- BYD unveiled new charging tech that it says takes five minutes and provides a nearly 250-mile range.
- Hong Kong-listed shares touched an all-time high Tuesday.
- If it works as advertised, the tech would give BYD a leg up over EV rivals such as Tesla.
The move: Hong Kong-listed shares of BYD rose as much as 6% on Tuesday, reaching an all-time high before slightly paring gains. The Chinese electric vehicle maker is now up more than 50% for the year, with a $160 billion market cap.
Why: During an unveiling event Monday, the firm said it had developed a charging system that would offer up to 400 kilometers of driving, or about 248 miles, on a single five-minute charge — roughly the same amount of time it takes to fuel a combustion engine vehicle.
The company says the technology will be compatible with BYD’s latest Han L sedan and the coming Tang L sport-utility models.
BYD cited plans to build 4,000 of these charging stations throughout China, though no timeframe was provided.
What it means: Such an ultrafast charger would raise the bar for BYD’s EV rivals like Tesla. The Elon Musk-led manufacturing giant is facing increasingly tougher times in China, with shipments from the country plummeting 49% in February year over year.
Tesla’s chargers would have difficulty competing with five-minute stations: The company’s quickest charge is 15 minutes for a 275-kilometer range.