In Bangkok, China’s prominent energy and automobile company BYD has revealed a cutting-edge electric vehicle (EV) charging system designed to rival the speed of traditional refueling methods. On Monday, the company unveiled its new flash-chargers, claiming a full charge for their latest EV models can be accomplished in under ten minutes, akin to the time taken to fill a conventional fuel tank. This innovation is part of a strategy to establish over 4,000 charging stations throughout China.
The lengthy time required to charge EVs, coupled with their limited driving range, has been a significant barrier to their adoption over gasoline and diesel vehicles. However, Chinese consumers are increasingly opting for battery-powered and hybrid vehicles, as evidenced by a 40% surge in sales last year. The announcement appears to have impacted U.S. EV giant Tesla, with its stock price dipping by nearly 5% on the same day. BYD, an acronym for “Build Your Dreams,” has initiated pre-sales for its upgraded Han L and Tang L models, enhancing its already impressive lineup.
Starting as a battery manufacturer, BYD has progressively fine-tuned its battery and energy storage technology, broadening its reach beyond China into a global automotive presence. Its newly announced 1-megawatt flash chargers offer an innovative charging solution, delivering sufficient power for a 400-kilometer (about 250 miles) range within just five minutes. According to Wang Chuanfu, BYD’s founder, achieving such rapid charging necessitates ultra-high voltage and significant current. Wang stated, “Our goal is to reduce the EV charging time to that of refueling a gasoline vehicle.”
The new flash-charging system is built on silicon carbide power chips, developed internally, with voltage capabilities reaching up to 1,500V. Additionally, the company’s Blade lithium-ion phosphate battery is touted as one of the safest and most efficient EV batteries available today, earning praise from industry analysts and adoption by Tesla for some of its models. Last year, BYD reported the manufacture of over 4.3 million “new energy vehicles”, boasting a 41% growth compared to the previous year. This included producing around 1.8 million battery-electric vehicles and approximately 2.5 million plug-in hybrids.
While BYD’s premium models fetch prices up to $40,000, the company also caters to a broader market with more affordable EV options like the Seagull, priced around $12,000 in China. Furthermore, BYD has slightly surpassed Tesla in the production of battery-powered EVs, with nearly 1.8 million units in 2024 compared to Tesla’s marginally lower output. However, early in January, Tesla reported a decline in sales for the first time in over a decade, threatened by competition from automakers such as BMW, Volkswagen, and BYD.
Despite its substantial achievements, BYD faces challenges as well. According to an industry report by JD Power, the BYD Seal and BYD Song Plus battery electrics were ranked low in the 2024 China New Energy Vehicle Initial Quality Study. Nonetheless, BYD’s share price on Shenzhen’s smaller market has surged by nearly 50% in the past six months, showcasing strong investor confidence in its ambitions to revolutionize the EV market.
