BYD’s newest revelation puts Tesla on its heels
BYD owns a commanding share of the EV market in China.
Transcript:
Loren Torres: The competition between Tesla and Chinese-owned BYD just got a bit hotter. BYD has unveiled its new charging system - dubbed the “Super E-Platform.” The company claims the station can charge its latest car models in just five minutes - giving the driver a 250 mile range. For comparison - Tesla’s Superchargers take 15 minutes to charge and gives drivers a 200-mile range.
At its launch event, BYD’s Chairman said “Our goal is to make EV charging as fast as refueling a gasoline car.” Deliveries of the new Super E-Platform are set to begin next month. BYD also said it will build 4,000 new charging stations across China to support the new technology.
Related: BYD bests Tesla for the first time
BYD owns a commanding 32% of the Chinese market when it comes to new energy vehicle sales. Tesla owns just 6%. January saw Tesla’s sales in China plummet 19% from the year prior. It now ranks fourth in the Chinese market behind BYD, Geely, and SGMW.
That’ll do it for your daily briefing. From New York City, I’m Loren Torres with TheStreet.
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