Shares of Chinese electric car maker Byd reached record heights Tuesday after unveiling fast charging technology, which would allow the car to run up to 400 kilometers in just five minutes.
The company described its new fast charging platform, which is twice as fast as Tesla — similar to a fuel tank that fills a pump.
Initially, the “super electronics platform” will be used in two new electric vehicles – the Han L Sedan and Tang L SUVs are priced at 270,000 yuan ($37,328.91).
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BYD founder Wang Chuanfu said at an event live broadcast at the company's Shenzhen headquarters on Monday that the platform will be able to reach peak charging speeds of 1,000 kilowatts (KW).
“This is the first unit in the entire industry to receive a megawatt (accusation).”
The announcement caused BYD's listed Shenzhen stock to reach an all-time highest price of RMB 384.57 per share. The automaker has risen to nearly 42% so far this year.
Meanwhile, its biggest rival, Tesla, has owned nearly 10% of its shares in the week so far. Tesla shares fell 4.8% on Monday and fell more than 5.8% on Tuesday, down 5.8% during Wall Street opening hours.
Compared to Bider's 1,000-kilowatt charging speeds, Tesla's latest version of the supercharger offers up to 500 kW charging speeds. Tesla stock has bleed and has its brand image Hit by controversial politics of its chief Elon Musk and its aging lineup of EVS.
Meanwhile, Bider has also swallowed Tesla's market share around the world, including in China, Southeast Asia, Australia and Europe, with technically cheap electric cars. As a result, the Chinese giant took over Tesla The world's largest electric car seller.
Establish a charging network in China
Bider also said it will build more than 4,000 ultra-fast charging piles or units in China to match the new super electronic platform. China is the world's largest electric vehicle market.
To date, BYD owners have relied heavily on other automakers’ charging facilities or public charging poles opened by third-party operators. This is even more than one-third of China's electric vehicle sales.
Byd does not specify a time frame or how much time it is invested in building such facilities. However, its planned charging network will pose a new challenge to Tesla, which has been providing superchargers in China since 2014.
As of September, Tesla has built more than 2,000 TV stations in China, or 11,500 superchargers in China.
BYD's smaller Chinese counterparts, such as Nio, Li Auto, Xpeng and Zeekr, have been investing extensively and building charging facilities for years. Nio has the widest charging network in China, including nearly 2,700 fast charging stations.
Why is fast charging important?
Fast charging technology has been key to increasing adoption of electric vehicles, as it can help ensure EV drivers are concerned about being able to charge their cars quickly.
Scepticism about electric vehicles cited concerns that their batteries could be smooth in long-distance drives. This concern prompted automakers to propose fast charging, And battery swap technology As a solution.
Chief King of Bider described the automaker’s decision to develop its fast charging platform to “completely address charging anxiety for our users.”
“We have been pursuing a goal to make the charging time of electric cars as short as the refueling time of gasoline cars,” Wang said.
Last year, Byd also upgraded its plug-in hybrid technology, which will make it hybrid as part of a push to improve the mileage of electric vehicles. 2100 kilometers of driving range On a fully charged battery and full fuel tank.
- Vishakha Saxena, with Reuters
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