BANGKOK — China’s leading energy and automotive company BYD has unveiled a groundbreaking ultra-fast EV charging system, claiming it almost matches the convenience of traditional fuel refueling. The announcement came on Monday, detailing that BYD’s advanced flash-chargers can fully charge their latest electric vehicles (EVs) in just five to eight minutes, a timeframe comparable to filling a conventional fuel tank.
The company has ambitious plans to establish over 4,000 of these new charging stations across China. Despite the challenges such as extended charging times and limited driving ranges that have slowed the widespread adoption of EVs over gas and diesel-powered cars, China has witnessed a significant shift. Sales of battery-powered and hybrid vehicles saw an impressive increase of 40% last year, signaling a growing acceptance among Chinese motorists.
This update had a noticeable impact on the market, causing Tesla’s share value to decrease by 4.8% that day. Meanwhile, BYD, which stands for “Build Your Dreams,” began pre-sales of its newly enhanced Han L and Tang L models, which offer upgraded features from their previous versions.
Originally a battery manufacturer, BYD has progressively advanced its battery and energy storage technologies, evolving into a major automotive force that is progressively venturing beyond China’s borders. The company claims its 1-megawatt flash chargers can provide enough power to cover 400 kilometers (nearly 250 miles) in merely five minutes, thanks to the use of ultra-high voltage and significant current, as highlighted by BYD’s founder Wang Chuanfu.
Wang elaborated on the company’s vision, stating, “Our goal is to eliminate user concerns over charging by making EV charging times comparable to that of traditional refueling.” The flash-charging system employs proprietary silicon carbide power chips capable of reaching voltage levels up to 1,500V, alongside its acclaimed Blade lithium-iron phosphate battery. Experts, including analyst Michael Dunne, have noted the battery as among the safest and most efficient globally, even being utilized by Tesla in some models.
BYD reported robust growth, manufacturing over 4.3 million “new energy vehicles” last year—a 41% increase from the prior year. This figure includes 1.8 million battery electric vehicles and 2.5 million plug-in hybrids. The company’s stock, traded on China’s smaller Shenzhen market, has experienced a surge of nearly 50% in recent months.
While BYD expects its high-end models, like its most recent releases, to retail for up to approximately $40,000, it continues to offer more budget-friendly options such as the Seagull, priced around $12,000 in China. In the 2024 production race, BYD narrowly surpassed Tesla in battery-powered EV production, with 1,777,965 units compared to Tesla’s 1,773,443.
In contrast, Tesla reported a drop in their 2024 sales—a notable first since their sustained growth over more than a decade—as competitors including BMW, Volkswagen, and BYD have carved out increased market shares with attractive EV offerings.
However, BYD faces its own challenges. Industry analyst Dunne pointed out findings from JD Power’s 2024 China New Energy Vehicle Initial Quality Study, which rated the BYD Seal and BYD Song Plus battery electrics poorly, placing them at the bottom of the rankings. Despite this, BYD continues to push forward, focusing on innovation and competitive pricing to enhance its position in the global auto market.