BYD’s shares traded in green Tuesday morning, after it introduced its new charging technology.
BYD Hong Kong’s shares rose around 6%, reaching a 52-week record of HKD 408,80.
Stocks have been on fire since the beginning of the year. The stock is up 54% year to date.
BYD introduces its new technology
BYD launched a new platform for EVs on Monday, designed to reduce the charging time dramatically. This will bring refuelling EVs closer to that of gasoline-powered vehicles.
Automaker announced also plans to create a charging network in China.
BYD’s “super eplatform” will be able to charge at speeds up to 1,000 kilowatts, allowing vehicles 400 km (249 miles), of additional range within five minutes.
Wang Chuanfu, the founder of the company in Shenzhen, spoke at an event that was live streamed. He stressed the importance fast charging technology for accelerating the adoption of EVs.
Wang stated that “in order to solve the anxiety of our users about charging, we are pursuing the goal of making the time to charge electric vehicles the same as the time to refuel petrol vehicles.”
The first megawatts of charging power in the automotive industry have been reached, he said.
Tesla’s Elon Musk is gaining ground
Tesla’s newest Superchargers offer speeds of up to 500kW. The charging speed for the new platform would be double that.
Tesla’s Supercharger Network has been available in China since 2014. However, in the last few years, Chinese EV manufacturers such as Nio Auto, Li Auto, Xpeng and Zeekr, have invested heavily in infrastructure for charging.
BYD announced that the new charging technology will initially be offered in two models, the Han L sedan, and the Tang L, both of which are priced at 270,000 yuan (about $37,329).
The company will deploy more than 4,000 charging stations ultra-fast in China to support the technology. The company did not provide a timeframe or an investment figure for its rollout.
BYD users have relied primarily on charging networks of other carmakers or third-party operators.
This decision signals a shift in strategy, allowing the company to be more competitive against competitors with proprietary charging systems.
Faster charging may further boost BYD’s market dominance and growing lead in China. Tesla’s monthly sales fell 49% to 30,688 vehicles, its lowest figure since July 20,22.
Local competitors who benefit from lower prices also offer driver assistance software that is comparable to Tesla. Tesla shares dropped about 4.8% on Monday in New York.
BYD sold over 4.2 millions vehicles in the last year. The majority were hybrid plug-ins.
As it expands its presence in the global electric vehicle market, the company set an ambitious target to sell 5-6 millions units by 2025.
The ICD published the following article: BYD Shares Reach Record Highs After Company Launches Ultra-Fast Chargers.
