(Yicai) May 23 -- Troubled Chinese electric vehicle maker HiPhi has found an unexpected new life and is preparing to restart business after more than a year, thanks to an investment from a Lebanese EV startup.

Jiangsu HiPhi Automobile, a joint venture between HiPhi's owner Human Horizons Technology and Khalde-based EV Electra, was registered in Yancheng, China's Jiangsu province, yesterday, according to corporate data platform Tianyancha. The new firm has a registered capital of more than USD143 million.

EV Electra holds a 69.8 percent stake in the JV, while Human Horizons owns the rest. Jihad Mohammad, founder and chief executive of the Lebanese firm, will serve as legal representative.

EV Electra, Lebanon's first independent EV maker and a pioneer in the Middle East, has already displayed HiPhi's three main models -- the X, the Y, and the Z -- on its website. The firm has been expanding overseas, with branches in Canada, Italy, Germany, Turkey, and Sweden.

In February last year, Human Horizons said that HiPhi would suspend production for at least six months due to its distressed capital chain. The parent firm faced severe financial difficulties early last year and began bankruptcy reorganization in August.

As of Aug. 31, the consolidated assets of Human Horizons' 52 companies stood at just under CNY6 billion (USD833 million), while its liabilities topped CNY15.8 billion (USD2.2 billion).

EV Electra has bought a prestigious Chinese EV brand once dubbed the "Maybach of EVs," several international media outlets recently reported. The acquisition has enhanced EV Electra's technological capabilities and expanded its presence in new global markets, the firm was cited as saying.

In addition, EV Electra is reportedly planning to buy an iconic Italian car factory to boost its production capacity and strengthen its European market presence.

Editor: Martin Kadiev