Shares of Chinese electric car maker BYD surged in Hong Kong trading Tuesday morning after the company unveiled its “Super e-Platform” on Monday. This platform can charge electric cars in a fraction of the time.
On Monday, the company unveiled a new charging system called the “Super e-Platform” that can provide up to 1,000 kW of peak power and allow cars to regain up to 470 kilometers of range after just five minutes of charging.
BYD shares surged more than 6% to a new high in Hong Kong. The company’s founder, Wang Chuanfu, said the new technology aims to significantly reduce users’ worries about charging.
“Our goal is to make the charging time for electric cars as short as that of internal combustion engine cars,” he said.
The new announcement puts BYD ahead of its main rival, Tesla, whose Supercharger charging stations have a capacity of 500 kW. BYD has introduced the Super e-Platform and two new electric vehicle models that will be the first to be equipped with this system: the Han L sedan and the Tang L SUV.
