A new, unregistered BYD electric vehicle will be on display for sale outside of BYD dealers in Bristol, UK on 20 February 2025.
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China’s BYD shares recovered on Tuesday after the company unveiled a new technology that claims it can claim electric vehicles (EVs) almost as fast as it would take to fill gasoline vehicles.
BYD’s Hong Kong listed stock jumped over 6% shortly after the opening, earning a 52-week high. Finally, stocks trading around 4.2% higher have grown by more than 50% since the start of the year.
Meanwhile, BYD’s share price registered in Shenzhen has cut some of its profits after rising more than 2% on Tuesday morning.
It is said that a peak charging speed of 1,000 kilowatts will be possible shortly after BYD unveils its new “Super e-Platform” technology. The EV Giant and Tesla rivals say this will allow a vehicle using technology to reach a 400-kilometer (approximately 249 miles) range on just five minutes of charging.
CNBC was unable to independently verify these claims.
In contrast, Tesla’s latest supercharger offers a charging rate of up to 500 kilowatts and can add a range of up to 270 kilometres in 15 minutes. Meanwhile, German Mercedes-Benz Group last week said its all-electric CLA can be charged up to 325 kilometres within 10 minutes.
“The ultimate solution is to recharge your gasoline vehicle as quickly as you would refuel it,” Wang Chuanfu, chairman and president of BYD, said at the launch event, according to a press release.
The breakthrough appears to be cut at the core of range anxiety, one of the main sticking points that keeps consumers from switching to EVs. Range anxiety refers to the fear that the electric vehicle’s batteries will no longer be charged before passengers can reach their destination.
Xing Lei, an independent Chinese auto analyst, described the technological advancements in BYD’s new battery platform as “outside of the word” and “courtly” developments by foreign competitors.
“When anyone’s focus seems to be clever, BYD will be back soon, no, we haven’t finished electrification yet,” Lei said in a LinkedIn post.
BYD said both the Han L Sedan and Tang L SUVs will feature new “Super e Platforms” and both EVs have officially launched pre-sale in China. The company added that it will build more than 4,000 ultra-fast charging mountains or units across China to match its new platform.
BYD has yet to specify how much it will be spent building the new facility, and whether ultra-fast charging piles will be available to consumers.
Earlier in the month, BYD began selling its Hong Kong stake, raising up to $5.2 billion, Reuters reported, with revenues expected to be used for investments in research and development. The company did not respond to requests for comment at the time.
Changes in charging behavior?
According to the Environmental Defense Fund, the average U.S. EVS range is about 300 miles (or 483 kilometers) per charge, and the time it takes to charge a battery-powered EV can take 20 minutes or even hours depending on the speed of the car and charging point.
Michael Dunne, founder and CEO of Dunne Insights, told CNBC via email.
“BYD is much more skilled at telling technology breakthrough stories. Traditional engineering companies have added a critical marketing aspect to their competitive arsenal.”
Dan said BYD’s fast charging platform could lead to a change in behavior among EV owners.
“Leah, EV owners, charge their cars from scratch to full battery charge,” Dan said.
“Instead, they tend to refill like we do on our phones. So “5 minute charge” could change that behavior,” he added.
Companies have taken a variety of approaches, such as incorporating fuel tanks to charge batteries, to address consumer concerns, or building a network of battery swap stations that allow participating vehicles to obtain fully charged batteries in just a few minutes.
In fact, Chinese electric vehicle company NIO announced its strategic partnership with battery giant Hyundai Amperex Technology on Tuesday.
According to a press release, the companies will “use the largest and most advanced battery swapping service network for passenger cars.”
CATL is also investing a total of 2.5 billion yuan ($350 million) in the NIO power unit, the release said.
– CNBC’s Evelyn Cheng contributed to this report.
