HiPhi and EV Electra's strategic investment plans stalled

It is reported that HiPhi's strategic investment plan with Canadian electric vehicle company EV Electra has stalled. EV Electra has not paid any funds, including the cooperation deposit negotiated by both parties, leading to a deadlock in the negotiations. According to the previous agreement, EV Electra needs to pay $600 million, but its founder Jihad Mohammad said that more than 51% of creditors signing the "Letter of Support" is a prerequisite for the first payment of funds.