By Martin Mou

SAIC Motor Corp. is planning to buy back shares at a considerable premium for an equity-incentive plan, the Chinese car maker said Friday.

SAIC, the largest car maker in China by sales, said it plans to repurchase 58.4 million to 116.8 million shares at a maximum price of 25.97 yuan each.

The price represents a 150% premium to its average share price over the last 30 sessions, the company said.

SAIC, a joint-venture partner for Volkswagen AG and General Motors Co. in China, said it plans to spend its own capital of no more than 3.03 billion yuan ($428.8 million) on the buyback plan.

The company may execute the plan within the next six months, it said. 



  Write to Martin Mou at martin.mou@wsj.com