VOYAH, Dongfeng Motor's premium brand division specializing in the R&D and sales of electric vehicles, announced it has closed its series A financing of approximately CNY 5 billion. This investment will be used for supporting R&D, marketing investments, establishment of digitization systems and production capability building.
On Nov 18th, VOYAH (Chinese: 岚图汽车) announced it has completed its series A financing of around CNY 5 billion (USD 700 million) with a post-investment market valuation of almost CNY 30 billion (USD 4 billion). This transaction marks the largest series A financing in China's New Energy Vehicle (NEV) industry.
This investment was co-led by SOE Mixed-Ownership Reform Fund (Chinese: 国企混改基金) and BOC Financial Assets Investment (Chinese: 中银资产), and followed by state-owned investment agencies such as ICBC Financial Asset Management (Chinese: 工银投资) and ABC Financial Asset Investment (Chinese: 农银投资). The funds raised will be used for supporting R&D, marketing investments, establishment of digitization systems and production capability building.
Founded in 2020, VOYAH is a high-end NEV brand launched by Dongfeng Motor Corporation (Chinese: 东风集团). VOYAH has been emphasizing the importance of R&D and talent acquisition, and has thus reached industry-leading level in OEM platform construction, automotive intelligence, and car body technology. With VOYAH's strong technological and innovative abilities, the market has witnessed VOYAH's continuous sales growth for five consecutive months since June 2022.
Relying on Dongfeng Motor Corporation's worldwide resources, VOYAH has become a pioneer domestic premium NEV brand to expand the overseas market. Orders for VOYAH FREE, the company's first model, will be delivered to Norwegian consumers by the end of November.
In the future, VOYAH will continue to expand in the European market in 2023, with planned market entry strategies in Sweden, the Netherlands, Denmark and Israel, leading a new era for domestic automakers' globalization.