Jiangsu HiPhi Automobile Co., Ltd. was established

On May 22, Jiangsu HiPhi Automobile Co., Ltd. was established with a registered capital of US$143.2665 million. Human Horizons holds a 30.2% stake, and Lebanese startup EV Electra Ltd. holds a 69.8% stake. EV Electra Ltd. focuses on electric vehicle manufacturing in the Middle East. Three HiPhi models are prominently displayed on the official website of EV Electra Ltd., hinting at the cooperation between the two parties. HiPhi cars were once questioned by consumers due to quality issues, but now the prices of used cars have dropped significantly. After the establishment of the new company, it remains to be seen whether HiPhi can regain the market's trust.