Key Highlights:

• BYD introduces its Super e-Platform, capable of charging EVs in just five minutes.
• The new technology promises up to 470 kilometers (292 miles) of range on a 5-minute charge.
• Shares of BYD surged over 6%, reaching a record high following the announcement.

BEIJING: Chinese electric vehicle (EV) manufacturer BYD has made headlines with the launch of its new Super e-Platform, which offers the ability to charge vehicles in as little as five minutes, a groundbreaking advancement that addresses long-standing issues related to charging time and user anxiety. This technology could redefine the electric vehicle market in China and significantly challenge competitors, particularly Tesla, as it reaches new charging speeds of up to 1,000 kilowatts (kW).

During a recent event, BYD's founder Wang Chuanfu unveiled the platform's capabilities, allowing cars to gain approximately 470 kilometers (292 miles) of range on a mere five-minute charge. Wang stated, "Our pursuit is to make the charging time of electric vehicles as short as the refueling time of fuel vehicles," reflecting a commitment to eliminate "charging anxiety" among potential EV users.

Following this announcement, BYD's shares rose over 6%, reaching a record high and bolstering the company's market value to almost $162 billion. This surge indicates strong investor confidence in BYD’s ability to compete aggressively in the evolving EV market.

Notably, BYD aims to establish a network of over 4,000 ultra-fast charging stations across China to support its new platform, although specific timelines for this initiative have yet to be disclosed. The technology is set to debut with two new models: the Han L sedan and Tang L SUV, priced from approximately 270,000 yuan ($37,330).

The introduction of the Super e-Platform not only enhances BYD's competitiveness but also marks a significant leap in EV technology, positioning it ahead of Tesla's current offerings, which charge at a maximum of 500 kW and take longer to provide equivalent driving ranges.

This advancement comes at a time when the Chinese EV market is witnessing rapid growth and increased competition. With more than 4.3 million new energy vehicles produced last year, BYD's innovative approach could redefine the landscape for both consumers and competitors alike, potentially posing a major challenge to established players like Tesla.

For more details, see the full report on Channel News Asia.