TECH - Warren Buffett-Backed BYD Unveils Stock Buyback And Luxury Car Production Expansion Amid Market Challenges | Benzinga
BYD Co Ltd (OTC:BYDDF) (OTC:BYDDY), a Chinese electric vehicle (EV) manufacturer, has announced a new stock buyback plan and the expansion of its luxury car production, in a bid to counteract a recent stock price slump.
What Happened: BYD, backed by billionaire investor Warren Buffett, has decided to repurchase more shares in an attempt to revive its stock price, which hit a 15-month low earlier this month. The company, based in Shenzhen, also plans to increase the production of luxury models to bolster its image beyond affordable vehicles, reported Bloomberg on Monday.
The company’s stock performance has been affected by concerns over a potential industry price war and China’s economic performance. Despite a recent market rebound due to state support, BYD’s Hong Kong-listed shares were down 1% in early Monday trading. The company’s shares have dropped 11.4% since the beginning of the year.
See Also: South Korea’s Answer To Tesla’s Model Y, BYD Dominance: A New EV Policy That Favors Hyundai, Kia
The ongoing price ...