Chinese EV maker BYD's shares surge on unveiling of 'fast as pumping gas' charging tech
Shares of BYD, the world's largest maker of electric vehicles (EVs), surged on Tuesday after the company unveiled a new charging and battery system that it said could power up EVs as quickly as refuelling a petrol-powered car.
BYD's shares in Hong Kong jumped more than 6 per cent to HK$408 shortly after the market opened on Tuesday and ended the morning session up 3.6 per cent to HK$399.60. The stock has gained 55 per cent this year.
The Shenzhen-headquartered carmaker's Super e-Platform, unveiled on Monday during a live-streamed event, offers peak charging power of 1,000 kilowatts (kW) or 1 megawatt (MW), enough to give a vehicle 400km of driving range in just five minutes, said BYD's founder, chairman and CEO Wang Chuanfu.
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The goal of the platform was to eliminate charging anxiety among EV users, making the transition from internal-combustion vehicles to EVs more appealing, he said.
The technology will be available in two BYD EV models initially: the Han L sedan and the Tang L SUV, with prices starting at 270,000 yuan (US$37,324). BYD planned to build more than 4,000 ultra-fast charging stations across China, it said, without disclosing further details on the timeline or investment.
The introduction marked the first time in the industry that charging power had reached 1MW, Wang said during the event at BYD's headquarters. This power level makes the technology twice as fast as Tesla's superchargers, which operate at up to 500kW and can add up to 275km of range in 15 minutes.
The platform further solidified the advantages of EVs and could drive demand for BYD's cars, Changjiang Securities' analysts including Gao Yinan said in a note on Tuesday.
BYD's February sales of EVs - comprising plug-in hybrids and battery-powered or "pure" EVs - rose 7.4 per cent from the previous month and 164 per cent from a year earlier to 322,846, according to the China Passenger Car Association.
Wang Chuanfu, BYD's founder, chairman and CEO, speaks at the Shanghai Auto Show on February 19, 2023. Photo: Handout alt=Wang Chuanfu, BYD's founder, chairman and CEO, speaks at the Shanghai Auto Show on February 19, 2023. Photo: Handout>
Meanwhile, global sales of EVs reached 1.2 million units in February, a 50 per cent increase from last year, according to data compiled by Rho Motion. About three-quarters of these sales occurred in China.
