Shares of Chinese electric vehicle giant BYD surged on Tuesday after the company unveiled a revolutionary charging technology that it claims will enable EVs to charge almost as fast as refueling a gasoline car.
The breakthrough is expected to solidify BYD’s leadership in the global EV market, intensifying competition with Tesla, which has been struggling with market turmoil and increasing challenges in China and beyond.
BYD’s Hong Kong-listed shares jumped more than 6% in early trading, hitting a new 52-week high. The stock, which was last seen trading around 4.2% higher, has gained more than 50% year-to-date. Meanwhile, its Shenzhen-listed shares also saw a more than 2% rise before paring some of the gains. The surge followed the company’s announcement of the new high-speed charging system, named “Super e-Platform,” capable of delivering peak charging speeds of 1,000 kilowatts.
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The Chinese automaker claims that this advancement will allow vehicles to achieve 400 kilometers (approximately 249 miles) of range in just five minutes of charging. If these claims hold true, it would mark a significant leap ahead of competitors, including Tesla and Mercedes-Benz.
Tesla’s latest superchargers currently offer a maximum charging rate of up to 500 kilowatts, providing 270 kilometers of range in 15 minutes. Meanwhile, Mercedes-Benz recently announced that its all-electric CLA model will be able to recharge up to 325 kilometers in 10 minutes. BYD’s new platform, which promises almost double Tesla’s charging speed, could prove to be a game-changer.
“The ultimate solution is to make charging as quick as refueling a gasoline car,” BYD Chairman and President Wang Chuanfu said at the launch event.
BYD’s Growing Dominance in the EV Market
This breakthrough comes as BYD continues to strengthen its dominance over Tesla in the global EV market. The Chinese automaker, which surpassed Tesla in global EV sales in the fourth quarter of 2023, has been aggressively expanding its production, technological capabilities, and international presence. Unlike Tesla, which has faced slowing demand, price cuts, and supply chain issues, BYD has leveraged its cost-efficient manufacturing, vertical integration, and strong backing from the Chinese government to sustain growth.
The company’s ability to scale production at lower costs has given it an edge, especially in China, the world’s largest EV market. In contrast, Tesla has been grappling with increasing competition, pricing wars, and declining market share. Earlier this year, Tesla announced layoffs, paused plans for expansion in China, and faced weakening demand in key markets like Europe.
China auto analyst Xing Lei described the new battery platform as a “heartbreaking” development for foreign automakers.
“Just when everybody’s focus seems to be turning toward smartification, BYD comes right back and says: no, we are not done with electrification yet,” he wrote on LinkedIn.
BYD has also announced plans to roll out over 4,000 ultra-fast charging stations across China to complement its new charging technology. However, the company has yet to specify the exact timeline or financial investment required for these new facilities.
The timing of this announcement aligns with BYD’s broader strategy to secure funding for expansion. Earlier this month, the automaker launched a sale of its Hong Kong-listed shares to raise up to $5.2 billion, with proceeds expected to be directed toward research and development, as well as infrastructure expansion.
While ultra-fast charging is a major advancement, questions remain about its impact on consumer behavior. The Environmental Defense Fund reports that the average range for EVs in the U.S. is nearly 300 miles (483 kilometers) on a single charge, but charging times vary widely based on vehicle type and charger speed.
Michael Dunne, founder and CEO of Dunne Insights, noted that while faster charging is an important innovation, it is not necessarily the top priority for all EV buyers.
“Speedier charging is definitely a plus, but it ranks behind overall battery range and convenience of charging ports as priorities for EV owners,” he told CNBC.
Nonetheless, BYD’s ability to offer both long-range EVs and ultra-fast charging could help remove one of the biggest barriers to mass EV adoption: range anxiety. If the Super e-Platform lives up to its claims, BYD could set a new industry standard, further consolidating its position as the dominant force in the electric vehicle sector.
With Tesla facing mounting pressure and uncertainties, BYD’s latest breakthrough could significantly alter the power dynamics in the EV industry, making the Chinese automaker an even more formidable global leader.