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Dongfeng is moving closer to the steering wheel at Voyah. The Chinese auto group has just increased its holding in the premium electric vehicle brand, a small transaction on paper but one that says plenty about where the company sees value and where it wants control.
Voyah said Dongfeng Motor Hong Kong International bought 20.19 million H shares on the secondary market, equal to roughly 0.55% of the company’s total issued share capital. That may not sound dramatic at first glance, yet the broader picture is hard to miss. After the purchase, Dongfeng and its related parties now control about 70.02% of Voyah, strengthening their grip on one of China’s more ambitious upscale EV names.
The group’s controlling shareholders now hold more than 2.438 billion domestic shares and around 138 million H shares. In plain terms, Dongfeng is not just backing Voyah from a distance. It is tightening the screws and making its authority even more visible.
That matters because Voyah has become a far more important asset than it was a few years ago. Unveiled by Dongfeng in late 2020 and formally set up in 2021, the brand was designed to compete in the upper end of the mainstream-to-premium market, targeting models priced from roughly €25,600 to €64,000. That is a fiercely contested space in China, where new energy vehicle brands are fighting not only on technology and range, but also on design, status and software.
For Dongfeng, Voyah is increasingly looking like one of the few bets worth pressing harder. In August 2025, the parent company said Voyah would enter the Hong Kong stock market through a listing by introduction, while Dongfeng itself would be taken private and delisted. That structure is worth noting. A listing by introduction allows already issued shares to begin trading without raising fresh capital or issuing new stock. It is a route often chosen when visibility and market access matter more than immediate fundraising.
Behind that decision sat a bigger issue. Dongfeng had long been constrained by its own market valuation and had not used its H share platform for equity refinancing after its original listing. In effect, that listed vehicle had stopped serving one of the main purposes of being public in the first place.
Voyah, by contrast, has recently been giving Dongfeng something far more attractive: growth with momentum.
From experiment to earnings engine
On March 19, Voyah officially began trading in Hong Kong under stock code 07489. By then, the story around the brand had already changed. What started as a premium EV experiment inside a state backed auto giant had become a business with real scale and, crucially, real profit.
Voyah turned profitable in 2025, posting net income of about €130 million. Revenue climbed to roughly €4.45 billion in 2025, up sharply from around €1.63 billion in 2023. Sales followed the same trajectory, surging to 150,169 vehicles from 50,285 over the same period. Those are not cosmetic gains. They suggest a brand that has moved past early promise and into a much more serious phase of execution.
The pace has not cooled this year either. In the first four months, Voyah delivered 49,038 vehicles, a year on year increase of 36.02%. In a market where momentum can vanish quickly and consumer loyalties shift even faster, that kind of growth gives Dongfeng every reason to lean in harder.
So this latest share purchase is about more than percentages. It signals confidence, yes, but also discipline. Dongfeng appears determined to keep a firmer hold on a premium EV brand that is finally delivering the sort of numbers legacy automakers have been chasing across China’s electric transition.
And that is really the point. Voyah is no longer just another ambitious EV label in a crowded field. It is becoming one of Dongfeng’s most strategically important assets, and the parent company is making sure the market knows it.
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