China's leading electric vehicle (EV) manufacturer, BYD, unveiled a new ultra-fast charging system on Monday. The Shenzhen-based company claims its new technology can charge vehicles in just five minutes, providing a range of up to 250 miles (402 kilometers) on a full charge—comparable to the time it takes to refuel a gasoline-powered car.
BYD plans to install 4,000 ultra-fast charging stations across China to make this technology more accessible. This move intensifies the already competitive landscape in the world's largest auto market and positions BYD ahead of rivals like Tesla. For comparison, Tesla's Supercharger offers a range of 200 miles (322 kilometers) in 15 minutes.
At the launch event, BYD Chairman Wang Chuanfu stated, "Our goal is to make electric car charging as fast as refueling gasoline cars."
Pre-orders for BYD's new models equipped with this charging technology began on Monday, with deliveries scheduled to start next month. Following the announcement, BYD's shares surged 6% on the Hong Kong Stock Exchange, reaching a record high.
Meanwhile, Tesla launched a free one-month trial of its long-awaited "Full Self-Driving (FSD)" service in China on Monday. This move comes after a recent software update that reportedly fell short of expectations, according to Reuters. Tesla has partnered with Chinese tech giant Baidu to enhance its autonomous driving capabilities in China.
Last year, Tesla experienced its first annual decline in global sales, while BYD emerged as the dominant player in China's EV market. Analysts suggest that BYD's new charging technology could further solidify its lead over Tesla in terms of innovation and affordability. -- Agencies
