“Given the inevitability of car price hikes, it’s advisable for everyone to purchase a vehicle sooner rather than later,” declared Lu Fang, Chairman of VOYAH Automobile, at the 17th Annual Meeting of the New Champions of the World Economic Forum a few days ago.

Lu Fang is not alone in this sentiment. Since the beginning of the year, several automotive executives have echoed similar concerns. Li Bin, founder of NIO, mentioned that the rising costs of memory components have exerted significant pressure. Although these costs have not yet been passed on to end consumers, he still urged customers to buy cars early. He Xiaopeng, Chairman of XPENG, noted that escalating raw material prices continue to impact the automotive industry, with a substantial portion of the company's profits still being allocated to cover supply chain expenses.

As the price war intensifies, new energy vehicle companies are re-evaluating their profit margins. The appeals from Li Bin and He Xiaopeng are grounded in the established brand recognition of NIO and XPENG. From VOYAH's perspective, the question arises: what can persuade consumers to accept a “slightly more expensive” option?

Sales are on the rise, and expense ratios are declining. VOYAH excels at selling cars. But why should consumers choose VOYAH? The answer ultimately lies in the composition of its sales expenses.

No one doubts VOYAH's prowess in selling cars.

In 2023, VOYAH's sales expenses amounted to RMB 2.862 billion. By 2024, they had increased to RMB 3.751 billion, and by 2025, they reached RMB 5.341 billion. Over these three years, the absolute amount of sales expenses has risen. However, the sales expense ratio has decreased from 22.4% to 19.4%, and then to 15.3%, showing a consistent downward trend.

When compared to its own past performance, VOYAH's sales expense per vehicle dropped from RMB 57,000 to RMB 47,000, and then to RMB 36,000. Sales volume increased from 50,300 units to 80,100 units, and then to 150,200 units. The cost of selling each vehicle has decreased, indicating gradual improvements in sales efficiency.

However, when compared to competitors with similar mid-to-high-end market positioning, VOYAH's brand influence still lags slightly behind.

Compared to Li Auto, Li Auto sells more vehicles with lower sales expense ratios and lower sales expenses per vehicle. Its brand recognition, product positioning, and sales conversion efficiency are all stronger. When compared to ZEEKR, VOYAH and ZEEKR have similar expense ratios, but VOYAH operates on a smaller scale and incurs higher sales expenses per vehicle.

This indicates that VOYAH has not yet achieved a state of low-cost, natural growth and still relies heavily on sales investments to maintain its market presence and drive sales growth.

In VOYAH's marketing system, Yudeshui is a prominent player. Most marketing projects involve its participation. In the latter half of 2025, during the bid announcement for the “2025-2026 VOYAH Automobile Event Creativity and Execution Project,” Beijing Yudeshui Marketing Consulting Co., Ltd. ranked second with a bid of RMB 25.4334 million.

By the end of the year, the bid results for the “VOYAH Automobile 2026-2027 Annual PR Agency” were announced, with Beijing Yudeshui Marketing Technology Co., Ltd. winning the bid at approximately RMB 2.1884 million. Business information reveals that Beijing Yudeshui Marketing Technology Co., Ltd. was formerly known as Beijing Yudeshui Marketing Consulting Co., Ltd.

Based on estimates, including investments in digital media, regional marketing agencies, and other projects, VOYAH's total annual spending on Yudeshui ranges from RMB 50 million to RMB 80 million.

“Let the brand thrive like a fish in water” is Yudeshui's corporate mission. Its main business scope includes event creativity, PR agency services, and regional execution. Yudeshui's automotive clients include not only VOYAH but also MG, XPENG, BYD, FAW-Volkswagen, and others.

Two key indicators exist in the central enterprise budget management system: hard indicators, such as budget execution rate and procurement compliance, and soft indicators, such as brand mindshare occupancy rate (market share of brand awareness).

In other words, compliance in spending matters more than the effectiveness of the spending. Yudeshui can assist VOYAH in selling more vehicles and increasing its exposure when consumers choose a brand. However, it struggles to make consumers feel that “they must buy VOYAH.”

In 2024, VOYAH delivered 85,000 vehicles annually, with 55,000 being the Dreamer model. By 2025, VOYAH's total sales exceeded 150,000 units, with the Dreamer continuing to contribute the main increment, selling over 80,000 units annually. In some months of 2025, the Dreamer accounted for over 80% of VOYAH's total sales.

But VOYAH offers more than just the Dreamer. Models like FREE, Zhiyin, and Ziguang form a complete product matrix of VOYAH's SUVs, sedans, and MPVs.

In March 2026, VOYAH delivered 15,019 new vehicles, up 50.1% year-on-year, with a cumulative delivery of 33,892 units in the first quarter. According to Gasgoo's model-specific data, Dreamer sales in March were 5,514 units, accounting for 36.7% of total sales that month; FREE REEV 4,122 units, FREE BEV 2 units; Zhiyin 3,189 units; Taishan PHEV 2,037 units; Ziguang L PHEV 155 units.

Compared to the previous year, other models have started sharing the sales pressure. However, the Dreamer remains VOYAH's most stable high-end label, ranking first in both discussion and sales volume. The growth of FREE and Zhiyin also leverages Huawei Intelligent Driving, using external or category labels to penetrate the market. As the product matrix widens, the brand question of “who VOYAH is” remains unresolved.

