Dongfeng Motor Group: the group, its brands and who controls it
Facts checked
- State-owned (central)
- HKEX 0489
- SSE 600006
Listing: 1,697,025 vehicles, down 0.3% year on year
Dongfeng began in 1969 as the Second Automobile Works, built at Shiyan in the mountains of western Hubei under the Third Front programme, which dispersed strategic industry inland. Construction crews from more than thirty factories and design institutes were sent there in October 1969. The company took the Dongfeng name in 1992 and later moved its headquarters down-river to Wuhan.
Like FAW, Dongfeng is a central state-owned enterprise held by SASAC. It runs two listed arms - Dongfeng Motor Group Company Limited in Hong Kong and Dongfeng Automobile Co., Ltd. in Shanghai - and a wide spread of its own brands: Dongfeng and its Aeolus line for mainstream cars, Voyah for premium electric models, M-Hero for luxury off-roaders, Nammi for small electric cars, Venucia inside the Nissan venture, and Dongfeng Commercial Vehicle for trucks.
Its joint ventures are among the oldest in China. The Peugeot-Citroën venture DPCA dates from 1992; the Nissan and Honda ventures both from 2003. Renault left in 2020 and Dongfeng sold out of the Kia venture in 2021. Dongfeng has also been a shareholder in PSA and then Stellantis since 2014, a holding it has cut back in stages.
In February 2025 Dongfeng told the Hong Kong exchange that its controlling shareholder was planning a restructuring with other central state groups, which set off speculation about a merger with Changan. That combination did not happen: in June 2025 Changan's car business was separated from its parent and made a central state enterprise in its own right, and Dongfeng said it was not part of any related asset or business restructuring. Group sales for the first eleven months of 2025 were 2,204,092 vehicles, down 1.4% year on year.
Key facts
| Chinese name | 东风 “DOONG-fung” east wind |
|---|---|
| Legal name | Dongfeng Motor Corporation Ltd. |
| Ownership | State-owned (central) |
| Founded | 1969 |
| Headquarters | Wuhan, Hubei, China |
| Vehicles | Cars, Commercial vehicles and Components |
| Listings | HKEX 0489 and SSE 600006 |
| Group vehicle sales, January-November 2025 | 2,204,092 vehicles, down 1.4% year on year |
| Listed arm sales (HKEX:0489), January-November 2025 | 1,697,025 vehicles, down 0.3% year on year |
| Listed arm new energy vehicle sales, January-November 2025 | 489,203 vehicles, up 39.1% year on year |
| Listed arm revenue, 2024 | CNY 106.197 billion, net profit CNY 58 million |
| Employees (Dongfeng Motor Group Company Limited) | 109,330, as reported on 2026-09-04 |
| Parent stake in the Hong Kong listed arm | 66.86% |
| Holding in Stellantis | 1.58% of share capital after Stellantis repurchased 50 million shares for EUR 934 million in November 2023 |
Ownership tree
- Dongfeng Motor Group (group)
- Dongfeng (brand) Held at 100%
- Dongfeng Commercial Vehicle (brand) Held at 55%
- Dongfeng Nammi (brand) Held at 100%
- M-Hero (brand) Controlled; the share is not published
- Venucia (brand) Controlled; the share is not published
- Voyah (brand) Controlled; the share is not published
Who controls Dongfeng Motor Group?
State-owned Assets Supervision and Administration Commission of the State Council owns Dongfeng Motor Group at 100% since 2003.
Dongfeng Motor Corporation is a central state-owned enterprise whose shareholding SASAC holds. Dongfeng told the Hong Kong exchange in February 2025 that a planned restructuring might change its controlling shareholder but would not change its ultimate controller, SASAC.
