Written by: Xu Zhi

Edited by: Wang Pan

Voyah, which CEO Lu Fang describes as "always open to advice," has finally entered its harvest season.

Since surpassing 10,000 monthly sales for the first time in October 2024, Voyah has maintained its membership in the "10,000-unit club" for three consecutive months, delivering over 12,000 new vehicles in December. Notably, the all-new Dreamer model alone sold over 10,000 units, setting a new benchmark.

In 2024, Voyah sold a total of over 85,000 vehicles, missing the annual sales target of 100,000 units but achieving a year-on-year growth of 70%. Notably, the average market price of Voyah products exceeds 350,000 yuan.

Building on this momentum, Voyah is pressing ahead and has set a sales target of 200,000 units for 2025.

However, the hidden dangers facing Voyah have become increasingly apparent. The brand's sales rely too heavily on a single "hit" model: the all-new Dreamer. While its monthly sales have been on the rise, those of other models have stagnated, hovering around 2,000 to 3,000 units. This situation has not improved since the launch of Voyah Zhiyin in October.

The "bucket theory" suggests that a bucket's capacity is determined by its shortest plank. Applying this to Voyah, its "long boards are long enough, but short boards are too short" means its product sales performance is imbalanced.

NIO's nearly doubled sales target for 2025 is not solely reliant on the LeDao model; its main brand products based on the NT3.0 platform will also share the burden. Similarly, Xpeng's recent rapid growth is due to the combined efforts of the MONA M03 and P7+ models.

This means that while Voyah may seem to be sailing smoothly, its situation is not too optimistic. Any mishap with the Dreamer could drag down the entire brand. If Voyah does not want to become an "MPV automaker," it is time to catch up on its other offerings.

Learning from NIO, Voyah Finds the Key to High-End

Regarding the reasons for Voyah's recent success, the industry has already provided sufficient analysis, such as Voyah's full-stack self-development, energy replenishment technology, or the support of Huawei's intelligent driving.

However, many have not noticed that Voyah is learning from NIO to become a "user-centric enterprise." Lu Fang has repeatedly stated that Voyah's technical solutions always prioritize user benefits and preferences, advocating for "product co-creation" with users. During product iterations, user-suggested features, configurations, and colors are implemented in the updates.

To this end, Voyah has established a user co-creation committee to regularly communicate with users, allowing them to participate in product improvements and brand building. For example, based on user feedback, the all-new Dreamer is equipped with Huawei's Kunpeng ADS 3.0 system. In terms of interior design, user suggestions have been adopted to upgrade to higher-quality materials and craftsmanship, further enhancing the luxurious atmosphere. Even the location of the user night event was moved from Wuhan to Hangzhou at the request of users.

Photon Planet has participated in the on-site launch events of the all-new Voyah Dreamer and Voyah Zhiyin in recent months. A notable feeling is the increasing participation of users: Both events invited a large number of users to attend, including car owners who drove thousands of kilometers with their families to "support" the event.

Meanwhile, like NIO, Voyah is also trying to provide users with additional emotional value. The User Night and NIO Day are both annual events for respective car owners and brands. Voyah has also developed a "charge without effort" charging robot, allowing users to charge without speaking, moving, or exiting the vehicle, significantly enhancing the user experience, especially in harsh weather conditions.

Voyah's "openness to advice" and community-based operations have greatly improved its service capabilities and user loyalty. Outside the Voyah Zhiyin launch event, car enthusiasts from various regions set up stalls to cheer for Voyah. Recent market research shows that the Net Promoter Score (NPS) of Voyah Dreamer users is as high as 84%, making it the first choice for users purchasing high-end MPVs.

The Success of the Dreamer is Partly Due to Its Peers

Photon Planet has previously analyzed that new energy luxury MPVs with prominent business attributes have a significantly higher proportion of B-end customers than other models. This is a relatively narrow racetrack with less intense competition than other segments. In other words, success in the MPV segment is difficult to replicate in other models, as is the case with Denza D9 and Voyah Dreamer.

