Gaohe's "backed" rebirth has fallen into the mystery of tokens: The character of "white knight" of Middle East auto companies is questioned

Do you still remember that Gaohe Auto with a cool look but no choice but to go bankrupt?

It welcomed the White Knight in the Middle East and might be resurrected from the dead.

A Middle East electric vehicle company called EV Electra is reportedly planning to invest $1 billion in the restructuring of GHE Automobile and seek to hold shares.

According to Tianyan Check, on May 22, Jiangsu Gaohe Automobile Co., Ltd. was officially established with a registered capital of US$143.2665 million. The company is jointly invested by Lebanese electric vehicle company EV Electra Ltd. and China Express, the parent company of Gaohe Automobile, with 69.8% and 30.2% of the shares respectively.

The latest environmental impact assessment report disclosed by Yancheng Economic and Technological Development Zone shows that the renovation project of Yueda Kia, which was once the OEM factory of Gaohe Automobile, has been launched, and plans to produce three models, Gaohe HiPhi X, Y and Z, and is expected to be completed in October this year.

Who is this Middle East electric vehicle company?

Public information shows that EV Electra was founded in 2017 and is an electric vehicle company headquartered in Beirut, Lebanon.

According to the official website, the company is the first Arab-Canadian electric vehicle manufacturer to launch electric vehicles; the first electric vehicle company in the Middle East and Arab worlds; and has operations in Canada, Italy, Germany, Turkey and Asia.

It is worth noting that EV Electra has been expanding globally in recent years: it acquired a majority stake in Detroit electric vehicle company in 2021 and announced the purchase of NEVS Emily GT and Pons Robotaxi projects in 2023.

At present, the homepage of EV Electra's official website has shown the logo of Gaohe Auto and 3 models.

However, unexpectedly, the editor discovered that EV Electra, an electric vehicle company, is actually publicly raising tokens on the official website.

The official website shows that EV Electra has launched its eco-token EVET, which can be purchased directly by connecting to the wallet, 1 EVET=1 USDT, if you don't know how to use cryptocurrency, and even support bank transfer purchases.

According to its description, buying a vehicle with EV Electra tokens can enjoy a 20% discount and can be minted with EVET.

EV Electra NFT, this NFT is equivalent to a virtual share, and you can make profits from the company. Of course, the above is just a statement.

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

EVET is a practical token with a total of 1.2 billion pieces, 28.33% private equity, 41.6% public equity, and 30% belong to the team. According to the pricing of 1EVET=1USDT, it attempts to raise US$840 million, with great ambitions. The advantage of this is that you can get a 20% discount by paying with EVET.

EVEN is an ERC-721 format NFT with a total of 12 million units, mainly used for profit sharing and governance, and EV Electra promises to convert 10% of net profit to USDT to allocate to NFT holders.

In the white paper, EV Electra paints a blueprint for the future (big pie), selling 100,000 vehicles, earning $1.5 billion in profits, and distributing $150 million to NFT holders.

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

Why send coins?

Jihad M. Mohammad, founder of EV Electra, posted a news on his personal social media that the company originally planned to list on Nasdaq, but changed its plans due to "Trump's crazy behavior" and turned to a "mixed approach" to digitize some of the company's equity in the form of NFTs, which will own dividend rights for the shares, and plan to conduct reverse mergers and acquisitions (backdoors) listing on the Hong Kong Stock Exchange.

Regarding the use of financing, Jihad bluntly stated that part of the funds will be used to help Palestine and another part will be used to create funds, emphasizing that they are the first company to adopt the model and have purely Arab and Muslim ancestry.

But both EV Electra and founder Jihad are controversial.

In 2023, EV Electra was accused of participating in a cryptocurrency fraud that defrauded investors of funds under the guise of automobile manufacturing. Later, Jihad responded that Swedish businessman Anthony Norman, the developer of the software, had been detained, and he had been convicted of multiple counts of fraud, had been fired, and investors had received a refund.

At the end of 2023, some automotive media reported that EV Electra used car pictures from other manufacturers on its website and displayed them as its own designs, including Skywell ET5 SUV, a K-1 Attack kit car, etc. The vehicles in the picture were labeled with the EV Electra logo. After being exposed, these concept images disappeared from the EV Electra website.

Currently, the new company jointly established by GHE and EV Electra, the registered capital of the new Middle East boss based on the share ratio is US$100 million, and the subscription date is December 31, 2025.

On EVElectra 's token issuance official website, Gaohe's material has been integrated into it and wrote that "after EV Electra acquires HiPhi, it will take high-end electric vehicles to a new level."

This series of actions has also caused many questions in the industry: a Middle East electric vehicle company with a controversial history promised a $1 billion restructuring and high-company combination, while raising $840 million in funds through tokens. Its true intentions and financial strength are worth pondering.

What is even more worrying is that Gaohe brand and product image have been directly used in token marketing. Has this operation been recognized by Chinese Express?

From auto manufacturing to token issuance, from Nasdaq listing plans to NFT virtual equity, from commitments to helping Palestine to claiming authentic Arab descent, EV Electra's business model and financing strategy seem to be full of uncertainty and contradictions.

We look forward to and support the rebirth of Gaohe Auto, but we also hope that Gaohe can carefully evaluate the qualifications and intentions of its partners, and do not lose its direction in the fog of capital, and do not let this Chinese brand become a bargaining chip for other companies to speculate on cryptocurrencies.

After all, the real "White Knight" should bring capital, technology and market, rather than a short promise and an illusory token blueprint.