Shares in BYD, a leading Chinese electric vehicle manufacturer, experienced a significant surge on Tuesday, reaching a record high after the company revealed its innovative battery technology. This new ‘Super e-Platform’ charging system promises to fully charge a vehicle in only five minutes, a timeframe comparable to the refueling time of gasoline-powered cars.
According to BYD, the new technology boosts peak speeds of 1,000 kW, allowing vehicles to travel up to 470 kilometers (292 miles) after just five minutes of charging. The company’s founder, Wang Chuanfu, stated that the technology aims to “fundamentally solve users’ charging anxiety.” He emphasized the company’s objective to minimize charging times to match the speed of traditional refueling, which was announced during Monday evening’s launch event.
The Hong Kong-listed shares in BYD saw an increase of more than six percent, reaching a new peak early Tuesday before slightly decreasing those gains. The announcement positions BYD ahead of Tesla, its main competitor, whose Superchargers currently offer charging speeds of 500 kW.
BYD introduced this technology alongside two new EV models, the Han L sedan and the Tang L SUV, which will be among the first vehicles to incorporate the ‘Super e-Platform’. To support the technology, the Shenzhen-based company has also planned to build over 4,000 ultra-fast charging stations nationwide.
This expansion follows strong growth for BYD. In February, sales of electric vehicles surged by 161 percent, reaching over 318,000 units. Meanwhile, Tesla experienced a 49 percent sales decline in the Chinese market during the same period.
In related news, Chinese EV maker Nio announced on Tuesday a deal with battery giant CATL to collaborate on a passenger car battery swap network. Although battery swapping provides an alternative to ultra-fast charging for vehicle owners, the extensive infrastructure demands and standardization difficulties pose large hurdles. As part of the agreement, CATL will invest up to 2.5 billion yuan ($346 million) in Nio’s battery swap network.
The Chinese electric vehicle market has witnessed substantial expansion in recent history but also faces intense competition among domestic manufacturers. XPeng, another Chinese EV maker, predicts that deliveries will increase by over 300 percent year-on-year in the first quarter of 2025, predicting deliveries ranging from 91,000 to 93,000 cars. This matches the 91,000 deliveries the automaker achieved during the final three months of 2024, as reported in its quarterly and full-year financial results, which were published online. In 2024, XPeng’s overall revenue increased by 33 percent to $5.6 billion.
