BYD, a Chinese electric vehicle (EV) producer, has presented a new rapid charging system that could potentially allow EVs to charge as swiftly as refueling with petrol. The company also announced for the first time its intention to establish a charging network within China.

Known as the “super e-platform,” this system can achieve peak charging speeds of 1,000 kilowatts (kW), enabling cars utilizing it to cover 400km (249 miles) after a mere five-minute charge, as stated by the founder, Wang Chuanfu, during a livestreamed event from the company’s headquarters in Shenzhen, China.

Tesla’s superchargers offer charging speeds up to 500 kW, making BYD’s announcement of twice this speed potentially revolutionary for EV adoption.

This news is likely to be troubling for Tesla, whose stock value has plummeted lately due in part to owner Elon Musk’s political activities and controversies over vehicle production and autonomous vehicle delivery.

In the face of increased competition from more affordable models, like those manufactured by BYD and other Chinese companies, Tesla is under significant pressure.

“Our goal has been to ensure electric vehicle charging times are as short as refueling petrol vehicles,” explained Wang, marking a milestone in achieving megawatt-level charging power.

BYD plans to introduce this technology in two new models and will construct more than 4,000 ultra-fast charging stations across China to support the platform.

Although the specifics of the investment and timeline for these facilities are yet to be announced, this development could greatly benefit BYD’s primarily plug-in hybrid market, which sees significant growth with over 4.2 million units sold last year and a target of 5-6 million this year.

With Reuters