to participate in the restructuring of HiPhi Auto.
HiPhi Auto was once a promising Chinese EV brand known for its futuristic designs before it went bankrupt.
The plan includes securing a controlling 69.8% stake in the newly formed Jiangsu HiPhi Automobile Co., Ltd., with the remaining 30.2% held by Human Horizons, HiPhi’s original parent company.
According to Chinese business registry Tianyancha, the company was officially established on May 22, 2025.
The ambitious initiative marks a potential revival for HiPhi, with EV Electra poised to take the reins and bring the HiPhi X, Y, and Z models back into production.
This ought to operate at a renovated facility formerly operated by Yueda Kia, expected to be operational by October this year.
Token Launch Aligns with Expansion Strategy, Targets Q2 2025 Exchange Listing
Alongside its automotive investment, EV Electra is actively launching its own ecological token, EVET, on its official website.
The token can be purchased using cryptocurrency wallets or even traditional bank transfers, offering accessibility to a wide range of investors.
Each EVET is pegged at a rate of 1 USDT, and the company has outlined plans to complete the token issuance and list it on exchanges by Q2 of 2025.
Furthermore, EV Electra aims to distribute its first USDT-based profits to EVET holders in 2026, presenting it as a long-term ecosystem investment.
The move aligns with the company’s broader strategy of integrating finance and automotive technology as it seeks to grow its footprint in the global electric mobility market.
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EV Electra Crypto Scam Allegations Amid Ambitious Business Moves
Despite its global expansion and bold ambitions, EV Electra’s reputation has come under scrutiny due to legal allegations.
Reports have surfaced accusing them of participating in a cryptocurrency scam that allegedly used EV Electra’s car manufacturing narrative as a façade to misappropriate investor funds.
These allegations cast a shadow over the company’s ongoing operations, especially as it embarks on a high-profile token sale and automotive acquisition.
While no official verdict has been reached, the controversy has sparked concern among potential investors and industry observers about the transparency and credibility of EV Electra’s management.
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Global Ambitions and Strategic Acquisitions Position EV Electra as a Rising EV Player
Founded in 2017 and headquartered in Beirut, Lebanon, EV Electra brands itself as the first Arab-Canadian electric car manufacturer and the pioneer of EV production in the Middle East.
Over the years, the company has extended its operations to Canada, Italy, Germany, Turkey, and parts of Asia.
Its acquisition of the Detroit Electric Vehicle Company in 2021, along with the 2023 purchase of NEVS’ Emily GT and Pons Robotaxi projects, demonstrate a pattern of aggressive global expansion.
The presence of HiPhi branding and vehicle models on EV Electra’s website suggests that it is fully integrating the Chinese brand into its portfolio.
However, as the company balances rapid growth with legal challenges and a public token campaign, its future will depend on its ability to maintain investor trust and deliver on both its automotive and financial promises.
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