[Image: BYD / Facebook]
Investors are speculating that China’s BYD could outdo Elon Musk’s Tesla after the former rolled out an EV with batteries that can recharge in five minutes.
The Chinese electric carmaker’s value went through the roof after it said its latest batteries charge fast enough to add 400km of range in only five minutes.
In comparison, Tesla’s “supercharger” network can provide enough charge in 15 minutes to drive 260 kilometres.
The Chinese company is already the world’s biggest manufacturer of battery electric and plug-in hybrid electric cars and even investors like Warren Buffett have bet that the company can extend its lead in electric car production – and the sale of batteries to rival carmakers.
BYD founder, Wang Chuanfu – often described as China’s Musk – said their flagship models would be able to receive a megawatt of power, or 1,000 kilowatts (kW), allowing the company to “completely solve users’ charging anxiety”.
The first models to have the super-fast charging technology will be the Han L saloon and the Tang L SUV, which the company claims can charge to full in a 10th of an hour, or six minutes. In other words, every second adds about 2km in range.
View this post on Instagram
While Tesa remained the biggest EV maker in 2024, BYD’s announcement appears to have prompted investors to question whether the company run by Musk – seemingly distracted with shutting down America – could fall behind.
Tesla shares fell by 4.8% on Monday and were down more than 5% after Wall Street opened on Tuesday. The company has now lost more than half its value since peaking in December, a slump that has wiped out about $800 billion in market cap.
Reacting to the steep decline on X, Musk simply said “It will be fine long-term.”
Investors don’t seem to share the sentiment and this Wednesday, news broke that Musk has been asked to step down as boss by one of the company’s earliest investors.
It’s fine, everything’s fine.
[Source: Guardian]
