Voyah, the premium NEV marque of Dongfeng Motor Corporation, is pursuing Series B financing for product development after securing nearly 5 billion yuan (US$700 million) in Series A funding last November.
Wuhan Economic Development Industry Investment Group, co., Ltd., an investor in Series A, intends to participate in Series B. This month Voyah obtained a credit line of 15 billion yuan from six banks, closely tied to Series B financing.
Set up in 2018, Voyah has three models though monthly sales hover around 3,000 vehicles, lagging behind mainstream competitors. And its latest model, Zhui Guang, fell short of expectations with only 144 deliveries last month.
The company needs investors. Voyah’s financial reports reveal losses of 703 million yuan in 2021 and 738 million yuan in H1 2022.
As of June 30, 2022, its total assets amount to 7.4 billion yuan, while total liabilities reach 6.5 billion yuan. The company’s CEO Shen Jun aims to double or triple sales in 2023, but as of May, Voyah had achieved only about 30 percent of its target.
