BYD, a Chinese electric vehicle (EV) manufacturer, has announced a new stock buyback plan and the expansion of its luxury car production, in a bid to counteract a recent stock price slump.

What Happened: BYD, backed by billionaire investor Warren Buffett, has decided to repurchase more shares in an attempt to revive its stock price, which hit a 15-month low earlier this month. The company, based in Shenzhen, also plans to increase the production of luxury models to bolster its image beyond affordable vehicles, reported Bloomberg on Monday.