(Image credit: Voyah)
Voyah, the premium electric division of Dongfeng Motor, announced Thursday that it has closed its Series A financing round of nearly RMB 5 billion ($700 million), valuing it at nearly RMB 30 billion ($4.2 billion).
Local media outlet Yicai reported the financing earlier Thursday, saying that 11 investors collectively injected RMB 4.55 billion for a 15.41 percent stake, implying that Voyah was valued at RMB 29.5 billion in the financing.
For reference, the three Chinese electric vehicle companies NIO, XPeng Motors and Li Auto currently listed in the US have updated market capitalizations of $17.8 billion, $6.9 billion and $18.5 billion, respectively.
The funds from this round of financing will be used to support Voyah's R&D, marketing investment, digital system construction, and production capacity building, it said, adding that the company will initiate subsequent rounds of financing in due course.
Voyah is the brand Dongfeng Motor announced in late 2020, when the first model, Voyah FREE, was also unveiled.
The Voyah FREE went on sale in China in June 2021, offering a version with extended-range technology as well as an all-electric version with a price range of RMB 333,600 to 393,600.
On May 7, Voyah's second model, the Dreamer MPV, was launched with a starting price of about RMB 369,900. Deliveries of the model began on July 16.
Voyah delivered 2,553 vehicles in October, up 1.35 percent from 2,519 in September and 153.78 percent from 1,006 in the same month last year, data released earlier this month showed.
Looking at Voyah's delivery figures for the year, the two models have been lukewarm. Its soon-to-be-released sedan may be expected to give a boost to sales growth.
On October 13, China's Ministry of Industry and Information Technology announced the latest batch of models that will be allowed to be sold in China, and a sedan model from Voyah was included.
Voyah's internal code name for the sedan is H53 to commemorate Dongfeng Motor's 53rd anniversary. The actual name of the model is "Zhuiguang" (literally, "chasing light"), according to the filing.
In Voyah's latest financing, Dongfeng Motor contributed RMB 900 million for a 3.04 percent stake, according to Yicai.
Voyah disclosed in August that it had a loss of RMB 965 million on revenue of RMB 1.77 billion in 2021.
In the first half of this year, Voyah posted a loss of RMB 1.03 billion on revenue of RMB 1.89 billion.