BANGKOK (AP) — The Chinese conglomerate specializing in energy and automobiles, BYD, has unveiled an extremely rapid charging system for electric vehicles that it claims is almost as fast as refueling a gasoline-powered car.
BYD, the leading EV manufacturer in China, announced on Monday that its rapid chargers can fully replenish the batteries of its newest EVs in just five to eight minutes, which is comparable to the time it takes to fill a gas tank. The company intends to install over 4,000 of these new charging stations throughout China.
Slow charging speeds and limited driving ranges have been significant obstacles to the widespread adoption of EVs over traditional gasoline and diesel vehicles. However, Chinese consumers have increasingly embraced EVs, with sales of battery-powered and hybrid vehicles increasing by 40% in the past year.
The announcement from BYD appeared to negatively impact Tesla’s stock on Monday, as the U.S. EV manufacturer’s share price declined by 4.8%. BYD, whose name stands for “Build Your Dreams,” has commenced pre-sales of its Han L and Tang L models, which are updated versions of previous models.
The Chinese company initially focused on battery production and has been improving its battery and energy storage technologies while simultaneously developing an automotive business that is expanding globally. It asserts that its 1-megawatt rapid chargers can deliver enough power for a driving range of 400 kilometers (approximately 250 miles) in just five minutes.
According to a statement from BYD’s founder, maximizing charging speeds requires ultra-high voltage and a substantial current.
Wang stated, “To completely alleviate users’ concerns about charging, our goal is to make EV charging times as short as refueling times for gasoline vehicles.”
The company also stated that its rapid charging system utilizes silicon carbide power chips with voltage levels reaching 1,500V, which it developed independently. Industry analyst Michael Dunne noted in a recent report that BYD’s Blade lithium-iron phosphate battery is potentially the safest and most efficient EV battery globally, with Tesla choosing to incorporate it into some of its EVs.
BYD reported manufacturing just over 4.3 million “new energy vehicles” in the past year, a 41% increase compared to the previous year. This figure includes 1.8 million battery electric vehicles and 2.5 million plug-in hybrids. The company’s stock price on China’s Shenzhen market has risen by almost 50% in the last six months.
While BYD’s most advanced premium models are anticipated to retail for up to approximately $40,000, the company also produces more affordable EVs, such as the Seagull, which sells for around $12,000 in China.
BYD marginally surpassed Tesla in the production of battery-powered EVs in 2024, manufacturing 1,777,965 vehicles compared to Tesla’s 1,773,443.
In early January, Tesla announced a decline in its 2024 sales, marking the first decrease in over a decade, as competitors like BMW, Volkswagen, and BYD gained market share with their competitive EVs.
However, Dunne also pointed out BYD’s weaknesses, 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 its rankings.
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