HONG KONG — BYD (Build Your Dreams) Co shares jumped to an intra-day record after unveiling a line-up of electric vehicles (EVs) supported by ultra-fast-charging that the Chinese automaker says will allow them to charge almost as fast as it takes to refuel a regular car.
The automaker's stock climbed as much as 6% at the open of trading in Hong Kong Tuesday, lifting its market value to almost US$162 billion — more than Ford Motor Co, General Motors Co and Volkswagen AG combined.
BYD's new battery and charging system was capable of providing around 400 kilometres (249 miles) of range in 5 minutes in tests on its new Han L sedan, Chairman and founder Wang Chuanfu said Monday. The manufacturer will start selling vehicles with the new technology next month.
Being able to charge a car in the time it takes a combustion engine vehicle to pull in and out of a gas station could convince drivers who are not willing to make lengthy stops to go electric.
"We believe this is another sign that BYD is undergoing a strategic shift," Macquarie Capital analysts, including head of China autos Eugene Hsiao, wrote in a note. "Rather than competing on price, vehicle design, or entering new product niches, BYD appears to be looking for ways to leverage its scale and core EV technologies to differentiate in a highly competitive market."
"By directly addressing one of the key hurdles to BEV adoption (charging speed), the company is offering customers a clearer path to switch from ICEs to EVs," they wrote.
The new platform, which will underpin many of its future EVs, could provide another boost for BYD, which has come from behind to rival Tesla Inc as the world's top EV seller. Tesla’s China shipments plunged 49% in February from a year earlier to just 30,688 vehicles, the lowest monthly figure since in July 2022.
BYD has committed to building more than 4,000 charging stations across China to serve the newly upgraded EVs. It did not disclose a specific timeline or cost to complete the rollout. However, the company earlier this month raised around $5.6 billion in a share sale.
The speeds would be comfortably ahead of Tesla's Superchargers, which can add up to 275km of range in 15 minutes. Tesla, however, has a much larger network of more than 65,000 Superchargers worldwide. Mercedes-Benz Group AG's new entry-level CLA electric sedan unveiled last week can add 325km in 10 minutes of charging.
BYD's new EV platform will allow cars to reach a speed of 100km per hour in 2 seconds, Wang said at the event at the carmaker’s headquarters in Shenzhen.
The first models to get the ultra-fast charging will be the Han L and the Tang L sport utility vehicle (SUV). They will start at 270,000 yuan ($37,338) and 280,000 yuan, respectively, and will be sold from April. BYD will build more than 4,000 charging stations designed to accommodate the new technology.
This is BYD "elevating the game to another dimension," said Lei Xing, an independent China auto analyst.
BYD has had a stellar start to 2025. The company, which only makes hybrid and fully electric cars, sold more than 318,000 passenger vehicles last month, up 161% from a year earlier. It is the top carmaker in China, the world's biggest auto market, with a share approaching 15%.
An advanced EV powertrain could further boost demand for BYD's next-generation cars, said Joanna Chen, a China autos analyst with Bloomberg Intelligence. "This could mark the beginning of a new wave of model rollouts, propelling BYD’s battery-electric vehicle sales to catch up with hybrids after they fell behind in 2024," she said.
BYD is also starting to set the pace in advanced driver-assistance technology. The company earlier this year said that it is taking this to the masses by including features like lane-keeping and adaptive cruise control in some of its cheapest models.
BYD's Super e-Platform may also pose a competitive threat to Contemporary Amperex Technology Co Ltd, currently the world's largest manufacturer of EV batteries. Li Auto Inc, for example, is using one of CATL's latest generation batteries to enable charging that gives 500km of range in 12 minutes.