BYD, 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.
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.
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