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19/03/2025 12:47 AST
Shares in Chinese EV giant BYD surged to a record high Tuesday after it unveiled new battery technology it says can charge a vehicle in the same time it takes to fill up a petrol car. The company said the battery and charging system, called "Super e-Platform", boasted peak speeds of 1,000 kW, allowing cars to travel up to 470 kilometers (292 miles) after being plugged in for just five minutes. The new technology aims to "fundamentally solve users' charging anxiety", according to BYD founder Wang Chuanfu. "Our pursuit is to make the charging time of electric vehicles as short as the refuelling time of fuel vehicles," he said at Monday evening's launch.
Hong Kong-listed shares in BYD jumped more than six percent to hit a fresh peak at one point Tuesday morning before paring some of the gains. The announcement positions BYD ahead of arch-rival Tesla, whose Superchargers currently offer charging speeds of 500 kW.
BYD introduced the Super e-Platform alongside two new EV models that will be the first to feature the system: the Han L sedan and the Tang L SUV. The Shenzhen-based company also unveiled plans to build more than 4,000 ultra-fast charging stations nationwide to support the new technology.
The ambitious expansion comes on the heels of remarkable growth, with February sales soaring 161 percent to more than 318,000 electric vehicles. Meanwhile, Tesla experienced a steep 49 percent sales decline in the Chinese market during the same period. Separately, on Tuesday, Chinese EV maker Nio said it had signed a deal with battery giant CATL involving cooperation on a passenger car battery swap network.
Battery swapping offers an alternative to ultra-fast charging for vehicle owners worried about range, though the vast infrastructure required and standardization issues present major hurdles.
The new cooperation will see CATL invest a maximum of 2.5 billion yuan ($346 million) in Nio's battery swap network.
AFP
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
19/03/2025
The European Union will tighten steel import quotas to reduce inflows by a further 15% from April, a senior EU official said on Wednesday, in a move aimed at preventing cheap steel flooding the Europ
Reuters
19/03/2025
Türkiye's lira fell as much as 12.7% and touched a new all-time low of 42 to the dollar on Wednesday, with bonds and stocks also tumbling sharply, after authorities detained President Recep Tayyip Er
Asharq Al Awsat
19/03/2025
Google said Tuesday it will acquire cloud security platform Wiz for $32 billion, citing the need for greater cybersecurity capacity as artificial intelligence embeds itself in technology infrastructu
AFP
19/03/2025
Egypt's President Abdel Fattah El-Sisi has announced that the monthly losses of the Suez Canal revenues reached around $800 million due to the regional "situation," as Yemen's Houthis have been attac
Reuters
17/03/2025
Global trade reached a record high of $33 trillion in 2024, marking a 3.7 percent increase from the previous year, driven by an uptick in the services sector.
According to the latest Global
Arab News
Financial Information Co.
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