Voyah, the premium new energy vehicle subsidiary of Dongfeng Motor, increased revenue and deliveries in the first half of 2026, but higher raw-material costs and intensifying competition pushed the company into a net loss. Revenue rose 42.4% year-on-year to 18.16 billion yuan ($2.68 billion), while deliveries increased 35.9% to 76,264 vehicles.
The company reported a net loss attributable to shareholders of 389 million yuan, compared with a net profit of 460 million yuan in the first half of 2025.
Higher Costs Pressure Profitability
Voyah’s gross profit increased 17.7% year-on-year to 3.22 billion yuan, substantially slower than revenue growth.
Gross margin declined to 17.7%, compared with approximately 21.4% a year earlier, a reduction of around 3.7 percentage points.
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Voyah attributed the decline in profitability partly to higher prices for raw materials including lithium carbonate and memory chips. The company also cited intensifying competition and weaker conditions in the end market as factors making it more difficult to improve its cost structure.
Operating cash flow remained positive, with net cash generated from operating activities increasing 15.29% to 208 million yuan.
Basic and diluted losses per share were both 0.11 yuan, compared with earnings per share a year earlier.
Premium Models Expand Product Lineup
Voyah continued to expand its higher-end product portfolio during the first half of the year.
The company launched the Voyah Dream Champion Edition and Voyah Taishan X8, while deliveries of the Voyah Taishan Ultra also began.
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These vehicles primarily target the 300,000-yuan to 500,000-yuan market. Voyah is using higher-value models to improve its product mix, although increased material costs have limited the impact of those products on profitability.
Sales and Charging Network Grows
Voyah expanded its domestic sales and service network during the first half.
By the end of June, the company had 509 sales outlets covering 170 Chinese cities. Its network also included 138 branded ultra-fast charging stations across 32 cities.
The expansion is intended to support the company’s growing vehicle lineup and increase access to sales, service and charging infrastructure.
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International markets are becoming another growth area for Voyah.
By the end of June, the brand had entered 40 countries and regions and established more than 240 overseas sales outlets.
Dongfeng signed a non-binding memorandum of understanding with Stellantis in May to explore the establishment of a European joint venture for selling Voyah electric vehicles.
Voyah also entered Saudi Arabia in June, opening showrooms in Riyadh and Jeddah.
New Models Planned for Second Half
Voyah is continuing its product expansion in the second half of 2026. The Voyah Passion S launched on August 15, while the Voyah Dream 9, aimed at the 500,000-yuan segment, is scheduled to debut later in the year.
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The company plans to focus on increasing vehicle sales, improving operational efficiency and restoring profitability.
Voyah did not provide specific earnings guidance for the second half. Its ability to improve margins will depend on whether higher vehicle volumes and its expanding premium lineup can offset rising raw-material costs and continued competitive pressure in China’s new energy vehicle market.
