By Sherry Qin


BYD's Shenzhen-listed shares rose after the Chinese electric-vehicle giant's plans for more share buybacks and luxury-model launches.

BYD's A shares rose as much as 2.3% before paring gains to trade 0.6% higher at 182.20 yuan (US$25.59) at midday Monday. The stock remains about 8% lower this year amid an intensifying price war among EV makers and broader concerns about the Chinese economy.

The company will subsequently "formulate a reasonable and feasible share repurchase plan and implement share buybacks based on market conditions," it said in an exchange filing Sunday, without specifying the planned repurchase amount.

In early December, BYD Chairman Wang Chuanfu proposed to buy back up to CNY200 million (US$28.1 million) of A shares, aiming to lift investor confidence and stabilize the company's value, according to an exchange filing.

BYD also said Sunday that it will roll out several luxury vehicles this year and beyond, with a goal of achieving a leading position in the high-end market.

BYD will start local productions in Thailand, Brazil and Hungary to broaden its global reach, it said.

The moves are in response to Beijing's recent calls for public companies to improve their investment value and maintain market stability after a recent stock-market rout.

The Warren Buffett-backed company dethroned Tesla as the world's biggest EV maker after it recorded more deliveries than its American rival in the final quarter of 2023. BYD expects 2023 net profit of between CNY29 billion and CNY31 billion, up from CNY16.62 billion in 2022.

The company's Hong Kong-listed shares dropped 2.6% to 185.10 Hong Kong dollars (US$23.66), in line with the broader market weakness.


Write to Sherry Qin at sherry.qin@wsj.com


(END) Dow Jones Newswires

02-19-24 0014ET