Can a new like - minded partner save VOYAH?
VOYAH, a high - end intelligent electric vehicle brand under Dongfeng Motor Group, is caught in a "polarized" development dilemma.
On the one hand, the VOYAH FREE+, officially launched on July 12, achieved an impressive result of 4,273 units in just 18 days, firmly ranking among the top three in the mid - to large - sized new energy SUV market priced between 200,000 and 300,000 yuan. In the first week of August (from August 4th to 10th), it even won the title of "the best - selling Chinese - branded vehicle under 300,000 yuan" with a sales volume of 1,020 units. On the other hand, the sales volume of the VOYAH Zhiyin in July was only 485 units, and the cumulative sales volume in the first seven months of 2025 was 7,545 units, ranking 47th among new energy SUVs.
This polarized sales performance reflects that VOYAH has yet to break the "one - legged" situation, and also reveals the deep - seated dilemma it faces - an over - reliance on a single popular model for development will ultimately make it difficult for the brand to truly break through.
01 Can the New Zhiyin Turn the Tide?
On August 13th, the pre - sale of the new VOYAH Zhiyin officially started, with a pre - sale price starting from 220,000 yuan. It is expected to be officially launched at the end of August.
The VOYAH Zhiyin is positioned as a high - end pure - electric mid - sized SUV and is the fourth model under the VOYAH brand. With a price range of 196,900 - 236,900 yuan, it was officially launched in October 2024. At the beginning of its launch, the VOYAH Zhiyin received an unprecedentedly enthusiastic market response, receiving 8,126 orders within just 24 hours after the press conference. It was once regarded by VOYAH as "the second popular model".
However, the glorious moment for the VOYAH Zhiyin did not last long. In November and December 2024, its sales volumes were 1,347 units and 1,078 units respectively. In January 2025, its sales volume directly dropped to 656 units, then briefly recovered to 2,436 units in February, and then started to decline all the way. From March to July, the sales volumes of the VOYAH Zhiyin were 1,322 units, 697 units, 1,282 units, 667 units, and 485 units respectively. This sales performance means that the model, which was highly anticipated by VOYAH, has been losing ground in the brutal market competition.
In VOYAH's promotion, the VOYAH Zhiyin has many highlights. For example, it is based on the full - domain 800V high - voltage silicon carbide platform, and some models are equipped with 5C ultra - fast charging technology, with a maximum CLTC range of up to 901 km. The VOYAH Zhiyin is also the first SUV model under the VOYAH brand to be equipped with the VOYAH Xiaoyao cockpit, and its NOA high - speed navigation assistance system can cover most daily driving scenarios.
However, the market feedback is the opposite of VOYAH's promotion. In particular, the actual range is only 600 - 700 km, a reduction of up to 30% compared to the 901 km. Moreover, the VOYAH Zhiyin only supports the high - speed NOA function, while the Leapmotor L60 and XPENG G6 have achieved full - scene coverage on urban roads. In addition, the so - called "Starry Companion Aesthetics" design of the VOYAH Zhiyin, which the brand is proud of, is generally considered by the outside world as "too radical in appearance and lacking the stability of a family SUV". It can be seen that behind the collapse of the VOYAH Zhiyin's sales, there are actually serious flaws in product strength.
The VOYAH Zhiyin is the first family - oriented pure - electric SUV jointly developed by VOYAH and Huawei. VOYAH CEO Lu Fang named the Zhiyin, the Dreamer, and the FREE+ as the "Three - Horse Carriage", hoping it could bring new growth space. However, at present, it seems that the VOYAH Zhiyin is unlikely to replicate the success of the Dreamer and the FREE+ and may instead become a major "weakness" in VOYAH's product matrix.
To reverse the decline, VOYAH upgraded the VOYAH Zhiyin. In July 2025, the new VOYAH Zhiyin was officially unveiled.
