BYD Announces Fresh Stock Buyback, Plans More Luxury Models

(Bloomberg) — BYD Co. Ltd. is planning to buy back more shares, the automaker said in a filing Sunday, as it seeks to revive its stock price that earlier this month hit a 15-month low.

The Shenzhen-based company said it also aims to ramp up production of more luxury models this year, boosting its credentials beyond stylish, budget-friendly cars.

BYD’s stock market performance has taken a hit as fears of a renewed industry price war spooked investors. Shares in China more broadly have tumbled on concerns about the country’s economic performance.