Shares of BYD Co., a Chinese automaker, jumped to record levels after it released a lineup of electric vehicles that it claims will charge almost as fast as the time it takes to fuel a regular car with a combustion engine. Its new battery and charging system were tested on its new Han L sedan, which proved capable of a range of around 400 kilometers (249 miles) in five minutes of charge.
The new technology should be available next month, with the first equipped vehicles being the Han L sedan and the Tang L sport utility vehicle. BYD will build more than 4,000 charging stations designed to accommodate the new technology. The new EV platform will allow cars to reach a speed of 100 kilometers per hour in two seconds.
“We believe this is another sign that BYD is undergoing a strategic shift,” Macquarie Capital analysts, including head of China autos Eugene Hsiao, wrote in a note. “Rather than competing on price, vehicle design, or entering new product niches, BYD appears to be looking for ways to leverage its scale and core EV technologies to differentiate in a highly competitive market. By directly addressing one of the key hurdles to BEV adoption (charging speed), the company is offering customers a clearer path to switch from ICEs to EVs,” they wrote.
BYD has come from behind to compete with Tesla as the world’s top EV seller, and continues to gain momentum as Tesla’s credibility continues to fall around the world.
