Shares of BYD, the world's largest electric-vehicle maker by deliveries, rose on Tuesday after the Chinese company said it's rolling out a system that will recharge a vehicle in about the same time as it takes for people to fill up a car with gasoline.
China's BYD has unveiled a megawatt charging system that it says can charge an EV as quickly as filling up a fuel tank, and said it will build a network across China, igniting a new super charging race.
BYD's shares rose in Hong Kong after the Chinese electric vehicle giant unveiled its new fast-charging technology and announced an employee share incentive plan.
BYD shares were trading in the green on Tuesday morning after the electric vehicle (EV) maker introduced its new charging tech. BYD's Hong Kong shares climbed up around 6% to hit a new 52-week high of HKD 408.80.
BYD shares jumped on Tuesday after the company announced a new technology that allows electric cars to be charged at a far faster rate.
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China's BYD on Monday launched an upgraded platform for electric vehicles with 1,000-volt architecture that it said could charge EVs as fast as pumping gas.
Chinese electric vehicle giant BYD is considering Germany for a possible third assembly plant in Europe, a source familiar with the matter told Reuters, after the region's biggest economy and car market opposed EU tariffs on China-made EVs last year.
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CPCA expects NEV production and sales to reach around 16 million units in 2025, surpassing the 12 million recorded in 2024.
Rising competition from Chinese EV makers is pushing global automakers like TM, VWAGY, GM, F and TSLA to accelerate their push for affordable electric cars.
BYDDY secures record funding to boost EV growth, expand globally and invest in advanced tech, strengthening its position in the competitive auto market.