ALBAWABA - BYD Auto, the primary automotive subsidiary of BYD Company—a publicly listed Chinese multinational manufacturer—has unveiled its innovative new electric vehicle (EV) battery that can fully charge vehicles in just five minutes.
BYD new 'five-minute' EV battery
The famous Chinese company BYD introduced its new electric vehicle (EV) battery, capable of recharging cars in just five minutes. BYD announced that the new battery will be featured in vehicles available for sale next month.
Notably, the company’s shares saw a significant boost shortly after the new EV battery was revealed, with a 6% increase recorded and the market value jumping to nearly $162 billion, surpassing Ford Motor Co., General Motors Co., and Volkswagen AG. BYD stated that the new battery will enable users to recharge their cars as quickly as it takes to refuel a conventional vehicle.
Wang Chuanfu, CEO of BYD, stated that the new EV battery can recharge BYD vehicles in just 5 minutes, providing nearly 400 kilometers (249 miles) of range. The battery was tested on BYD’s Han L sedan model.
The company stated that the starting price for each vehicle will be $37,338. (Shutterstock)
Analysts at Macquarie Capital, a global advisor, investor, and developer, stated: “We believe this is another sign that BYD is undergoing a strategic shift. Rather than competing on price, vehicle design, or entering new product niches, BYD appears to be looking for ways to leverage its scale and core EV technologies to differentiate in a highly competitive market. By directly addressing one of the key hurdles to BEV adoption (charging speed), the company is offering customers a clearer path to switch from ICEs to EVs.”
BYD aims to convince more people to purchase and adopt electric vehicles by introducing this new EV battery, which charges faster than the time it takes to drive a conventional car to a gas station and refuel.
Additionally, the company announced the establishment of more than 4,000 charging stations in China, allowing cars to reach speeds of 100 kilometers per hour in just 2 seconds. Both the Han L sedan and the Tang L sport utility vehicle will feature the new EV battery starting next month, with sales set to begin. The company stated that the starting price for each vehicle will be $37,338.
