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BYD’s (BYDDY+2.53%) American depositary receipts jumped 2.5% after the EV maker unveiled a new charging system that it said will allow its cars to add enough charge in five minutes to travel 292 miles (470 kilometers), only slightly longer than it takes to refuel a gasoline-powered car.
The company is committed to setting up the infrastructure needed to supporting the new technology, including 4,000 charging stations, Bloomberg reported, citing Wang Chuanfu, BYD’s chairman and founder. Tesla’s (TSLA-4.63%) Superchargers can add up to 171 miles (275 kilometers) in 15 minutes.
The faster charging may aid BYD’s growing advantage and market share in China, where Tesla’s shipments last month plunged 49% to 30,688 units, its lowest monthly figure since July 2022. Local rivals are buoyed by low prices several also offer driver assistance software comparable to Tesla’s. Tesla’s shares fell about 4.8% in New York on Monday.
Tesla and European EV-makers probably won’t feel an immediate pinch from the technology in their home markets, where China-made EVs are effectively excluded.
The first BYD models to get the five-minute charging system will be the Han L sedan and Tang L SUV, which are set to hit the market in April at prices starting at 270,000 yuan ($37,338). The company sold more than 318,000 passenger vehicles last month, more than double a year earlier, and is now China’s top carmaker with a 15% market share, Bloomberg reported.
Tesla still has some cards up its sleeve: It plans to launch a ride-share service later this year, ramp up production of its Optimus humanoid robots, and begin making the autonomous Cybercab. Musk last week also announced that Tesla would double vehicle production at its U.S. factories.