PANews reported on May 28 that according to TechFlow, the Middle East electric vehicle company EV Electra plans to invest $1 billion to participate in the restructuring of HiPhi Auto and seek a controlling stake. On May 22, Jiangsu HiPhi Auto was established, jointly funded by EV Electra and Human Horizons, with shareholding ratios of 69.8% and 30.2% respectively. The environmental impact assessment report of the Economic Development Zone of Yancheng City shows that the transformation project of Yueda Kia's first factory has started, and plans to produce three HiPhi models, which is expected to be completed in October this year.

EV Electra's official website has launched the ecological token EVET, 1 EVET = 1 USDT, which supports cryptocurrency and bank transfer purchases. Its white paper released in April 2025 shows that it plans to raise $840 million through tokens and adopt a dual-token system, in which EVEN is in the form of NFT, promising to distribute 10% of the net profit to holders.

It is worth noting that EV Electra was accused of stealing design images from Skywell and other car companies in 2023 and was involved in a cryptocurrency fraud dispute. Founder Jihad Mohammad said that the relevant responsible persons have been dealt with. Currently, the HiPhi brand image has been used on EV Electra's token marketing page.