After China’s BYD revealed a new “Super e-Platform” technology on Monday, its share on Tuesday rose more than 6% to HKD 408.80 per share at the open. As the trading progressed in the morning session, the company’s share on Hong Kong Stock Exchange market increased 3.68% to HKD 399.80 per share.
BYD’s founder, Wang Chuanfu, stated on Monday that this platform will allow the electric vehicles (EV) to charge at speeds of 1,000 kilowatts (kW), while Tesla can achieve only half of its speed (500 kW).
He speculated that more people will adopt the EV if the charging time is reduced. Wang also confirmed that even a 5-minute charge will be enough for the vehicle to travel at a distance of 400 km. Although the US EV can travel mostly at 483 km from a single charge, the requirement time is still around 20 minutes or several hours, depending on the vehicle and changing type.
As of date, BYD needs to use the charging poles or facilities of other operators to charge its EVs. Nevertheless, this dependence will change as BYD plans to build 4,000 of these ultra-fast charging piles across China.
The company’s Han L sedan and Tang L SUV will be the first EV types that can use this new charging architecture. Each unit of these types priced around 270,000 yuan ($37,328.91).
Last year, BYD focused on plug-in hybrid vehicles and sold 4.2 million units. As for this year, the company aims to sell 5-6 million units.
