BYD’s Flash Charging Technology Challenges Tesla as Sales Dip
Chinese electric vehicle manufacturer BYD is making strides in the EV market with its new rapid-charging technology. The company claims its new vehicles can be charged in approximately the same time it takes to refill a gasoline vehicle, giving them a significant advantage in a highly competitive landscape.
BYD’s 1-megawatt flash chargers can power vehicles in just five to eight minutes, according to the company. BYD plans to construct 4,000 new charging stations across China. This move aims to alleviate the range anxiety that often makes motorists hesitant to switch to electric vehicles. BYD states that its new chargers can provide a range of approximately 250 miles in five minutes.
“To completely solve users’ anxiety over charging, our pursuit is to make the charging time for EVs as short as the refueling time for fuel vehicles,” said Wang Chuanfu, the founder of BYD, in a statement.
The news caused BYD shares to surge 6% to a record high on Monday, increasing its market value to almost $162 billion. In contrast, Tesla’s shares fell 4.8%.
BYD, short for Build Your Dreams, has launched pre-sales for its new vehicle range, the Han L and Tang L. In 2024, BYD produced 1,777,965 battery-powered EVs, while Tesla produced 1,773,443 vehicles during the same period.
Tesla’s sales dropped 1.1% in 2024, marking the EV maker’s first annual sales decline in over a decade. Some EV fans have distanced themselves from Elon Musk-owned Tesla. Investors have expressed concerns that Musk’s political actions might be impacting the brand.
Last week, Tesla executives sent an unsigned letter to the U.S. trade representative, warning that the foreign trade policies of President Donald Trump could potentially harm domestic EV manufacturers. The company voiced concerns about retaliatory tariffs that might increase the cost of Tesla vehicles and reduce overseas demand.
The Associated Press contributed to this report.
