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BYD (OTC:BYDDY), the world’s EV leader, announced a share buyback plan as it continues to expand into new markets. BYD is expanding into various segments with new luxury EVs and midsize electric SUVs.
Expansion into new EV segments
After selling a record 526,409 fully electric vehicles in the fourth quarter of 2023, BYD has surpassed Tesla to become the world’s best-selling EV manufacturer.
The automaker’s success was fueled by its lineup of affordable EVs, including the Dolphin, Atto 3 (Yuan Plus in China), and Seal. But BYD is rapidly expanding into new areas.
BYD launched its ultra-luxury brand “Yangwang” in January 2023, and exhibited two vehicles: the off-roader “U8” and the electric supercar “U9.” The brand launched its first vehicle in September, the rugged Yangwang U8 SUV, priced at $150,000 (RMB 1,098,000).
This luxury off-roader delivers 1,200 horsepower and includes innovative features such as 360-degree tank rotation, puncture stabilization, and wading. It also has a “float mode” for navigating deep water in case of an emergency.
![BYD stock buyback](https://electrek.co/wp-content/uploads/sites/3/2023/09/Yangwang-U8-front.jpg?quality=82&strip=all&w=1024)
Last month, BYD announced the luxury brand’s first sedan, the U7. His Yangwang U7 from BYD is equipped with his four electric motors, producing a total of 1,300 horsepower (960 kW).
Powered by a 135.5 kWh LFP battery pack from BYD’s FinDreams battery unit, the U7 has a CLTC range of up to 497 miles (800 km). The U7 is available in basic (447 miles) and long-range (797 miles) models, with prices starting at approximately $140,000 (RMB 1,000,000).
![BYD-Yangwang-U7-Leak](https://electrek.co/wp-content/uploads/sites/3/2024/01/BYD-U7-1.jpeg?quality=82&strip=all&w=1024)
According to the invitation sent, BYD plans to officially launch its electric supercar “U9” on February 29, 2024.
Yangwang’s luxury U9 supercar EV is powered by the same 1,300 horsepower (960 kW) quad motor system and accelerates from 0 to 60 mph in less than 2 seconds.
![BYD-Launch-YangWang-U9](https://electrek.co/wp-content/uploads/sites/3/2024/02/BYD-launching-YangWang-U9-1.jpeg?quality=82&strip=all&w=1024)
Meanwhile, BYD is launching several new midsize electric SUVs aimed at Tesla’s sweet spot with its best-selling Model Y.
BYD announced the Sea Lion 07 in November, calling it the “first mid-sized urban smart electric SUV.” Measuring 4,830mm in length, 1,925mm in width, and 1,620mm in height, the Sea Lion 07 will compete directly with Tesla’s Model Y (4,760mm in length, 1,921mm in width, and 1,624mm in height).
![BYD-Sea Lion-07-Specifications](https://electrek.co/wp-content/uploads/sites/3/2023/11/BYD-first-mid-size-SUV-2.jpeg?quality=82&strip=all&w=1024)
Sea Lion 07 is expected to be priced around 200,000 to 260,000 yuan ($28,000 to $35,900). BYD launched another midsize SUV, the Song L, in December, priced at RMB 189,800 ($26,700) and with a CLTC range of up to 662km (411 miles).
BYD issues share buyback
According to filings, BYD announced a share buyback plan aimed at reversing a decline in its stock price, attracting investors and accelerating business expansion.
The stock is down about 32% from its 52-week high of $71.70 in July to about $48.70. BYD stock rose about 4% on Monday as investors cheered the buyback.
![BYD stock buyback](https://electrek.co/wp-content/uploads/sites/3/2024/02/BYD-stock-buyback.jpeg?quality=82&strip=all&w=1024)
Companies often buy stock to show investors that they have confidence in their vision. It is essentially a way of “putting your money where your mouth is.” It can also create more shareholder value.
BYD’s overseas expansion has focused on low-priced EVs, but it is also considering introducing new high-end models in Europe. The company could bring the Yanwan U8 off-roader to Europe to compete against Mercedes-Benz G-Class, Range Rover and other premium brands.
![BYD seal](https://electrek.co/wp-content/uploads/sites/3/2023/12/BYD-November-sales.jpeg?quality=82&strip=all&w=1024)
The company is not the only EV maker whose stock price has fallen. Tesla, Rivian, Lucid, NIO, and essentially the entire segment have fallen over the past few months due to global macroeconomic concerns and continued price cuts leading to weaker profit margins.
That said, BYD and other EV stocks have rebounded this month, with BYDDY stock up nearly 12% after hitting a yearly low of $43.62 earlier this month.
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