- An investor from Lebanon has invested in HiPhi and the countdown is on for the brand's work resumption, according to local media.
- HiPhi's factory will produce the original models, and its annual capacity will remain at 150,000 units.
Chinese electric vehicle (EV) brand HiPhi, which has been on hiatus for more than a year, has reportedly changed owner and started preparing for a resumption of work.
An investor from Lebanon has invested in HiPhi, and the countdown is on for the brand's resumption, local media outlet 21jingji said in a report citing multiple independent sources.
HiPhi's factory in Yancheng, Jiangsu province, has launched an environmental assessment to prepare for the resumption of work, the sources said.
The plant will produce the original models and its annual capacity will remain 150,000 units, according to the report.
HiPhi is refunding customers who previously paid deposits for cars but did not receive delivery, and is recalling former employees, according to the report.
Returning employees will need to accept a pay cut and are expected to be paid about 20 percent less than they were previously, the report said.
A new entity, Jiangsu HiPhi Co Ltd, was established today with a registered capital of about $143 million and legal representative Jihad Mohammad, 21jingji said, citing information from data provider Tianyancha.
The company is 69.8 percent owned by EV Electra Ltd and 30.2 percent by HiPhi's parent company Human Horizons, according to the report. EV Electra will contribute $100 million, the report said.
Three of HiPhi's models have appeared on the front page of EV Electra's website.
EV Electra is a Lebanese company founded in 2017 by Lebanese businessman Jihad Mohammad.
The company describes itself on its website as the first electric vehicle (EV) manufacturer in Lebanon and the Arab world, and had planned to produce 10,000 units per year.
EV Electra had sparked controversy over alleged cryptocurrency scams and vehicle design theft, 21jingji's report noted.
HiPhi was founded in 2017, targeting China's high-end EV market of RMB 500,000 ($69,390) to RMB 800,000.
On February 18, 2024 -- the first working day after China's 2024 New Year holiday -- instead of celebrating the start of work like other car companies, HiPhi announced a six-month shutdown.
After that, the company laid off most of its employees and failed to find new financing.
($1 = RMB 7.2062)
