Key Highlights:

• BYD has introduced a low-latency charging system that can fully charge electric vehicles (EVs) in just five minutes.
• The new 'super e-platform' can deliver a range of up to 400 kilometers on a five-minute charge, significantly reducing charging anxiety for consumers.
• BYD plans to build over 4,000 ultra-fast charging stations across China, enhancing the EV adoption landscape.
• Following the announcement, BYD's shares surged, while Tesla faced a decline in stock value amidst increasing competition.
• Analysts see this technological leap as a pivotal moment for BYD, potentially reshaping the EV market landscape in China.

BEIJING, March 17 — Chinese electric vehicle (EV) giant BYD has taken a significant step forward in the EV industry by unveiling its groundbreaking charging technology, allowing vehicles to be charged in as little as five minutes. This remarkable development was presented at an event streamed from the company's headquarters in Shenzhen, where founder and CEO Wang Chuanfu stated that the new "super e-platform" supports peak charging speeds of 1,000 kilowatts (kW), equivalent to replacing a gasoline fuel station's efficiency.

With the introduction of this innovative charging solution, BYD aims to alleviate the common concerns around long charging times that often deter consumers from switching to electric vehicles. “In order to completely solve our user's charging anxiety, we have been pursuing a goal to make the charging time of electric vehicles as short as the refueling time of petrol vehicles,” Wang emphasized.

The newly branded charging technology will initially be available with two of BYD's latest models, the Han L sedan and the Tang L SUV, both priced from 270,000 yuan ($37,328.91). Additionally, BYD has announced plans to set up over 4,000 fast-charging stations across China to support the new platform and enhance consumer convenience.

Following the launch, BYD's stock soared, reaching all-time highs—up more than 6%—while shares of Tesla faced a downturn, highlighting the competitive shift in the EV market. According to analysts, this charging breakthrough may mark a turning point, raising the bar for rivals like Tesla, whose current charging capabilities cannot match the speed of BYD's new technology.

BYD accounts for a substantial share of the EV market in China, ramping up production amid soaring demand for electric and hybrid vehicles. In February alone, BYD sold over 322,000 vehicles, indicating a robust growth trajectory in a rapidly expanding market. The company’s sales strategy—enhanced by its new ultra-fast charging infrastructure—positions it as a formidable player in the global EV landscape.

The charging advancements come at a crucial time, as the Chinese market experiences record-breaking sales with nearly a 50% increase in EV adoption year-over-year. The rapid scaling of charging solutions, coupled with BYD's production capabilities, could solidify its market position while asserting pressure on Tesla and other global competitors who must now respond to this technological leap.

For more insights, visit Reuters and Channel News Asia.