BYD (BYDDF, Financials) introduced a new electric vehicle platform reportedly capable of reaching charging speeds of up to 1,000 kilowatts, twice the capacity of Tesla’s (TSLA, Financials) latest 500 kW superchargers. Shares rose as much as 6.0% to a record HK$408.80 ($52.61) early Tuesday before paring gains to 3.2%.
The breakthrough represents a turning point in the EV sector as it lets cars go 400 kilometers (249 miles) after a five-minute charge.
Addressing a major issue among EV buyers, the Chinese automaker’s “super e-platform” seeks to lower charging time to levels similar to gasoline filling. Han L sedan and Tang L SUV will be the first to adopt the technology, starting at 270,000 yuan ($37,328.91).
With projections of 56 million sales in 2025 and 4.2 million cars delivered in 2024, BYD intends to introduce 4,000 ultra-fast charging stations all throughout China. For the growth, the corporation has not revealed a schedule or financial specifics yet.The action coincides with rising Chinese automakers investing in charging infrastructure. Up until recently, BYD owners had depended on outside charging stations run by rivals.Since 2014, Tesla has set up superchargers in China, therefore establishing early presence in the market. High-speed charging networks are becoming more and more important as competition rises in order to hasten EV acceptance.
This article first appeared on GuruFocus.
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