BYD announces plans to introduce 'high-end luxury' models

BYD, the prominent Chinese automaker, unveiled its strategic vision to launch a series of "high-end luxury" models starting this year, as disclosed in a recent filing with the Hong Kong stock market.

The Shenzhen-based company, known for its innovative electric vehicles and sustainable mobility solutions, aims to diversify its product portfolio with the introduction of upscale models tailored to meet the demands of discerning consumers. This strategic move underscores BYD's commitment to innovation and its pursuit of capturing a larger market share in the luxury automobile segment.

Moreover, BYD announced its intention to develop a "reasonable and feasible" plan for repurchasing its shares, as outlined in the filing released on Sunday. This initiative follows the proposal put forth by Chairman Wang Chuanfu in December, wherein the company expressed its intention to repurchase 200 million yuan ($27.8 million) worth of its A-shares.

The news of BYD's strategic expansion and share buyback plan had a mixed impact on its stock performance. Following the Lunar New Year holidays, BYD's Shenzhen-listed shares observed a modest increase of 1.3 per cent upon resuming trading on Monday. Conversely, its Hong Kong-listed shares witnessed a slight decline of 1.9 per cent.

BYD's decision to venture into the high-end luxury segment reflects its ambition to cater to evolving consumer preferences and capitalize on the growing demand for premium automobiles.

(With Reuters inputs)