Stakes and ventures Dongfeng Motor Group holds
These are holdings that are not outright ownership, so they are not in the tree above. A joint venture is a third company the two parents built together: the percentage is a share of that venture, never a holding in the partner.
| Holding | What it is | Share | Since | What the source says |
|---|---|---|---|---|
| Seres Group | holds a stake in | not published | not published | Dongfeng Motor Corporation, a central state-owned group, has held a substantial minority stake in Seres Group arising from the unwinding of their Dongfeng Sokon joint venture in 2019-2020. Wikipedia lists 21.68% and CarNewsChina reports about 28% at the time of the swap; the two disagree, neither is dated, and neither was checked against a filing, so no figure is recorded here. |
| Nissan Motor Co., Ltd. | runs a joint venture with | 50% of the joint venture | June 2003 | Joint venture Dongfeng Motor Co., Ltd., known as Dongfeng Nissan, a 50/50 company that builds Nissan and Venucia cars in China. The stake field records Dongfeng's share of the joint venture, not a holding in Nissan Motor Co. |
| Honda Motor Co., Ltd. | runs a joint venture with | 50% of the joint venture | 2003 | Joint venture Dongfeng Honda Automobile Co., Ltd., a 50/50 company based in Wuhan. The stake field records Dongfeng's share of the joint venture, not a holding in Honda Motor Co. |
| Stellantis N.V. | runs a joint venture with | 50% of the joint venture | 1992 | Joint venture Dongfeng Peugeot-Citroën Automobile Co., Ltd. (DPCA, 神龙汽车), a 50/50 company formed with PSA in 1992 and continued with Stellantis after the 2021 merger. In May 2026 the two partners announced that Peugeot- and Jeep-branded electric vehicles would be built at the Wuhan plant from 2027. The stake field records Dongfeng's share of the joint venture, not a holding in Stellantis. |
| Stellantis N.V. | holds a stake in | 1.58% | April 2014 | Dongfeng took a stake in PSA in 2014 as part of the capital increase that recapitalised the French company, and has reduced it in stages: a sell-down of 36.1 million shares in September 2021, then a buyback in November 2023 in which Stellantis repurchased 50 million shares for EUR 934 million, leaving Dongfeng with 49.2 million shares, or 1.58% of the share capital. Any change after November 2023 was not verified for this entry. |
| Huawei Technologies Co., Ltd. | runs a joint venture with | not published | November 2025 | Dongfeng and Huawei announced a jointly developed car brand, reported in English as Yijing, in November 2025 under Huawei's Harmony Intelligent Mobility Alliance. Huawei supplies software and product definition and does not build cars; no equity terms were disclosed in the sources consulted, and the brand's Chinese characters were not confirmed. |
Brands
| Brand | Held | Origin | Founded | Models | Markets |
|---|---|---|---|---|---|
| 东风Dongfeng | directly | China | 2009 | 0 | 2 |
| 岚图Voyah | directly | China | 2020 | 2 | 8 |
| 猛士M-Hero | directly | China | 2022 | 0 | 1 |
| 纳米Dongfeng Nammi | directly | China | 2023 | 1 | 1 |
| 启辰Venucia | directly | China | 2010 | 0 | 1 |
| 东风商用车Dongfeng Commercial Vehicle | directly | China | 2015 | 0 | 1 |
| 问界AITO | via Seres Group | China | 2021 | 3 | 2 |
| 赛力斯Seres | via Seres Group | China | 2019 | 0 | 1 |
| 东风小康DFSK | via Seres Group | China | 2003 | 0 | 4 |
Joint ventures
| Venture | Partner | Since | Note |
|---|---|---|---|
| Dongfeng Motor Co., Ltd. (Dongfeng Nissan) | Nissan Motor Co., Ltd. | June 2003 | 50/50 with Nissan. Builds Nissan and Venucia cars and, through Dongfeng Nissan Passenger Vehicle Company, is the home of the Venucia marque. |
| Dongfeng Honda Automobile Co., Ltd. | Honda Motor Co., Ltd. | 2003 | 50/50 with Honda, based in Wuhan. |
| Dongfeng Peugeot-Citroën Automobile Co., Ltd. (DPCA, 神龙汽车) | Stellantis N.V. | 1992 | 50/50, originally with PSA and since 2021 with Stellantis. In May 2026 the two partners announced that Peugeot- and Jeep-badged electric vehicles would be built at the Wuhan plant from 2027. |
| Dongfeng Commercial Vehicle Co., Ltd. | AB Volvo | January 2015 | Dongfeng 55%, AB Volvo 45%. AB Volvo is the Swedish truck group, not Volvo Cars. |
| Dongfeng Renault Automotive Co., Ltd. | Renault Group | December 2013 to April 2020 | Renault withdrew from the passenger-car venture in April 2020. |
| Dongfeng Yueda Kia Motors Co., Ltd. | Kia Corporation | 2002 to 2021 | Three-way venture with Kia and Jiangsu Yueda. Dongfeng sold its holding in 2021 and the company was renamed. |
| Yijing (Dongfeng-Huawei brand) | Huawei Technologies Co., Ltd. | November 2025 | A jointly developed brand announced with Huawei in November 2025 under Huawei's Harmony Intelligent Mobility Alliance. The Chinese characters for the brand name were not confirmed for this entry. |
Dongfeng Motor Group: questions people ask
- Is Dongfeng state-owned?
