BYD, the world's top-selling EV maker, has unveiled a stock buyback plan as it delves into new markets with its lineup of luxury electric vehicles and mid-size electric SUVs. After recording impressive sales numbers, surpassing Tesla in the global EV market, the automaker has decided to repurchase shares to boost investor confidence amidst falling stock prices. Shares are currently up around 4% as a result of this announcement.

BYD's recent success can be attributed to its range of affordable EVs like the Dolphin, Atto 3 (Yuan Plus in China), and Seal. However, the company is now targeting new market segments with the launch of its ultra-luxury brand, Yangwang, featuring high-performance vehicles like the U8 off-roader and the U9 electric supercar. The U8, priced at $150,000 (1,098,000 RMB), boasts 1,200 hp and innovative features such as 360-degree tank turns and a "float mode" for emergency water navigation.

Moreover, BYD introduced the Yangwang U7 sedan with four electric motors producing a combined 1,300 hp and a remarkable range of up to 497 miles (800 km) on a 135.5 kWh LFP battery pack. The company is set to unveil the high-end U9 electric supercar on February 29, 2024, featuring a quad motor system for impressive acceleration.

BYD is also making a splash in the mid-size electric SUV market with models like the Sea Lion 07 and Song L, aimed at Tesla's popular Model Y. The Sea Lion 07, priced between 200,000 RMB to 260,000 RMB ($28,000 - $35,900), offers stiff competition with its urban smart design and specifications comparable to Tesla's Model Y.

This move to repurchase stock amidst its expansion into new markets showcases BYD's commitment to its growth strategy and the confidence it has in its vision. The company is also exploring possibilities to introduce its luxury models in Europe, potentially challenging established premium brands in the region. Despite recent fluctuations in EV stock prices, BYD and other players in the industry have been experiencing a rebound, with BYD's shares up nearly 12% following a recent low of $43.62 earlier this month.