China’s leading energy and automotive company, BYD, has unveiled an ultra-fast EV charging system that it claims can charge its electric vehicles in just five to eight minutes, comparable to the time it takes to refuel a conventional car. The company, which is the largest EV manufacturer in China, plans to install over 4,000 of these advanced charging stations throughout the country.
Charging times and limited vehicle ranges have been significant obstacles to widespread adoption of electric vehicles. However, in China, the shift towards electric and hybrid vehicles is gaining momentum, with sales increasing by 40% last year.
BYD’s announcement appears to have impacted Tesla, as the U.S. EV maker saw a 4.8% drop in its stock price. In conjunction with this, BYD began pre-sales of its upgraded Han L and Tang L models, which are enhanced versions of previous models.
The Chinese company initially focused on manufacturing batteries and has since been perfecting its battery and energy storage technology while growing an automotive empire that is now expanding beyond China. It claims its 1-megawatt flash chargers can deliver enough power to drive 400 kilometers (about 250 miles) in just five minutes.
BYD’s founder, Wang Chuanfu, explained that achieving ultra-fast charging speeds requires ultra-high voltage and a large current. He emphasized the company’s goal is to eliminate users’ concerns about charging times, aiming to make EV charging as quick as refueling a traditional vehicle.
The company also revealed that its flash-charging system uses silicon carbide power chips, developed in-house, with voltage levels reaching up to 1,500V. Additionally, BYD’s Blade lithium-iron phosphate battery is considered one of the safest and most efficient EV batteries globally, with Tesla choosing to incorporate it into some of its vehicles, according to industry analyst Michael Dunne.
Last year, BYD produced over 4.3 million “new energy vehicles,” marking a 41% increase from the previous year. This total included 1.8 million battery electric vehicles and 2.5 million plug-in hybrids. Over the past six months, the price of its shares on China’s Shenzhen stock market has risen by nearly 50%.
BYD’s most advanced premium models are expected to sell for around $40,000, but the company also offers more affordable options like the Seagull, which is priced at approximately $12,000 in China.
In 2024, BYD narrowly surpassed Tesla in the production of battery-powered EVs, producing 1,777,965 units, while Tesla made 1,773,443.
In early January, Tesla reported a decline in sales for the first time in over a decade, as competitors like BMW, Volkswagen, and BYD gained market share with their competitive EV offerings.
However, BYD also faces challenges. According to JD Power’s 2024 China New Energy Vehicle Initial Quality Study, the BYD Seal and BYD Song Plus, both battery electric models, were ranked at the bottom of the list for quality.