As we all know, HiPhi Motors, an emerging player in the electric vehicle industry, announced a production halt in February of last year and subsequently collapsed, facing a debt crisis exceeding RMB 10 billion that desperately needed resolving.

At that critical juncture, HiPhi Motors' founder stated that there was a mere three-month window for rescue. Without new investment within this timeframe, the company would irreversibly collapse. Now, over a year has passed, and it seems all hope is lost.

However, recent rumors suggest that HiPhi Motors might be revived thanks to an investment from a prominent Middle Eastern tycoon.

The story unfolded when a new company named "Jiangsu HiPhi Motors Co., Ltd." was discovered, with a registered capital of US$143 million. The major shareholder is EV Electra Ltd. from Lebanon, holding nearly 70% of the shares. Additionally, the legal representative has been replaced by the founder of EV Electra Ltd., Lebanese Jihad Mohammad, who has always claimed to be "the first electric vehicle manufacturer in Lebanon and even the Arab world."

Simultaneously, HiPhi Motors' three car models have been featured on the homepage of EV Electra Ltd.'s official website, hinting at a deep-seated cooperation between the two parties.

On the surface, it appears that a Middle Eastern tycoon has taken a liking to HiPhi Motors, aiming to rescue it from its dire straits. However, a closer examination reveals a more nuanced scenario.

It does seem plausible that the tycoon's investment in HiPhi Motors is driven by their shared affinity for extravagant styling. HiPhi Motors' flashy and avant-garde designs, such as door projections, "wing doors," and a large central control screen matrix, resonate with the style of Middle Eastern tycoons.

But delving deeper, the situation becomes more complex. This Lebanese company, EV Electra Ltd., was established as early as 2017 and has always proclaimed a focus on electric vehicle manufacturing. However, eight years have passed, and all their cars exist merely as concepts on PPTs; none have reached mass production.

Doesn't this scenario remind you of Jia Yueting, who went to the United States with grandiose plans for car manufacturing?

Moreover, EV Electra's reputation is tarnished. Their previously released PPT cars were essentially "copied" or "rebadged," lacking original design. How can one take such a company seriously?

Interestingly, EV Electra previously announced their intention to acquire a majority stake in Detroit Electric but never followed through with any financial transfers. They simply replaced the other party's car logos with their own and began promoting the vehicles as their own, which feels even less reliable than Jia Yueting's endeavors.

At least Jia Yueting managed to produce some cars, albeit in small volumes, giving people a glimmer of hope. In contrast, EV Electra doesn't manufacture cars at all; they create gimmicks, take other people's cars, claim them as their own, and promote them, with none of their vehicles reaching mass production.

Therefore, whether EV Electra will genuinely invest to revive HiPhi Motors remains uncertain. Perhaps they are merely using HiPhi Motors to create buzz, intending to package the cool cars HiPhi Motors once launched as their own and raise funds from Middle Eastern tycoons.

We will have to wait and see what EV Electra's next move will be – whether they will continue their shell game to raise funds or finally start making cars.