Voyah, the new energy vehicle (NEV) brand under Dongfeng Motor, has secured significant credit lines worth RMB 15 billion yuan ($2.1 billion) from six local banks. This financial boost positions Voyah for future expansion and development.
A signing ceremony was held by Voyah to commemorate the partnership with six prominent banks, namely the Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, China CITIC Bank, and China Merchants Bank. This collaboration will enable Voyah to enhance its product development and marketing efforts, leading to the launch of high-quality vehicles, as stated by the company’s CEO, Lu Fang, in a press release.
After successfully completing its Series A financing, Voyah plans to embark on its Series B fundraising phase, as confirmed by Shen Jun, the Chief Financial Officer of Voyah, in an interview with Shanghai Securities News. Moreover, the company has aspirations for an initial public offering, with over 300 core employees expected to hold shares, according to Shen.
Introduced by Dongfeng Motor in late 2020, Voyah made its debut with its first model, the Voyah FREE. This electric vehicle (EV) became available for purchase in China in June 2021, offering both an extended-range electric vehicle (EREV) version and an all-electric version. The current starting prices for these models are RMB 333,600 and RMB 393,600, respectively.
Following the Voyah FREE, the company launched its second model, the Dreamer MPV, on May 7, 2022, with a starting price of RMB 369,900. In November 2022, Voyah successfully concluded its Series A financing round, raising nearly RMB 5 billion and garnering a valuation of approximately RMB 30 billion.
Continuing its product lineup expansion, Voyah unveiled the Zhuiguang sedan on April 18 of this year, coinciding with the first day of the Shanghai Auto Show. The sedan offers three different versions, with a starting price of RMB 322,900.
Despite moderate sales performance in the past two years, Voyah managed to sell 3,003 vehicles in May, bringing their cumulative January-to-May sales to 12,024 units. With the infusion of credit lines and strategic plans for future growth, Voyah aims to strengthen its position in the NEV market and elevate its sales figures.