With annual sales of 150,000 vehicles and in-depth cooperation with Huawei Inview, can VOYAH break through with the help of Huawei?

Image source: Duge

On January 13th, Dongfeng Motor Group issued an announcement stating that the proposal of Dongfeng Motor Group (Wuhan) Investment Co., Ltd. to privatize Dongfeng Group Co., Ltd. through absorption and merger, distribute VOYAH shares by Dongfeng Group Co., Ltd., and revoke the listing status of Dongfeng Group Co., Ltd. has obtained the approval, filing, or registration from the National Development and Reform Commission, the Ministry of Commerce, and the State Administration of Foreign Exchange, as well as other applicable government approvals related to the merger. At the same time, VOYAH has obtained the necessary approvals from VOYAH equity holders or (after the completion of the restructuring of VOYAH Company) share holders for the distribution and introduction listing.

This means that VOYAH is one step closer to going public.

In August 2025, Dongfeng Group Co., Ltd. issued an announcement stating that its subsidiary, VOYAH, would be listed on the Hong Kong Stock Exchange through an introduction listing, and Dongfeng Group Co., Ltd. would complete its privatization and delisting simultaneously. In September, VOYAH Automotive Technology Co., Ltd. completed its industrial and commercial change and was officially renamed "VOYAH Automotive Technology Co., Ltd. (Stock Company)". In the following month, VOYAH submitted its prospectus to the Hong Kong Stock Exchange.

In 2025, VOYAH delivered a cumulative total of 150,200 vehicles, a year-on-year increase of 87%, becoming the first high - end new energy brand of a central state - owned enterprise in China to reach a production and sales scale of 300,000 vehicles. Can VOYAH achieve better development?

Becomes the Growth Pole of Dongfeng's New Energy Business

According to the production and sales bulletin of Dongfeng Group Co., Ltd., its sales volume in 2025 was 1.8962 million vehicles, a year - on - year increase of 0.01%. Among them, the sales volume of new energy vehicles was 562,800 vehicles, a year - on - year increase of 42.62%. Obviously, new energy vehicles have become the driving force for the sales growth of Dongfeng Group Co., Ltd.

Looking at the sales volume of major passenger car sub - brands, in 2025, the sales volume of Yipai Technology was 274,600 vehicles, a year - on - year increase of 28.68%; the sales volume of VOYAH was 150,200 vehicles, a year - on - year increase of 87.44%; the sales volume of Mengshi Technology was 10,200 vehicles, a year - on - year increase of 386.63%; the sales volume of Dongfeng Nissan (including Dongfeng Infiniti and Venucia) was 600,000 vehicles, a year - on - year decrease of 4.94%; the sales volume of Dongfeng Honda was 326,000 vehicles, a year - on - year decrease of 23.92%.

From this perspective, VOYAH has become an important sales growth pole for Dongfeng Group Co., Ltd. and a representative of Dongfeng Group's achievements in the transformation to new energy.

In July 2025, Dongfeng Group Co., Ltd. issued an announcement stating that the company, Dongfeng Asset Management, VOYAH, and other existing shareholders signed a capital increase agreement. Dongfeng Asset Management subscribed for approximately 94.9668 million yuan of VOYAH's registered capital at a cost of 1 billion yuan. After the completion of the capital increase, Dongfeng Group Co., Ltd., Dongfeng Asset Management, and other shareholders will hold approximately 79.69%, 3.30%, and 17.01% of VOYAH's equity respectively.

The announcement at that time stated that VOYAH needed to increase investment to improve its R & D, brand, and marketing capabilities. This capital injection is crucial to support the business development of Dongfeng Group Co., Ltd.

In terms of performance, from 2022 to 2024, VOYAH's revenues were 6.052 billion yuan, 12.749 billion yuan, and 19.361 billion yuan respectively, with a compound annual growth rate of 78.9%. In the first seven months of 2025, the revenue was 15.782 billion yuan, a year - on - year increase of 90.2%. The net loss gradually narrowed, being 1.538 billion yuan, 1.496 billion yuan, and 90.5 million yuan respectively. By the first seven months of 2025, it achieved profitability, with a net profit of 434 million yuan. At the same time, the gross profit margin increased from 8.3% in 2022 to 21.3% in the first seven months of 2025.

It is worth mentioning that VOYAH's profitability is partly due to substantial government subsidies. The prospectus shows that in the first seven months of 2025, VOYAH received government subsidies related to revenue of up to 602 million yuan.

In the prospectus, VOYAH stated that against the backdrop of the rapid development of the global new energy vehicle market, going public can expand financing channels, enhance brand influence, expand overseas business layout, and further improve corporate governance.

Now, the privatization of Dongfeng Group Co., Ltd. has been approved by government departments, and VOYAH is one step closer to going public.

Strengthen Cooperation with Huawei

VOYAH positions itself as a high - end new energy vehicle brand, integrating Dongfeng's decades - long vehicle manufacturing technology and advantageous resources. However, its sales volume has never been satisfactory.

Data shows that in June 2021, VOYAH's first mass - produced model, the VOYAH FREE, was launched, positioning as a performance - level intelligent electric SUV. In May 2022, the large - scale high - end electric MPV, the VOYAH Dreamer, was launched. In April 2023, VOYAH launched its first sedan, the VOYAH Zhuiguang. In October 2024, the mid - size SUV, the VOYAH Zhiyin, was launched.

It is worth mentioning that in January 2024, Huawei and VOYAH officially announced the signing of a strategic cooperation agreement. VOYAH stated that the two sides will jointly create an ultimate intelligent travel experience based on their respective advantages in different fields and around user needs, and conduct innovative explorations in multiple fields through the cooperative models. The first product resulting from this cooperation is the VOYAH Zhiyin, which is also Huawei's first household pure - electric SUV.

From 2022 to 2024, VOYAH's sales volumes were 19,400 vehicles, 50,300 vehicles, and 80,100 vehicles respectively. Although the sales volume gradually increased, its monthly sales volume still did not exceed 10,000 vehicles in 2024.

Looking at specific models, during the same period, the sales volumes of the VOYAH Dreamer series were 7,551 vehicles, 26,500 vehicles, and 46,700 vehicles respectively; the sales volumes of the FREE series were 11,800 vehicles, 18,800 vehicles, and 23,200 vehicles respectively. The sales volumes of the Zhuiguang series in 2023 and 2024 were 4,965 vehicles and 4,977 vehicles respectively. The sales volume of the Zhiyin series in 2024 was 5,246 vehicles.

Obviously, the VOYAH Dreamer and the VOYAH FREE are the sales pillars of VOYAH, and the former contributes about 50% of VOYAH's sales volume. The VOYAH Zhiyin, a product of the cooperation between VOYAH and Huawei, did not have outstanding performance.

However, in 2025, VOYAH still chose to further strengthen cooperation with Huawei. In February 2025, Lu Fang, the CEO of VOYAH, said in a live broadcast that VOYAH will go all - in on intelligentization. All product categories will be equipped with Huawei's Qiankun Intelligent Driving solution, covering MPVs, SUVs, and sedans, and this will be fully realized within 2025.

In 2025, all - category models launched by VOYAH, such as the VOYAH FREE+, the 2026 VOYAH Dreamer, the VOYAH Taishan, and the VOYAH Zhuiguang L, were equipped with Huawei's Qiankun Intelligent Driving and HarmonyOS cockpit. With the support of Huawei, VOYAH's sales volume further increased. In 2025, VOYAH delivered a cumulative total of 150,200 vehicles throughout the year, a year - on - year increase of 87%. The monthly average sales volume exceeded 10,000 vehicles for the first time, making it the first high - end new energy brand of a central state - owned enterprise in China to reach a production and sales scale of 300,000 vehicles. At the same time, the VOYAH Dreamer had an annual delivery volume of 80,200 vehicles, still contributing more than 50% of VOYAH's sales volume.

On January 12, 2026, VOYAH Automotive Technology Co., Ltd. (Stock Company) and Shenzhen YInwang Intelligent Technology Co., Ltd., a subsidiary of Huawei Technologies Co., Ltd., signed a deep - level strategic cooperation agreement to deepen strategic cooperation in areas such as joint development of intelligent driving and intelligent cockpits and joint operation of To C software.

According to the agreement, the two sides will establish a joint To C software operation team to achieve full - value - chain cooperation from product planning to user operation, accelerate the marketization process of software services, jointly bring more useful, interesting, and intelligent software services to users, and enhance users' intelligent experience. In addition, the two sides will also deepen cooperation at the levels of marketing promotion and brand standardization to jointly promote automobile sales and expand the market scale.

Obviously, in the new year, VOYAH will continue to strengthen cooperation with Huawei.

With the approval of its parent company's privatization and the steady progress of its listing on the Hong Kong Stock Exchange, VOYAH is at a critical juncture for a new round of development. From the rapid growth of sales volume and the gradual improvement of profitability to the deep - binding cooperation with Huawei, VOYAH has started to develop steadily. However, market competition is becoming increasingly fierce. Whether VOYAH can truly break through depends not only on the support of the capital market but also on its ability to continuously improve product competitiveness.

This article is from the WeChat official account "Visibility in the Automotive Circle", author: Wei He, published by 36Kr with authorization.