BYD shares soar after unveiling 5-minute charging technology

Shares of BYD, a leading Chinese electric vehicle (EV) manufacturer, reached a record high on Tuesday. This follows the company's announcement of new battery technology capable of charging a vehicle in just five minutes. BYD's Super e-Platform allows cars to drive up to 470 kilometers (292 miles) after this short charging time. The founder of BYD, Wang Chuanfu, stated that this development aims to ease customers' concerns about charging their electric cars. He compared the new charging time to the traditional refueling time of gasoline vehicles. BYD's stock price rose more than six percent in morning trading before settling slightly lower. This new technology gives BYD a competitive edge over Tesla, whose Superchargers currently support charging speeds of 500 kW. BYD also introduced two new EV models, the Han L sedan and the Tang L SUV, which will feature this innovative platform. Additionally, the company plans to build over 4,000 fast-charging stations across China. In February, BYD's sales soared by 161 percent, surpassing 318,000 EVs sold. In contrast, Tesla's sales in China dropped by 49 percent during the same timeframe. On the same day, Nio, another Chinese EV maker, announced a partnership with battery company CATL to create a battery swap network. This network serves as an alternative to fast charging for EV owners concerned about range. CATL will invest up to 2.5 billion yuan (around $346 million) in this project. However, challenges like necessary infrastructure and standardization must be addressed for it to succeed.