(NewsNation) — