Stock Market News

BYD shares rise on plans to double $28 mln buyback

2024.02.25 23:41


© Reuters.

Investing.com– Shares of Chinese electric vehicle maker BYD Co Ltd (SZ:) rose on Monday after its Chairman and CEO Wang Chuanfu proposed the firm double the size of a planned share buyback. 

BYD’s Hong Kong shares (HK:) rose 1.9%, while the EV maker’s Shenzhen-listed shares rose 2%. 

BYD’s CEO suggested doubling the amount of A-shares to be repurchased under a proposed buyback to 400 million yuan ($56 million). The move was largely aimed at stemming a recent rout in BYD’s shares, even as the EV maker recently overtook Tesla Inc (NASDAQ:) as the world’s best-selling EV maker. 

But even as BYD overtook Tesla, the firm, along with the broader EV sector, was hit by growing concerns over a looming sales slowdown. BYD’s shares lost over 22% in 2023.

While China has remained a strong source of demand for EV sales, overseas sales largely slowed in 2023, amid a resurgence in the popularity of hybrid models. Worsening economic conditions- amid high inflation and interest rates in several developed economies- also weighed on vehicle sales.

This cast some doubts over BYD’s plans for an overseas expansion, particularly into Europe and North America. 

Still, BYD unveiled and launched a slew of new models in February, with its latest offering being the Yangwang U9 supercar. 

The Berkshire Hathaway-backed firm increased its luxury products offering in recent months, amid bets that the high-margin sector still held some demand. Chinese consumer spending was seen increasing during the Lunar New Year holiday. 

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 51,521.80 0.12%
ethereum
Ethereum (ETH) $ 3,103.22 2.68%
tether
Tether (USDT) $ 0.999907 0.02%
bnb
BNB (BNB) $ 385.76 1.79%
solana
Solana (SOL) $ 103.57 0.31%
staked-ether
Lido Staked Ether (STETH) $ 3,098.86 2.60%
xrp
XRP (XRP) $ 0.5404 0.88%
usd-coin
USDC (USDC) $ 1.00 0.03%
cardano
Cardano (ADA) $ 0.585487 1.75%
avalanche-2
Avalanche (AVAX) $ 37.05 0.74%
dogecoin
Dogecoin (DOGE) $ 0.085548 0.60%
tron
TRON (TRX) $ 0.13773 0.04%
chainlink
Chainlink (LINK) $ 18.63 0.58%
polkadot
Polkadot (DOT) $ 7.85 1.24%
matic-network
Polygon (MATIC) $ 0.998325 1.57%
uniswap
Uniswap (UNI) $ 11.04 4.99%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,514.80 0.07%
the-open-network
Toncoin (TON) $ 2.11 0.56%
internet-computer
Internet Computer (ICP) $ 12.40 0.86%
shiba-inu
Shiba Inu (SHIB) $ 0.00001 0.19%
bitcoin-cash
Bitcoin Cash (BCH) $ 266.22 0.58%
litecoin
Litecoin (LTC) $ 70.02 0.00%
dai
Dai (DAI) $ 0.999804 0.23%
immutable-x
Immutable (IMX) $ 3.31 8.89%
filecoin
Filecoin (FIL) $ 8.12 0.98%
cosmos
Cosmos Hub (ATOM) $ 10.35 0.31%
ethereum-classic
Ethereum Classic (ETC) $ 27.11 3.43%
leo-token
LEO Token (LEO) $ 4.15 1.50%
kaspa
Kaspa (KAS) $ 0.167873 2.95%
near
NEAR Protocol (NEAR) $ 3.67 1.41%
optimism
Optimism (OP) $ 3.79 3.15%
blockstack
Stacks (STX) $ 2.52 2.70%
hedera-hashgraph
Hedera (HBAR) $ 0.107026 1.91%
bittensor
Bittensor (TAO) $ 566.53 2.03%
aptos
Aptos (APT) $ 9.60 2.00%
vechain
VeChain (VET) $ 0.046631 2.78%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.06%
stellar
Stellar (XLM) $ 0.115777 0.39%
injective-protocol
Injective (INJ) $ 35.44 3.28%
okb
OKB (OKB) $ 50.22 0.54%
lido-dao
Lido DAO (LDO) $ 3.37 2.35%
mantle
Mantle (MNT) $ 0.899876 13.50%
the-graph
The Graph (GRT) $ 0.296678 3.31%
celestia
Celestia (TIA) $ 16.55 4.85%
render-token
Render (RNDR) $ 7.27 3.32%
crypto-com-chain
Cronos (CRO) $ 0.094419 1.19%
arbitrum
Arbitrum (ARB) $ 1.89 1.34%
monero
Monero (XMR) $ 129.15 4.89%
sei-network
Sei (SEI) $ 0.816209 3.40%
sui
Sui (SUI) $ 1.65 1.33%