It is reported that the new VOYAH Zhiyin is standard - equipped with Huawei's Qiankun Intelligent Driving ADS 4 and Harmony Space 5 cockpit across the whole series. The 800V high - voltage silicon carbide platform it is equipped with supports 5C ultra - fast charging technology, and the CATL 79 kWh battery pack can achieve a CLTC range of 650 km. In addition, the new VOYAH Zhiyin features the concept of "super space", with a space utilization rate of up to 90.8%. Its seats are designed based on the NASA space capsule standard, aiming to create a "mobile sleeping cabin".
After 13 months of joint debugging, VOYAH and Huawei have upgraded the new VOYAH Zhiyin in five core areas: intelligent driving, intelligent cockpit, intelligent chassis, electric drive system, and cockpit comfort. More than a hundred improvements have been made to Huawei - related functions alone.
However, the new VOYAH Zhiyin still faces significant challenges. On the one hand, the market for pure - electric SUVs in the 200,000 - 250,000 yuan range is extremely competitive. Compared with competitors such as the XPENG G7 and Avatr 07, the new VOYAH Zhiyin does not show obvious advantages in core indicators such as price, size, and range. On the other hand, the pre - sale price of the new VOYAH Zhiyin starts from 220,000 yuan, which is similar to the price range of the mid - to large - sized extended - range SUV VOYAH FREE+ (219,900 - 279,900 yuan), resulting in obvious price overlap between the two models, which may lead to internal resource consumption and potential customer diversion.
For the new VOYAH Zhiyin to gain a foothold in the highly competitive mainstream market, it still needs to make breakthroughs in deepening brand awareness, optimizing user experience, and creating product differentiation. Otherwise, it will not only be difficult to break the deadlock but also impossible to reverse the current decline.
02 Over - Reliance on a Single Model for Sales
In July 2025, VOYAH's sales volume was 12,135 units, a year - on - year increase of 102%. The cumulative sales volume in the first seven months of 2025 was 68,263 units, a year - on - year increase of 88%. Among them, the sales volume of the VOYAH Dreamer in July was 7,262 units, accounting for 59.84%. The cumulative sales volume in the first seven months of 2025 was 44,319 units, accounting for as high as 64.92%. Although VOYAH's sales growth is remarkable, more than 60% of the sales are contributed by the VOYAH Dreamer, indicating VOYAH's high degree of reliance on a single model.
In April 2022, the second model under the VOYAH brand, the VOYAH Dreamer, was officially released and pre - sales began. Compared with traditional MPVs, the VOYAH Dreamer is a new energy MPV, positioned as a high - end mid - to large - sized MPV. It is equipped with the ESSA native high - end intelligent electric architecture and has many intelligent capabilities.
When VOYAH entered the MPV market, consumers could only choose traditional MPV models such as the Toyota Odyssey and the SAIC - GM Buick GL8. There were not many new energy MPV models, and the market competition was not fierce. As consumers' demand for high - end new energy MPVs has become increasingly strong, the VOYAH Dreamer has precisely met consumers' needs with its high riding comfort, rich intelligent configurations, and excellent chassis performance.
Since then, the new energy MPV market has continued to boom. According to data from the China Association of Automobile Manufacturers, in the first half of 2025, the penetration rate of new energy MPVs has exceeded 35%, of which plug - in hybrid models account for more than 60%. It is expected that new energy MPVs will continue to maintain strong growth in the next few years.
The market performance of the VOYAH Dreamer is remarkable. In the high - end new energy MPV market priced above 350,000 yuan, one out of every three vehicles sold is a VOYAH Dreamer. However, over - reliance on the VOYAH Dreamer has become a shackle for VOYAH, causing it to be trapped in the comfort zone of high - end MPVs and unable to achieve a breakthrough.
In the increasingly competitive new energy vehicle market, VOYAH's advantages are still mainly concentrated in the MPV market, lacking competitiveness in the SUV and sedan markets. This means that VOYAH's product line is unbalanced, resulting in a weakened ability to resist risks.
