BYD launches ultra-fast charger, surpasses Tesla's revenue

Chinese electric vehicle maker BYD has revealed a new ultra-fast charger that can fully charge electric vehicles (EVs) in just five minutes. This announcement comes as BYD surpasses Tesla in revenue, generating $170 billion in 2024 compared to Tesla's $155.5 billion. BYD's net profit surged by 73% to a record $3.3 billion in the fourth quarter. BYD's shares have jumped over 50% this year, and the company plans to install 4,000 of its new superchargers in China before expanding to other countries. This push indicates BYD's commitment to growing its international presence, as overseas sales increased by almost 72% last year. Analyst Graeme Hughes attributes BYD's rise to a mix of public sentiment against Elon Musk and BYD's rapid development. Tesla's sales in the UK have fallen by 45%, with some owners even trying to disassociate from the brand. BYD has invested heavily in enhancing its manufacturing and product quality. The new charging technology, known as the Super e-Platform, can deliver power at speeds of 1,000 kilowatts. This allows vehicles to travel up to 400 kilometers after just five minutes of charging. However, there are concerns that the electricity grid, especially in Australia, may not support such rapid charging. Experts acknowledge that while the new technology is a major advance for EV charging, Australia’s infrastructure currently requires a longer charging time of 20 to 30 minutes. A five-minute charging model could stress the power grid significantly. Despite the challenges, the breakthrough has potential applications for other EV makers. Analysts believe that while Tesla is working to reduce its own charging times, BYD’s advancements may push the industry forward. However, Tesla's ongoing development of self-driving technology may still give it an edge in the competitive EV market.