BYD Unveils Revolutionary 5-Minute Charging Tech, Propelling China's EV Giant Forward
Chinese electric vehicle leader BYD's shares hit an all-time peak on Tuesday following the announcement of innovative battery tech capable of charging a vehicle as quickly as filling a gasoline-powered car would take.
The firm stated that their battery and charging system, named "Super e-Platform," offered top speeds of 1,000 kW, enabling vehicles to cover distances of around 470 kilometers (292 miles) with only a five-minute charge.
The new technology aims to "fundamentally solve users' charging anxiety", according to BYD founder Wang Chuanfu.
"Our pursuit is to make the charging time of electric vehicles as short as the refuelling time of fuel vehicles," he said at Monday evening's launch.
Shares listed in Hong Kong for BYD surged over 6% during early trading on Tuesday, reaching a new high momentarily before reducing part of those gains.
This statement places BYD ahead of their chief competitor Tesla, who presently provides charging speeds via their Superchargers at up to 500 kW.
BYD introduced the Super e-Platform alongside two new EV models that will be the first to feature the system: the Han L sedan and the Tang L SUV.
The firm based in Shenzhen announced intentions to construct over 4,000 high-speed charging stations across the country to back up this innovative tech.
The ambitious expansion comes on the heels of remarkable growth, with February sales soaring 161 percent to more than 318,000 electric vehicles.
In the meantime, Tesla saw a significant 49 percent drop in sales within the Chinese market over the corresponding timeframe.