It is noteworthy that the significant sales growth of the all-new Dreamer in recent months is not only due to its technical advantages and successful creation of a luxurious atmosphere but also due to its peers "braking" and "making way."

Firstly, Denza D9, the long-term "Overlord" of the MPV market, has not undergone a significant upgrade for a long time. After the launch of the all-new Dreamer equipped with Huawei's intelligent driving system, D9's shortcomings in intelligent driving have become more prominent, putting it at a disadvantage in competition with the all-new Dreamer.

At the same time, in September 2024, BYD repurchased the remaining 10% of Mercedes-Benz shares in Denza, announcing Daimler's official exit, making Denza a wholly-owned subsidiary of BYD. This may have also "dissuaded" some consumers who value brand effects.

Moreover, the consensus in the new energy vehicle market is "buy new, not old." Entering the fourth quarter, many consumers began to hold on to their money, waiting for the 2025 model of Denza D9 to be launched at the end of the year, which is also an important reason for its recent sales decline.

On the other hand, the new energy vehicle models launched by previous giants in the fuel MPV market have not received good responses, such as the plug-in hybrid version of the Buick GL8, the hybrid version of the Honda Odyssey, and the dual-engine hybrid version of the Toyota Sienna, which still fail to solve the essence of "oil-to-electricity conversion."

It can be said that the monthly sales of over 10,000 units of the Voyah Dreamer are a result of favorable timing, geography, and people, but whether it can be maintained in the long term is uncertain. In addition to the "old rival" Denza D9, new players are constantly emerging, such as the Zeekr 009, which has gained momentum in the past six months. It sold less than 1,000 units in June 2024 but doubled consecutively in July and August, now selling over 4,000 units per month.

The Tough Battle Has Just Begun

Even with an optimistic estimate that the Dreamer can continue its monthly sales of 10,000 units, there is still an 80,000-unit gap to reach Voyah's 200,000-unit target. Relying solely on the remaining three products is almost an impossible task. Facing intensifying competition, Voyah must seek new growth points beyond the Dreamer.

In a letter to all employees in January, Lu Fang revealed that Voyah will continue to launch more than four new products or facelifts based on the existing four models and achieve a channel layout of 400 global stores.

The most anticipated new model is the flagship large SUV, currently with an internal code of H77, scheduled to debut in 2025. It is reported to continue the technical route of the all-new Dreamer, equipped with the "Huawei Kunpeng Intelligent Driving + HarmonyOS Cabin" intelligent system combination. Meanwhile, it plans to launch both pure electric and hybrid versions, adopting a flexible 6/7-seat layout.

The competition in this segment will far exceed that of MPVs. Although the currently exposed configurations and parameters of H77 have certain competitiveness, and benefiting from the good reputation of the all-new Dreamer, the path for H77 does not seem particularly difficult. However, don't forget that after its launch, H77 will directly face competition from AITO M9 and Li Auto L9, especially M9, which is a "pure-blooded HarmonyOS" model. With a weaker brand momentum, Voyah is about to face a significant test.

Li Boxiao, deputy general manager of Voyah Automobile Sales and Service Co., Ltd., revealed that in terms of intelligence, Voyah will continue its dual-wheel drive strategy of "full-stack self-development + joint development" and adhere to the technical layout of parallel "Kunpeng Edition and Kunpeng Version" product lines, further strengthening its competitive advantages in various market segments such as SUVs, MPVs, and sedans.

However, it is clear that with the rapid catch-up of various automakers in the field of intelligent driving in 2024, Voyah's own intelligent driving technology cannot be considered an advantage. Moreover, as Huawei's intelligent driving technology continues to "branch out," the halo effect it brings to Voyah is gradually weakening.

As the leading new forces in the industry have surpassed the monthly sales of 30,000 and 40,000 units, Voyah's monthly sales of 10,000 units are only a starting point. To continue to stay in the finals, Voyah needs to step up its pace.