Shares in Chinese EV giant BYD jumped to a record high Tuesday after the company unveiled new battery technology, which it says can charge a vehicle at the same time it takes to fill up a petrol car.
The company said the battery and charging system, called "Super e-Platform," boasted peak speeds of 1,000 kW, allowing cars to travel up to 470 kilometers (292 miles) after being plugged in for just five minutes.
The new technology aims to "fundamentally solve users' charging anxiety," according to BYD founder Wang Chuanfu.
"Our pursuit is to make the charging time of electric vehicles as short as the refueling time of fuel vehicles," he said at Monday evening's launch.
Hong Kong-listed shares in BYD jumped more than 6% to hit a fresh peak at one point Tuesday morning before paring some of the gains.
The announcement positions BYD ahead of archrival Tesla, whose Superchargers currently offer charging speeds of 500 kW.
BYD introduced the Super e-Platform alongside two new EV models that will be the first to feature the system: the Han L sedan and the Tang L SUV.
The Shenzhen-based company also unveiled plans to build more than 4,000 ultrafast charging stations nationwide to support the new technology.
The ambitious expansion comes remarkable growth, with February sales soaring 161% to more than 318,000 electric vehicles.
Meanwhile, Tesla experienced a steep 49% sales decline in the Chinese market during the same period.
Separately, on Tuesday, Chinese EV maker Nio announced that it had signed a deal with battery giant CATL ivolving cooperation on a passenger car battery swap network.
Battery swapping offers an alternative to ultra-fast charging for vehicle owners worried about range, though the vast infrastructure required and standardization issues present major hurdles.
Under the new cooperation, CATL will invest a maximum of 2.5 billion yuan ($346 million) in Nio's battery swap network.
