BYD Co. is planning to repurchase more shares, the Shenzhen-based automaker said in a filing Sunday, as it seeks to revive a stock price slump resulting in a 15-month low earlier this month.

The Shenzhen and Hong Kong-listed company also said it aims to ramp up production of more luxury models this year, boosting its credentials beyond just stylish but budget-friendly cars.

BYD yesterday launched a new version of its plug-in hybrid sedan Qin Plus DM-i with a lower starting price, doubling down on price cuts to stay competitive in the world’s largest auto market.

The new model goes for a starting price of 79,800 yuan (US$11,090), down 20% from the previous version.

The Qin Plus hybrid competes with best-selling gasoline sedans such as Nissan’s Sylphy and VW’s Lavida.

The company’s stock market performance has taken a hit as broader fears of a renewed industry price war spooks investors.

BYD’s shares and the broader market started to rebound earlier this month. (SD-Agencies)