Dongfeng’s EV business gets $700 million from Chinese state-backed funds

Voyah, the premium electric vehicle arm of Chinese automaker Dongfeng, said on Friday that it has raised RMB 5 billion ($700 million) in Series A funding, which valued the company at RMB 30 billion. A group of state-backed capitalists made the investment, including China State-Owned Enterprise Mixed Ownership Reform Fund, Bank of China Asset Management, and Wuhan Jingkai Industry Investment Fund, the latter of which is affiliated with the municipal government of the central city of Wuhan. With two vehicle models on sale – a plug-in hybrid crossover and a multi-purpose vehicle – the company delivered 16,172 EVs in 16 months as of October, falling behind peers such as GAC’s Aion and Geely’s Zeekr. [36Kr, in Chinese]


Source: https://technode.com/2022/11/18/dongfengs-ev-business-gets-700-million-from-chinese-state-backed-funds/