BANGKOK (AP) — China’s energy and auto giant BYD has made headlines with the announcement of its new ultra-fast EV charging system, designed to rival traditional fuel refueling times. BYD, recognized as China’s largest EV maker, revealed on Monday that its innovative flash-chargers can deliver a full charge to its latest electric vehicles (EVs) in just five to eight minutes, a timeframe comparable to filling a gasoline tank.
To enhance the adoption of electric vehicles, BYD plans to install over 4,000 charging stations across China. Charging times and limited range have traditionally been significant barriers to the transition from gas and diesel vehicles to EVs. However, Chinese consumers are showing an increasing preference for electric vehicles, with sales of battery-powered and hybrid vehicles soaring by 40% last year.
The announcement from BYD appears to have impacted Tesla, with the U.S. EV maker's share price declining by 4.8% following the news. As BYD continues to innovate, the company has also begun pre-sales of its upgraded models, the Han L and Tang L, further solidifying its position in the competitive EV market.
Initially focused on manufacturing batteries, BYD has established itself as a leader in battery and energy storage technology. The company claims that its 1-megawatt flash chargers can provide enough power for 400 kilometers (nearly 250 miles) of range in just five minutes. According to BYD's founder, Wang Chuanfu, ultra-high voltage and substantial current are critical for achieving maximum charging speeds. “To completely solve users’ anxiety over charging, our pursuit is to make the charging time for EVs as short as the refueling time for fuel vehicles,” Wang stated.
BYD's flash-charging system utilizes silicon carbide power chips capable of handling voltage levels up to 1,500V, a technology developed in-house. Additionally, the company’s Blade lithium-ion phosphate battery is recognized as one of the safest and most efficient EV batteries available today. Notably, Tesla has opted to incorporate this technology into some of its own electric vehicles, according to industry analyst Michael Dunne.
In 2022, BYD reported production of over 4.3 million new energy vehicles, marking a 41% increase from the previous year. This total includes approximately 1.8 million battery electric vehicles and 2.5 million plug-in hybrids. The company’s shares have experienced a nearly 50% surge in value on China’s Shenzhen market over the past six months. While BYD’s premium models are expected to retail for around $40,000, the company also offers more affordable options, such as the Seagull, priced at approximately $12,000 in China.
In 2024, BYD slightly outpaced Tesla in production of battery-powered EVs, producing 1,777,965 units compared to Tesla's 1,773,443. However, Tesla reported its first sales decline in over a decade earlier this year, as competitors like BMW, Volkswagen, and BYD gained market share with competitive offerings. Despite BYD's successes, Dunne points out challenges, noting that JD Power’s 2024 China New Energy Vehicle Initial Quality Study ranked the BYD Seal and BYD Song Plus battery electrics at the bottom of the quality rankings.
