BYD Co. shares reached an intra-day record after the Chinese automaker unveiled electric vehicles equipped with ultra-fast-charging technology that the company claims can charge nearly as quickly as re-fuelling a conventional car, Bloomberg reported.
The company’s stock rose by up to 6 per cent when trading opened in Hong Kong on Tuesday, pushing its market value to almost $162 billion—exceeding the combined value of Ford Motor Co., General Motors Co., and Volkswagen AG.
During tests on its new Han L sedan, BYD’s new battery and charging system provided approximately 400 kilometres of range in 5 minutes, according to Chairman and founder Wang Chuanfu, the report said, adding that the manufacturer plans to begin selling vehicles with this technology next month.
BYD’s new EV platform
The ability to charge a car in roughly the time required for a combustion engine vehicle to visit a petrol station could persuade drivers who are reluctant to make lengthy stops to switch to electric vehicles.
The new platform, which will underpin many of BYD’s future electric vehicles, could provide another boost for the company, which has emerged as a rival to Tesla Inc. for the title of world’s top EV seller, the report said.
Tesla’s China shipments fell 49 per cent in February compared to the previous year, reaching just 30,688 vehicles—the lowest monthly figure since July 2022.
BYD has committed to constructing more than 4,000 charging stations across China to support the newly upgraded EVs.
The company did not disclose a specific timeline or cost for completing the rollout. However, BYD raised approximately $5.6 billion in a share sale earlier this month, according to the report.
The charging speeds would exceed those of Tesla’s Superchargers, which can add up to 275 kilometres of range in 15 minutes. Tesla, however, maintains a larger network of more than 65,000 Superchargers worldwide. Mercedes-Benz Group AG’s new entry-level CLA electric sedan, unveiled last week, can add 325 kilometres in 10 minutes of charging.
BYD’s new EV platform will allow vehicles to reach a speed of 100 kilometres per hour in 2 seconds, Wang said at the event at the company’s headquarters in Shenzhen.
BYD expands charging network
The first models to feature ultra-fast charging will be the Han L and the Tang L sport utility vehicle. They will start at 270,000 yuan ($37,338) and 280,000 yuan, respectively, and will be available from April. BYD will build more than 4,000 charging stations designed for the new technology.
BYD has experienced a strong start to 2025. The company, which exclusively produces hybrid and fully electric cars, sold more than 318,000 passenger vehicles last month, representing a 161 per cent increase from the previous year. It is the leading carmaker in China, the world’s largest auto market, with a market share approaching 15 per cent.
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