BYD Co (BYDDY) has introduced a new system for electric vehicles that promises rapid charging, comparable to the speed of refueling a conventional car. The Chairman and founder, Wang Chuanfu, announced that the new battery and charging technology enabled the Han L sedan to achieve 400 kilometers of range in just 5 minutes during testing. BYD plans to launch vehicles equipped with this advanced technology next month.

The ability to charge an electric car as quickly as a petrol vehicle can refuel may appeal to drivers who prefer not to make lengthy stops. This development could provide a significant advantage for BYD, positioning it as a top competitor to Tesla Inc. in the global electric vehicle market. In contrast, Tesla's sales in China declined by 49% in February, reaching the lowest monthly figure since July 2022.

BYD is committed to establishing over 4,000 charging stations throughout China to support its upgraded electric vehicles, although the timeline and cost of this rollout remain undisclosed. The company recently raised approximately $5.6 billion through a share sale. The new charging system outperforms Tesla’s Superchargers, offering faster charging speeds. Models like the Han L sedan and Tang L SUV will be the first to benefit from the ultra-fast charging technology, with prices starting at 270,000 yuan and 280,000 yuan, respectively.

By swiftly expanding their electric vehicle technology and sales, BYD has experienced remarkable growth in 2025. Specializing in hybrid and electric vehicles, the company sold more than 318,000 passenger vehicles last month, marking a 161% increase from the previous year. As a leading car manufacturer in China, BYD holds a significant market share close to 15%. The company's shares in Hong Kong have surged by approximately 45% since the beginning of the year, reflecting its strong performance and positive outlook.