On August 15, 2024, the Dreamer, equipped with Huawei ADS and HarmonyOS Cockpit, made its debut. During the live debut, Chairman Lu Fang stated that the Dreamer aims to set a value benchmark for being “safer, better to drive, and more luxurious.”

On August 28, 2024, within less than three hours of opening pre-sales, the Dreamer received over 10,000 orders. By noon on September 19, the launch day, orders reached over 20,000 units, with Huawei versions accounting for about 40% of pre-orders. In the first quarter of 2025, the Dreamer achieved over 10,000 monthly sales for three consecutive months, with cumulative deliveries exceeding 26,000 units.

The introduction of Huawei Intelligent Driving and HarmonyOS Cockpit has given the Dreamer a label that consumers can most easily understand, directly translating into orders. Previously, consumers mostly evaluated the Dreamer as “good to drive but not smart,” expecting more intelligent driving and infotainment experiences. After Huawei Intelligent Driving was introduced, consumers now view features like automatic emergency braking and lane departure warning as pleasant surprises.

Later, VOYAH FREE+ and the all-new Zhiyin fully integrated Huawei Intelligent Driving. Taking FREE+ as an example, it received over 35,000 orders within 18 days of pre-sales and exceeded 10,000 locked-in orders within 15 minutes of launch. Its explosion in popularity validated Huawei's label conversion ability in the SUV market, rather than VOYAH's independent appeal.

Brands like SERES, GAC Trumpchi, and BYD also joined Huawei's ecosystem in a short time. The AITO M9 and M8 are also equipped with Huawei Intelligent Driving and have more direct Huawei brand endorsements. When a technological label is shared by more brands, its scarcity diminishes.

So, are consumers choosing VOYAH itself or VOYAH with Huawei?

Against the backdrop of competing products, the answer to this question becomes clearer.

“Li Auto: Giving life to cars and homes.” Li Auto's new energy SUV keywords revolve around “family” elements like “growth, happiness, spaciousness, and family travel.” Consumers can quickly understand that Li Auto serves family users. Some may find this marketing approach unsophisticated, but it is undeniably effective. In 2025, Li Auto delivered over 400,000 units annually. Although growth faces pressure, the “family SUV” label remains its most valuable brand asset.

Xiaomi stands out uniquely. Xiaomi Automobile's wide entry into the public eye owes much to Lei Jun's personal IP and the cross-border narrative of the “smart devices, cars, and homes ecosystem.” Xiaomi's communication migrates from a complete set of consumer electronics awareness. When consumers discuss Xiaomi Automobile, they are actually discussing Lei Jun, smart devices, Porsche-style aesthetics, and cost-effectiveness.

In late April, Xiaomi officially announced the “all-star” lineup for its European R&D center. Top automotive talents, including a former BMW technical director and powertrain director, as well as a former Ferrari aerodynamics expert, joined. This way, Xiaomi leverages Lei Jun and the Xiaomi ecosystem to reduce communication costs while supplementing traditional automotive engineering capabilities as endorsements.

AITO directly stands on Huawei's brand endorsement. Consumers who buy AITO are almost buying Huawei, not Seres itself. AITO doesn't need to explain “who it is”; consumers already perceive it as part of Huawei's ecosystem.

NIO's popularity stems from battery swapping, services, and user communities. Battery swap stations, NIO Houses, user events, and owner communities form its operational system, distinguishing it from other new energy brands.

NIO has been under sales pressure, just as Li Auto faces pressure in transitioning to pure electric, Xiaomi has quality control pressure, and AITO faces brand belonging (ownership) issues. However, they all have a clear “entry point” that consumers can immediately identify. VOYAH has too many “small entry points,” making it hard for consumers to find the “main entrance.”

The FREE initially emphasized handling and performance, establishing SUV product recognition with “German-style handling.” The Ziguang focused on executive luxury. Zhiyin launched with the slogan “the 985 scholar of the automotive world.” FREE+ shifted its focus to “good to drive” and Huawei Intelligent Driving. Each model has its own separate communication language, speaking independently but failing to form a complete VOYAH puzzle.

The capital market also has doubts about VOYAH's independent capabilities. On March 19, 2026, VOYAH listed on the Hong Kong Stock Exchange, closing 13.2% lower on its debut. Investors remain cautious about VOYAH's profitability sustainability and brand-independent values.

In 2025, VOYAH achieved a net profit of RMB 1.02 billion, moving from losses to profitability on paper. However, government subsidies during the same period amounted to RMB 1.08 billion, exceeding net profit. Backed by the Dongfeng system, VOYAH can access resources from Dongfeng Group in manufacturing, channels, funding, supply chain, and procurement.

In July 2025, Dongfeng Group also increased its investment in VOYAH by RMB 1 billion. This raises doubts in the capital market: Without government subsidies and Dongfeng's support, how profitable would VOYAH's core business be?

Five external forces have each filled a gap for VOYAH: marketing companies like Yudeshui handle PR and sales reach; Huawei handles intelligent driving; the Dreamer drives sales; government subsidies improve profits; Dongfeng handles funding and manufacturing. Each external force supplements VOYAH's respective weaknesses, leaving no room for VOYAH to develop its own irreplaceability.

Yudeshui hasn't enabled VOYAH to thrive like a fish in water. VOYAH has yet to find its own waters.