Chinese automaker BYD has unveiled new electric vehicles that the company says can charge almost as quickly as traditional cars, Bloomberg reports.
BYD says the new Han L and Tang L electric cars can travel up to 400 kilometers after just five minutes of charging. They can also accelerate to 100 km/h in just two seconds. Sales of these models with the new technology will begin in April 2025. They will be priced at 270,000 yuan ($37,300) and 280,000 yuan ($38,700), respectively.
In addition, BYD plans to build about four thousand new charging stations in China to support fast charging.
Following the news, the company's shares rose 6% to a record high, boosting BYD's market value to $162 billion — more than Ford, General Motors, and Volkswagen combined.
In addition, the Chinese automaker has had an incredibly successful start to 2025. In January, BYD delivered more than 318,000 hybrid and electric vehicles, up 161% compared to the same period last year.