BYD Co. Ltd. (OTC:BYDDY), China’s leading electric vehicle maker, has introduced a groundbreaking charging system that can fully charge an EV in the time it takes to refuel a gasoline car, potentially eliminating one of the biggest barriers to EV adoption worldwide.
What Happened: Chairman Wang Chuanfu announced that in tests, the new system charged the Han L model with 292 miles of range in just five minutes.
BYD’s Hong Kong-listed shares rose 4.05% to 401.20 HKD ($51.63) on Tuesday, continuing a strong year that has seen the stock surge 53% year-to-date.
The rapid charging technology will be integrated into BYD’s upcoming electric models, further strengthening its competitive position against rivals like Tesla Inc. (NASDAQ:TSLA).
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Why It Matters: By offering a charging experience comparable to traditional gas station visits, BYD addresses the charging downtime concern that has made many consumers hesitant to switch from internal combustion vehicles.
The charging breakthrough comes as BYD pursues aggressive expansion in Europe. The company is reportedly considering Germany for its third European assembly plant, following facilities already planned in Hungary and Turkey. BYD is reportedly avoiding countries that supported EU tariffs on Chinese-made EVs imposed last year.
BYD’s European manufacturing push aims to circumvent import tariffs while boosting sales of its affordable vehicles against local competitors. The company announced a $1 billion factory in Turkey in July 2024, expected to produce 150,000 EVs annually.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
