Shares of BYD, China\u2019s electric vehicle (EV) champion, hit a new record high on Tuesday after its founder, Wang Chuanfu, claimed their EVs can now charge as quickly as filling a car with traditional fuel.<\/p>\n
BYD, a rival to Tesla, saw its shares rise by over 6% in early trading in Hong Kong, reaching HK$408.80 (approximately $52.62) per share, marking an approximate gain of 85% over the last 12 months.<\/p>\n
The company\u2019s billionaire founder, Wang, stated on Monday that the new charging system developed by the Shenzhen group for BYD\u2019s own EV batteries can add approximately 470 km of range in five minutes.<\/p>\n
This claim suggests that BYD has surpassed competitors like Tesla and Mercedes-Benz in fast-charging technology, although the new system depends on several preconditions, including sufficient voltage at charging stations.<\/p>\n
There is increasing competition among EV and battery manufacturers to establish faster charging infrastructure to help alleviate consumer concerns about the driving range and charging speed of EVs compared to traditional internal combustion engine vehicles.<\/p>\n
According to Chris Liu, a Shanghai-based senior analyst at Omdia consulting, China is estimated to install approximately 460,000 new public EV chargers this year, accounting for about two-thirds of the global total, bringing cumulative units to approximately 2.1 million.<\/p>\n
BYD\u2019s recent share price increase comes a month after the company shook the global automotive industry by launching a free advanced autonomous driving system, dubbed “God\u2019s Eye,” which it plans to install in its entire new car series.<\/p>\n
These moves put further pressure on Elon Musk\u2019s Tesla and Germany\u2019s Volkswagen, as well as a host of domestic competitors, who have been losing market share as EV sales have exploded in China in recent years.<\/p>\n
According to data from Automobility, a consulting firm in Shanghai, BYD already holds approximately 35% of the Chinese EV market. It has an 18% share in the pure battery EV segment and a 56% share in the plug-in hybrid segment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shares of BYD, China\u2019s electric vehicle (EV) champion, hit a new record high on Tuesday after its founder, Wang Chuanfu, claimed their EVs can now charge as quickly as filling a car with traditional fuel. BYD, a rival to Tesla, saw its shares rise by over 6% in early trading in Hong Kong, reaching HK$408.80 […]<\/p>\n","protected":false},"author":1,"featured_media":8461,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[4],"tags":[8126,7532,8123,2756,8119,2172,8120,8116,8127,8124,8129,8122,8117,8121,8118,8125,7535,8128,2155,6693],"class_list":["post-8460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia","tag-automobility","tag-autonomous-driving","tag-battery-technology","tag-byd","tag-china-ev-market","tag-electric-vehicles","tag-ev-batteries","tag-ev-charging","tag-ev-competition","tag-ev-infrastructure","tag-ev-innovation","tag-ev-sales","tag-fast-charging","tag-gods-eye","tag-mercedes-benz","tag-omdia","tag-plug-in-hybrid","tag-shenzhen","tag-tesla","tag-wang-chuanfu"],"yoast_head":"\n