The stocks of Chinese multinational technology company Baidu Inc. grew more than 8% on Tuesday after it was announced that the company is considering making its own electric vehicles. The search-engine leader, which also develops autonomous driving technology and internet connectivity infrastructure, has allegedly already held talks with automakers about this possibility.

Recently, the company’s board of directors allowed for a modification in the firm's 2020 Share Repurchase Program, a buyback arrangement valid through 2022, moving the limit for the aggregate value of shares that may be repurchased from $3 billion to $4.5 billion.

Baidu shares were up by 8.11% to $176.31 at 9:58 am ET.