BYD shares were trading in the green on Tuesday morning after the electric vehicle (EV) maker introduced its new charging tech.
BYD’s Hong Kong shares climbed up around 6% to hit a new 52-week high of HKD 408.80.
The stock has been on a tear since the start of the year. On a year-to-date basis, the stock has surged up over 54%.
BYD’s new tech
BYD introduced a new EV platform on Monday designed to dramatically reduce charging times, bringing EV refuelling closer to the convenience of traditional gasoline vehicles.
The automaker also announced plans to build a dedicated charging network across China for the first time.
The “super e-platform,” as BYD calls it, will support peak charging speeds of 1,000 kilowatts (kW), enabling vehicles to add 400 kilometers (249 miles) of range in just five minutes.
Speaking at an event live-streamed from the company’s Shenzhen headquarters, founder Wang Chuanfu emphasized the importance of fast-charging technology in accelerating EV adoption.
“In order to completely solve our user’s charging anxiety, we have been pursuing a goal to make the charging time of electric vehicles as short as the refueling time of petrol vehicles,” Wang said.
He highlighted that this is the first time in the industry that charging power has reached the megawatt level.
Edging out Elon Musk’s Tesla
The new platform’s charging speeds would be twice as fast as Tesla’s latest Superchargers, which offer up to 500 kW.
While Tesla has provided its Supercharger network in China since 2014, other Chinese EV makers such as Nio, Li Auto, Xpeng, and Zeekr have also been investing heavily in charging infrastructure in recent years.
BYD said the new charging architecture will first be available in two models: the Han L sedan and the Tang L SUV, which will be priced from 270,000 yuan ($37,329).
To support this technology, the company plans to deploy over 4,000 ultra-fast charging stations across China. However, it did not specify a timeline or investment amount for the rollout.
Until now, BYD owners have primarily relied on third-party charging operators or other automakers’ charging networks.
The decision to build its own infrastructure signals a strategic shift, positioning the company more competitively against rivals with established proprietary charging ecosystems.
The faster charging could further bolster BYD’s growing advantage and market share in China, where Tesla’s sales dropped 49% last month to 30,688 units, marking its lowest monthly figure since July 2022.
Local competitors, benefiting from lower prices, are also offering driver assistance software comparable to Tesla’s. Tesla’s shares fell about 4.8% in New York on Monday.
BYD sold 4.2 million vehicles last year, the majority of which were plug-in hybrids.
The company has set a target of selling 5-6 million units in 2025 as it continues to expand its footprint in the global EV market.
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