Chinese electric vehicle (EV) maker BYD has introduced a new technology that can fully charge an EV in just 5 minutes. This breakthrough is aimed at reducing the long charging times typically associated with EVs.
What’s the Secret Behind BYD’s Fast Charging?
BYD’s founder, Wang Chuanfu, revealed the new technology during an event in Shenzhen on March 17. He stated, “Charging an EV won’t be a long wait anymore. It will be as quick as refueling a petrol car.”
The new 1-megawatt flash charger is claimed to fully charge a vehicle in 5 to 8 minutes.
How Does This Compare to Tesla’s Charging Speed?
Before BYD’s announcement, Tesla introduced its Supercharger that could provide 320 kilometers of range in 15 minutes. However, BYD’s new technology promises to offer a full charge sufficient for 400 kilometers of range in just 5 minutes.
Plans for Expanding Fast Charging in China
BYD also plans to build over 4,000 ultra-fast charging units across China to support its new super-fast charging technology. Additionally, the company has launched new models with this feature, including the Han L sedan and Tang L SUV. Pre-booking for these models has already begun, and deliveries are expected to start next month.
Impact on BYD’s Stock and Tesla’s Market Position
Following the announcement, BYD’s stock saw a significant increase. On the day after the news broke, the company’s stock rose by 6% on the Hong Kong Stock Exchange. Meanwhile, Tesla’s stock dropped by nearly 5%.
Tesla’s sales in China have dropped by 49%, causing the company to fall to fourth place in China’s EV market. Experts believe BYD’s new technology will make the EV market even more competitive.
BYD’s Sales Success and Future Goals
In 2024, BYD sold 1.77 million fully electric vehicles and 4.2 million total units, including plug-in hybrids. The company’s goal for 2025 is to sell 5 to 6 million EVs.
With this new charging technology, BYD is setting a high bar for the future of electric vehicles.
