Chinese carmaker BYD has seen a sharp rise in its shares after unveiling new electric vehicles capable of delivering a range of 400 km in 5 minutes. The company, which gained up to 6% on the Hong Kong stock exchange on Tuesday, surpassed the combined market capitalization of Ford, General Motors and Volkswagen with a market capitalization of $162 billion.
Wang Chuanfu, the company’s chairman, said the new battery and charging systems were being tested in the Han L sedan model, bringing the charging time closer to the refueling time of gasoline vehicles. Sales of vehicles with the new technology will start next month.
BYD’s revolutionary charging technology has the potential to attract drivers who are wary of electric vehicles due to their long charging times. Eugene Hsiao, head of China’s automotive sector, emphasized that the company is now focusing on making a difference with basic electric vehicle technologies, rather than price competition or segment expansion.