BYD, a leading Chinese electric vehicle manufacturer, has introduced a groundbreaking charging system that promises to recharge EVs as quickly as refueling a gasoline car. This new platform boasts a charging capacity of 1,000 kW, making it twice as fast as Tesla's superchargers.
Following this announcement, BYD's shares in Hong Kong surged by 4.1%, reaching an all-time high of 408.80 Hong Kong dollars. Investors are optimistic that this development will bolster BYD's position as a dominant player in the global electric vehicle market.
The company revealed that two upcoming models will support this rapid charging capability, allowing them to cover 400 kilometers (approximately 249 miles) with just a five-minute charge. This was announced by BYD's founder, Wang Chuanfu, during a live-streamed event from their headquarters in Shenzhen.
In 2024, BYD was the second-largest producer of battery electric vehicles, closely trailing Tesla. However, BYD also markets a significant number of plug-in hybrids, which combine electric power with traditional engines. Wang, often compared to Tesla's Elon Musk, originally founded BYD as a battery manufacturer in 1995 before venturing into car production in 2003.
The introduction of 1,000 kW charging, equivalent to 1 megawatt, is expected to be a game-changer for the EV industry, potentially accelerating the adoption of electric vehicles. This development adds pressure on Tesla, which has been facing challenges such as missed sales targets and increased competition from more affordable EV models, including those from BYD and other Chinese manufacturers.
Tesla's stock has been on a downward trend, dropping 5.5% on Tuesday, following a 4.8% decline on Monday. The company's valuation has decreased by 44% in 2025, amid concerns over sales performance and the impact of Elon Musk's political affiliations.
In a strategic move similar to Tesla, BYD plans to establish a network of 4,000 "flash-charging stations" across China. However, the company has not disclosed the timeline or investment details for this initiative. Currently, BYD owners primarily use charging facilities provided by other automakers or third-party operators.
Wang emphasized the company's commitment to alleviating "charging anxiety" by reducing charging times to match those of refueling gasoline vehicles. He highlighted that this is the first time the industry has achieved megawatt-level charging power.
The new charging system will debut in two new models, the Han L sedan and Tang L SUV, with prices starting at 270,000 yuan (approximately $37,330).
Since 2014, Tesla has offered its superchargers in China, while other Chinese EV companies like Nio, Li Auto, Xpeng, and Zeekr have been investing heavily in building their own charging infrastructure.