Beijing (ZXZC)- Dongfeng Motor’s premium new energy vehicle brand VOYAH announced on November 17 the completion of the paper signing and settlement of its Series-A financing, which raised the company 4.55 billion yuan ($638.5 million).

Photo credit: VOYAH

VOYAH’s market valuation after the round shot up to nearly 30 billion yuan ($4.2 billion), marking the largest-ever first financing round in China's new energy vehicle industry. According to VOYAH, the fresh round was jointly led by China’s State-owned enterprises mixed-ownership reform fund and Bank of China Financial Asset Investment. Other investors of the round include six state-owned capitals, as well as Ganfeng Lithium, Sunwoda, and Dongfeng Motor. 

Upon completion of the round, Dongfeng Motor Corporation holds 78.88% in VOYAH’s stake, Series A investors hold 12.37%, while the employee shareholding platform holds 8.75%.

In 2021, VOYAH achieved an annual revenue of 1.767 billion yuan ($248 million), resulting in a net loss of 703 million yuan ($98.6 million). In the first half of 2022, VOYAH saw a semi-annual revenue of 1.887 billion yuan ($264.8 million), leading to a net loss of 738 million yuan ($103.6 million).