- Yes. Dongfeng Motor Corporation is a central state-owned enterprise whose shareholding is held by SASAC. Its Hong Kong and Shanghai listed arms have minority public shareholders.
- What does Dongfeng mean?
- 东风 (Dōngfēng) means 'east wind'. The company was called the Second Automobile Works until 1992; Dongfeng started as the name on its vehicles and became the company name.
- Did Dongfeng merge with Changan?
- No. Both groups disclosed restructuring plans in February 2025, but the combination was abandoned. In June 2025 Changan's car business was separated from its parent and became a central state enterprise on its own, and Dongfeng said it was not involved in a related restructuring.
- Which brands does Dongfeng own?
- Dongfeng (including the Aeolus line), Voyah, M-Hero, Nammi, Venucia and Dongfeng Commercial Vehicle. Nissan, Honda, Peugeot, Citroën and Jeep vehicles made in China are built by joint ventures Dongfeng co-owns, not brands it owns.
- Does Dongfeng own part of Stellantis?
- It owns a small stake. Dongfeng invested in PSA in 2014 and has reduced the holding in stages; after a November 2023 buyback it held about 1.58% of Stellantis. Any change since then was not verified for this entry.
Related
Sources for Dongfeng Motor Group
- Wikipedia, Dongfeng Motor Corporation. Read . Founding, Second Automobile Works history, SASAC ownership, brand and joint-venture list
- Wikipedia, Dongfeng Motor Group. Read . Incorporation 2001, Hong Kong listing 2005, parent stake 66.86%, subsidiary stakes including Dongfeng Commercial Vehicle 55%
- Tiger Brokers, DONGFENG GROUP (00489) Reports 1.697 Million Vehicle Sales in First 11 Months, Down 0.3% YoY. Read . Reports the figures in Dongfeng Motor Group's HKEX announcement of 8 December 2025, including the parent group's 2,204,092 units
- StockAnalysis, Dongfeng Motor Group Company Limited (HKEX: 0489) financials. Read . FY2023-FY2024 revenue and net income
- StockAnalysis, Dongfeng Motor Group Company Limited (HKEX: 0489) overview. Read . Employee count
- Stellantis, Stellantis Repurchases EUR 934 Million in Shares from Dongfeng, in Accordance with Pre-Existing Share Repurchase Framework. Read . November 2023 buyback leaving Dongfeng with 49.2 million shares, 1.58% of share capital. The page returned HTTP 403 to an automated fetch; title, publisher, date and figures were read from search results quoting this release
- Dongfeng Motor Group Company Limited (HKEXnews), Announcement on Possible Change in the Controlling Shareholder. Read . The 9 February 2025 filing disclosing the planned restructuring; the PDF text could not be extracted by the tool used
- Stellantis, Stellantis and Dongfeng Strengthen Their Historic Partnership in China and Beyond. Read . May 2026 announcement of Peugeot- and Jeep-badged electric vehicles at the Wuhan plant from 2027. The page returned HTTP 403 to an automated fetch; title, publisher and date confirmed from the URL and search results