BYD is quickly establishing itself as one of the biggest disruptors in the automotive industry. The Chinese auto giant recently received a boost in its Shenzhen-listed shares earlier this week after announcing its intention to launch a share repurchase plan.
The brand’s A shares surged by as much as 2.3% this week, though they still stand approximately 8% lower than late last year, mainly due to an ongoing price war among EV manufacturers. In a filing submitted on Sunday evening, BYD stated its intention to “formulate a reasonable and feasible share repurchase plan and implement share buybacks based on market conditions.”
Read: BYD Debuting Its Big Wang In Geneva Along With Some New SUVs
The chairman of BYD, Wang Chuangfu, suggested in December he could buy back up to $28 million of A shares in a bid to lift investor confidence and stabilize the company’s value, The Wall Street Journal reports. Concerns about the Chinese economy recently prompted the government to call for public companies to improve their investment value and maintain market stability.
A key part of the EV maker’s long-term plans is its growth in the luxury sector. On Sunday, BYD said it is looking to achieve a leading position in the high-end market, primarily through its mid-tier premium brand Fang Cheng Bao and its flagship YangWang brand.
YangWang has captured much of the world’s attention in recent months with the launches of the 1,184 hp U8 SUV, the all-electric U9 supercar, and the U7 super sedan that packs four electric motors with a combined 1,287 hp. Underpinning the U7 is a massive 135.5 kWh LFP battery that gives it as much as 497 miles (800 km) of range in flagship guise, a very solid figure given the performance it offers.
