Voyah Auto, the high-end new energy vehicle brand under Dongfeng Motor, officially submitted its listing application to the Hong Kong Stock Exchange yesterday, signalling a step towards its public debut. The company has demonstrated rapid revenue growth and improved financial performance, positioning itself on the cusp of profitability.
Voyah Auto’s revenue has seen a compound annual growth rate of 78.9% from 2022 to 2024. During this period, its gross profit margin also surged from 8.3% in 2022 to 21.0% in 2024, ranking second in the new energy vehicle industry, according to Chinese media NBD. The company reported revenues of 6.05 billion yuan (847 million USD), 12.75 billion yuan (1.785 billion USD), and 19.36 billion yuan (2.71 billion USD) for 2022, 2023, and 2024, respectively, with 15.78 billion yuan (2.209 billion USD) recorded in the first seven months of 2025.
Voyah Auto is nearing a turnaround in its financial performance. While it reported 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) in 2023, these figures 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 achieved its first single-quarter profit in the fourth quarter of last year and maintained profitability from January to July of this year.
Sales figures also reflect growth, with deliveries increasing from 19,400 units in 2022 to 80,100 units in 2024, representing a compound annual growth rate of 103.2%. In September of this year, Voyah Auto delivered 15,224 vehicles, a 52% year-on-year increase, bringing its cumulative deliveries for the first nine months to 96,992 units, up 85% year-on-year.
In preparation for the IPO, Voyah Auto has undergone significant personnel changes. Lu Fang, the current CEO, has taken on the additional roles of legal representative and chairman, succeeding You Zheng. Several board members have also been replaced as part of the restructuring.
Voyah Auto plans to expand its product line, aiming to launch 1 to 3 new models annually, with a projected portfolio of 6 to 9 models by the end of 2026, covering mainstream market segments. The company also intends to expand its domestic retail network to 1,000 touchpoints across more than 200 cities by 2026. Internationally, Voyah Auto will continue to expand its presence beyond the current 39 overseas countries, targeting markets in Europe, the Middle East, and Central Asia.
