BYD shares climb up to take up after they have unveiled ultra-fast charging technology

The shares of the Chinese EV giant BYD rose to a record high on Tuesday after presenting a new battery technology that a vehicle can charge at the same time to fill a gasoline car.

The company said that the battery and charging system called “Super-E-platform” has a top speed of 1,000 kW, so that cars can drive up to 470 kilometers (292 miles) after only five minutes, reports news.AZ, citing AFP.

According to the BYD founder Wang Chuanfu, the new technology is “fundamentally the scary” of the users.

“Our persecution is to reach the loading time of electric vehicles, such as the tank time of fuel vehicles,” he said at the start on Monday evening.

In Hong Kong, the BYD shares listed more than six percent to reach a new climax on Tuesday morning before collecting some of the profits.

The announcement positions BYD in front of the arch -rival Tesla, whose superchargers are currently offering charging speeds of 500 kW.

BYD introduced the Super E platform together with two new EV models, which are the first to contain the system: the HAN-L sedan and the Tang L SUV.

The company based in Shenzhen also revealed plans to build more than 4,000 ultra -fast charging stations nationwide to support the new technology.

The ambitious expansion follows remarkable growth, whereby sales in February rose by 161 percent to more than 318,000 electric vehicles.

In the meantime, Tesla had a steep sales decline of 49 percent on the Chinese market in the same period.

Regardless of this, on Tuesday, the Chinese EV manufacturer Nio said that it signed a contract with battery giants Catl, which affects a collaboration on a car battery exchange network.

Battery exchange offers an alternative to ultra-fast fees for vehicle owners who are concerned about the range, although the extensive infrastructure and standardization problems have major hurdles.

In the new cooperation, CATL is invested in a maximum of 2.5 billion yuan (346 million US dollars) in the NIO battery -SWAP network.

News.az