The Voyah Dream model. [Photo/WeChat account: whkfq]
Voyah Automotive Technology Co submitted its IPO application to the Hong Kong Stock Exchange on Oct 2.
Voyah has made remarkable progress since delivering its first model, the Voyah Free, in August 2021. By April 2024, the company had produced its 100,000th vehicle in under three years. The journey from 100,000 to 200,000 vehicles took just one year, with the 200,000th vehicle rolling off the production line in April 2025.
Voyah's sales and revenue also experienced significant growth. From 2022 to 2024, sales soared from 19,400 to 80,100 vehicles, achieving a compound annual growth rate (CAGR) of 103.2 percent, ranking among the top three in China's high-end new energy vehicle sector. In 2025, the upward trend continued with 66,700 vehicles sold in the first seven months.
Voyah's revenue saw a leap from 6.05 billion yuan ($849 million) in 2022 to 19.36 billion yuan in 2024, with a CAGR of 78.9 percent. In 2025, the company maintained its momentum, achieving 15.78 billion yuan in revenue from January to July, a year-on-year increase of 90.2 percent.
Profitability also improved, with gross margins rising from 8.3 percent in 2022 to 21.0 percent in 2024, and further to 21.3 percent in the first seven months of 2025. Voyah achieved its first quarterly profit in the fourth quarter of 2024 and remained profitable in the first seven months of 2025, demonstrating strong operational resilience and growth potential.
Voyah focuses on the mainstream high-end market segment priced between 200,000 and 500,000 yuan, offering vehicles like SUVs, MPVs, and sedans. Its flagship lineup consists of the Dream, Titan, and Passion.
Voyah plans to launch up to three new models annually, aiming to have a product lineup of up to nine models by the end of 2026.
The Hong Kong IPO will serve as a critical engine for connecting with global capital, advancing core technological R&D, and expanding into international markets.
