Shares of Chinese automaker BYD Co. soared on Tuesday, reaching a record high after the company revealed its latest electric vehicle (EV) lineup, featuring groundbreaking technology that could revolutionise the industry. The new EVs boast charging times so fast that they could soon rival the time it takes to refuel a traditional petrol-powered car.
At the start of trading in Hong Kong, BYD’s stock surged by as much as 6 per cent, boosting the company’s market value to nearly $162 billion. This valuation now surpasses the combined worth of automotive giants Ford, General Motors, and Volkswagen.
During an unveiling on Monday, BYD’s Chairman and founder, Wang Chuanfu, showcased the automaker’s new battery and charging system, which, in tests, demonstrated the ability to provide 400 kilometres (249 miles) of range in just 5 minutes. The first models featuring this advanced technology are set to hit the market next month, with the new Han L sedan leading the charge.
The rapid charging capability could address one of the major concerns that potential EV buyers have: the lengthy time it takes to recharge an electric vehicle compared to filling up a petrol tank. As reported by Bloomberg, this innovation might sway more drivers to make the switch to electric.
Industry analysts believe this marks a turning point for BYD. “BYD is shifting its strategy,” noted Eugene Hsiao, head of China autos at Macquarie Capital. “Instead of competing purely on price or design, the company is leveraging its scale and core EV technologies to stand out in a fiercely competitive market.”
Hsiao also highlighted that BYD is tackling one of the main obstacles to EV adoption—charging time. “By offering faster charging speeds, the company is clearing the way for more drivers to transition from internal combustion engines (ICE) to electric vehicles.”
The introduction of BYD’s new platform is expected to underpin a host of future models, further solidifying its position as a top contender in the global EV market. BYD has steadily closed the gap on Tesla Inc., challenging its dominance as the world’s leading EV manufacturer.
Meanwhile, Tesla’s China sales plummeted by 49 per cent in February, with only 30,688 vehicles shipped, the lowest monthly figure since July 2022. In contrast, BYD has made bold moves, announcing plans to build more than 4,000 charging stations across China to support its cutting-edge vehicles. While the company has not provided a concrete timeline or cost estimate for this infrastructure rollout, it did recently raise $5.6 billion through a share sale.
BYD’s ultra-fast charging speeds outpace Tesla’s Superchargers, which currently offer up to 275 kilometres of range in 15 minutes. Other competitors, such as Mercedes-Benz, have also made strides in this area, with their new CLA electric sedan adding 325 kilometres of range in 10 minutes.
BYD’s new platform not only addresses charging speed but also performance. Wang revealed that the company’s upcoming EVs will be capable of accelerating from 0 to 100 kilometres per hour in just 2 seconds. The first models to feature this technology will be the Han L sedan and the Tang L SUV, priced at 270,000 yuan ($37,338) and 280,000 yuan, respectively, with sales beginning in April.
Auto industry experts have praised BYD’s advancements, with independent China auto analyst Lei Xing stating, “BYD is raising the bar to a whole new level.”
