Shares of China’s BYD rallied on Tuesday after the corporate introduced a brand new know-how that it claims can cost electrical autos (EV) virtually as shortly because it takes to fill a gasoline automobile.

BYD’s Hong Kong-listed shares jumped greater than 6% shortly after the open, notching a brand new a 52-week excessive. The inventory, which was final seen buying and selling round 3% increased, is up over 48% year-to-date.

BYD’s Shenzen-listed inventory worth, in the meantime, rose over 2% on Tuesday morning, earlier than paring a few of its good points.

It comes shortly after BYD unveiled a brand new “Tremendous e-Platform” know-how, which it says will probably be able to peak charging speeds of 1,000 kilowatts. The EV large and Tesla rival says this may enable automobiles that use the know-how to attain 400 kilometers (roughly 249 miles) of vary with simply 5 minutes of charging.

CNBC couldn’t independently confirm these claims.

Against this, Tesla’s newest superchargers supply a charging charge of as much as 500 kilowatts, and may add as much as 270 kilometers of vary in quarter-hour. Germany’s Mercedes-Benz Group, in the meantime, mentioned final week that its all-electric CLA will be capable of recharge as much as 325 kilometers inside 10 minutes.

“The last word answer is to make charging as fast as refueling a gasoline automobile,” Wang Chuanfu, chairman and president of BYD, mentioned on the launch occasion, in response to a press launch.

The breakthrough seems to chop to the core of vary nervousness, one of many main sticking factors stopping customers from switching to an EV. Vary nervousness refers to fears that an electrical automobile battery will run out of cost earlier than the passenger reaches the vacation spot.

Xing Lei, an unbiased China autos analyst, described the technological developments of BYD’s new battery platform as “out of this phrase” and a “heartbreaking” growth for its overseas opponents.

“Simply when everyone’s focus appears to be turning towards smartification, BYD comes proper again and says: no no, we aren’t executed with electrification but,” Lei mentioned in a LinkedIn submit.

BYD mentioned its Han L sedan and Tang L SUV will each characteristic the brand new “Tremendous e-Platform,” with each EVs having formally began pre-sales in China. The corporate added it will construct greater than 4,000 ultra-fast charging piles, or items, throughout China to match the brand new platform.

BYD has not but specified how a lot it’ll spend on constructing the brand new amenities, nor when the ultra-fast charging piles will probably be obtainable for customers.

Earlier within the month, BYD launched a sale of its Hong Kong shares to lift as much as $5.2 billion, Reuters reported, with the proceeds thought for use to put money into analysis and growth, amongst different areas. The corporate didn’t reply to a request for remark on the time.

The common vary for EVs within the U.S. is almost 300 miles (or 483 kilometers) on a single cost, in response to the Environmental Protection Fund, whereas the time it takes to cost a battery-powered EV can take 20 minutes or a number of hours, relying on the automobile and the pace of the charging level.