Shares of Chinese electric vehicle (EV) leader BYD surged to a record high on Tuesday following groundbreaking claims by the company’s founder, Wang Chuanfu. The company’s stock jumped more than 6% to HK$408.80 ($52.62) per share in early Hong Kong trading, reflecting an impressive 85% gain over the past 12 months.
Wang, who is also the billionaire founder of BYD, announced on Monday that the company’s latest EV charging system can recharge a vehicle’s battery in just five minutes, adding a range of approximately 470 kilometers. This rapid charging capability is on par with the time it takes to refuel a traditional gasoline-powered vehicle, a milestone that could make electric vehicles more appealing to consumers and give BYD a significant edge over competitors like Tesla and Mercedes-Benz.
The claim places BYD at the forefront of the fast-charging race, a critical aspect of EV adoption. However, Wang cautioned that the new technology’s effectiveness is dependent on factors such as sufficient voltage at charging stations, an obstacle that will require widespread infrastructure upgrades.
The announcement comes amid intensifying competition in the electric vehicle and battery sectors, with manufacturers racing to develop faster charging solutions. EV charging speed has become a major concern for consumers, who often compare the convenience of traditional fuel refueling to the longer charging times of electric cars. With the rise of fast-charging stations, BYD’s breakthrough promises to alleviate such concerns, boosting the company’s standing in the global EV market.
China is projected to install around 460,000 new public EV chargers this year, representing roughly two-thirds of global installations. This expansion will bring the country’s total EV chargers to about 2.1 million, according to Chris Liu, senior analyst at Omdia. BYD, which benefits from this infrastructure boom, continues to lead the charge in China, where it already controls 35% of the EV market—18% of the pure battery EV market and 56% of the plug-in hybrid market.
This latest surge in BYD’s stock follows the release of another industry-shaking announcement: the company’s “God’s Eye” self-driving system, which it plans to deploy across its entire new car lineup. This move places additional pressure on both domestic rivals and established global players like Tesla and Volkswagen, which have been losing market share in China as local manufacturers like BYD continue to dominate.
The future looks bright for BYD, with Warren Buffett’s Berkshire Hathaway among its major investors. The company’s innovative strides in EV technology could further accelerate its growth as it challenges the dominance of traditional automakers and electric vehicle giants alike.
