On May 15, Chinese corporate database Tianyancha showed that Starry Sky Plan (Shanghai) Automobile Co., the automotive venture controlled by Dreame Technology founder Yu Hao, has been subjected to a new equity freeze involving approximately RMB 2.3225 million ($342,000), according to a Chinese media. The freeze period runs from May 7, 2026 to May 6, 2029. No specific reason for the equity freeze has yet been publicly disclosed. Dreame Auto Venture Hit by $342K Equity Freeze Starry Sky Plan Automobile was established in January 2025 with registered capital of RMB 1 billion ($147.1 million). The company is wholly owned by Starry Sky Plan (Shanghai) Automobile Co., Ltd., while Yu Hao serves as the ultimate controlling shareholder with an ownership stake exceeding 96%. In August 2025, Dreame officially announced its entry into the automotive sector and quickly began building its vehicle development team. The company’s automotive division has now expanded to nearly 1,000 employees, with around 70% focused on research and development. Nebula NEXT 01 concept car at Beijing Auto Show 2026 During this year’s Beijing Auto Show, Dreame’s “Starry Sky Project” made its public debut, showcasing the Nebula NEXT 01 super coupe, the Nebula NEXT 01X large SUV, as well as concept intelligent chassis and robotics technologies. On April 27, Dreame also held a launch event in Silicon Valley and unveiled the so-called “rocket car” Nebula NEXT 01 JET Edition. According to the company, the vehicle features a dual solid-fuel rocket booster system capable of accelerating from 0 to 100 km/h in just 0.9 seconds. The model is scheduled to enter mass-production preparation this year, with a planned global launch in 2027. Nebula NEXT 01 JET Edition Unlike traditional automakers, Dreame has not chosen to build its own factory or apply for a vehicle manufacturing license. Instead, the company plans to adopt a contract manufacturing model, focusing primarily on core technology and platform development while partnering automakers handle vehicle production. The strategy is intended to reduce upfront capital expenditure and accelerate overseas market entry. However, the challenges are equally apparent. For a company previously focused on robotic vacuum cleaners and home appliances, the automotive industry demands far greater capabilities in supply chain management, testing validation, quality control and long-term capital investment than consumer electronics. Particularly as China’s new energy vehicle industry enters a consolidation phase, competition in the premium segment has become increasingly difficult. Ma Junye, chairman of Starry Sky Plan, previously stated that the company would avoid the sub-RMB 200,000 ($29,420) market and instead directly target the ultra-premium segment above RMB 1 million ($147,100). The reality, however, is that several premium new energy vehicle projects, including HiPhi and Porsche’s EV business, have faced mounting operational pressure over the past two years. Even traditional luxury brands with mature manufacturing systems continue facing sales pressure in the premium battery electric segment. At the same time, Dreame’s core consumer electronics business continues to maintain strong growth momentum. Public data showed that as of April this year, Dreame’s global robotic vacuum shipments had exceeded 11 million units, while its overseas distribution network now covers more than 100 countries and regions.
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