As competitors such as BYD, Denza, XPENG, and Li Auto have successively entered the MPV market, the competitive pressure on the VOYAH Dreamer is increasing. Once the sales volume of the VOYAH Dreamer fluctuates due to factors such as intensified competition from rivals, changes in market demand, or product - related issues, it will have a huge impact on VOYAH's sales and performance. In addition, the unbalanced product line makes it easy for VOYAH to be tied to a single model, making it difficult to shape a comprehensive and diverse brand image, which is not conducive to its expansion in different market segments.
The limited sales growth is a challenge that VOYAH cannot ignore. According to data from the China Passenger Car Association, in the first half of 2025, the cumulative retail sales volume of the national passenger car market was 10.901 million units, while the cumulative sales volume of the MPV market was about 501,000 units, accounting for only 4.6%. The market size is relatively small. This means that the MPV market is still a niche market with limited growth space. Even if the VOYAH Dreamer can maintain a relatively high sales volume, it will be difficult to support VOYAH's long - term development.
VOYAH has clearly realized the seriousness of the problem and is trying to break through in multiple dimensions. For example, it spent 723 million yuan to acquire Dongfeng Motor's Wuhan Yunfeng Automobile Factory for capacity expansion; it launched the VOYAH FREE+ and the new VOYAH Zhiyin with high - profile, aiming to create a "double - hit" product matrix; it sponsored sports events and created a lively atmosphere for new car launches to enhance brand awareness.
However, it is still unknown whether these measures can precisely address the core challenges that VOYAH is currently facing and provide effective support for its breakthrough.
03 Dongfeng Motor Group Injects 1 Billion Yuan in Capital
On July 16th, Dongfeng Motor Group issued an announcement stating that the company, Dongfeng Asset Management, VOYAH, and other existing shareholders signed a capital increase agreement. Specifically, Dongfeng Asset Management will invest 1 billion yuan in VOYAH to subscribe for approximately 94.9668 million yuan of VOYAH's registered capital.
Source: Dongfeng Motor Group's announcement
In the announcement, Dongfeng Motor Group explained that VOYAH needs to increase investment to improve its R & D, brand, and marketing capabilities. VOYAH is at a critical stage of turning its annual operating performance from loss to profit, and the 1 - billion - yuan capital injection will help it accelerate the achievement of its annual operating goals.
According to data disclosed by Dongfeng Motor Group, VOYAH is on the verge of turning a profit. In 2023, VOYAH had a pre - tax net loss of 1.98 billion yuan and a post - tax net loss of 1.472 billion yuan. By 2024, its pre - tax net loss had narrowed to 243 million yuan, and the post - tax net loss had also narrowed to 18 million yuan, just one step away from achieving an annual profit.
If VOYAH can achieve profitability in 2025, it will not only set a precedent for the profitability of new energy brands under state - owned automobile enterprises but also be expected to become the third domestic new - energy vehicle startup brand to turn a profit after Li Auto and SERES.
Sales volume is the basis for achieving an annual profit. VOYAH has set its sales target for 2025 at 200,000 units. However, as of July 2025, VOYAH has only completed 34.1% of the sales target, which means that in the next five months, its average monthly sales volume needs to reach more than 26,000 units, which is no small pressure.
Therefore, the VOYAH FREE+ and the new VOYAH Zhiyin shoulder the heavy responsibility of helping VOYAH reach the 200,000 - unit sales target. Currently, the VOYAH Dreamer is leading in sales, the VOYAH FREE+ shows a "dark - horse" potential, while the market performance of the new VOYAH Zhiyin and upcoming new models is still unknown. Whether VOYAH can break the "one - legged" situation and achieve annual profitability with this product matrix still faces significant pressure and many uncertainties.
This article is from the WeChat official account "DoNews" (ID: ilovedonews), author: Zhang Yu, published by 36Kr with permission.