Voyah Auto, the premium electric vehicle brand under the Dongfeng Motor umbrella, recently filed its listing application with the Hong Kong Stock Exchange, signaling its intent to go public. This move comes as the company showcases impressive revenue growth and a rapidly improving financial outlook, positioning itself at the brink of sustained profitability.
Financial Performance: A Trajectory Towards Profit
From 2022 to 2024, Voyah Auto’s revenue soared with a compound annual growth rate of 78.9%. During this same period, its gross profit margin impressively climbed from 8.3% in 2022 to 21.0% in 2024, placing it second in the new energy vehicle industry, according to Chinese media NBD. The company reported robust revenues of 6.05 billion yuan (847 million USD) in 2022, 12.75 billion yuan (1.785 billion USD) in 2023, and 19.36 billion yuan (2.71 billion USD) in 2024. The momentum continued into the first seven months of 2025, recording 15.78 billion yuan (2.209 billion USD) in revenue.
Voyah Auto is steadily steering towards a financial turnaround. Although 2023 saw a pre-tax net loss of 1.98 billion yuan (277 million USD) and an after-tax net loss of 1.472 billion yuan (206 million USD), these figures significantly narrowed in 2024 to a pre-tax net loss of 243 million yuan (34 million USD) and an after-tax net loss of 18 million yuan (2.52 million USD). The company even achieved its first single-quarter profit in the fourth quarter of last year and has maintained profitability from January to July of this year, demonstrating a strong operational efficiency.
Sales Growth and Market Expansion
The brand’s sales figures mirror its financial ascent, with deliveries leaping from 19,400 units in 2022 to 80,100 units in 2024. That’s a compound annual growth rate of 103.2%. In September of this year alone, Voyah Auto delivered an impressive 15,224 vehicles, marking a 52% year-on-year increase. Cumulative deliveries for the first nine months reached 96,992 units, an 85% surge compared to the previous year.
Leadership Changes and Future Outlook
In preparation for its public listing, Voyah Auto has seen some strategic changes in its leadership. Lu Fang, the current CEO, has also taken on the roles of legal representative and chairman, succeeding You Zheng. This restructuring also involved the replacement of several board members, aiming to streamline governance for its future as a publicly-traded company.
Looking ahead, Voyah Auto has ambitious expansion plans. The company aims to introduce 1 to 3 new models annually, targeting a diverse portfolio of 6 to 9 models by the close of 2026. This strategy seeks to cover a broader spectrum of mainstream market segments. Furthermore, Voyah Auto plans to significantly expand its domestic retail network to 1,000 touchpoints across over 200 cities by 2026. On the international front, the brand will continue its global push, venturing beyond its current presence in 39 overseas countries to target new markets in Europe, the Middle East, and Central Asia.
