BYD Shares Surge as New EV Charging Tech Announced

SHANGHAI, China — Shares of BYD, a leading Chinese electric vehicle manufacturer, surged on Tuesday after the company introduced groundbreaking technology that promises to charge electric vehicles almost as quickly as traditional gasoline vehicles.

The Hong Kong-listed shares of BYD jumped more than 6% shortly after market open, reaching a new 52-week high, before settling around 3% higher by mid-morning.

On Monday, BYD unveiled its new “Super e-Platform” technology, which the company claims can achieve peak charging speeds of 1,000 kilowatts. This ambitious technology is said to enable electric vehicles to gain approximately 400 kilometers (or about 249 miles) of range with just five minutes of charging time.

According to a press release, BYD Chairman and President Wang Chuanfu emphasized the significance of this technology during the launch event, stating, “The ultimate solution is to make charging as quick as refueling a gasoline car.”

Although the announcements have generated significant excitement in the markets, CNBC reporters noted that they could not independently verify BYD’s claims about the efficiency of the Super e-Platform technology.

This technological advancement comes as the global automotive industry seeks solutions to address concerns surrounding EV charging times, a major barrier to adoption for potential buyers. Increasing the speed of electric vehicle charging could significantly enhance their appeal and acceptance among consumers.

As of now, the company continues to innovate in the electric vehicle sector while competing with several global players aiming to capture more market share.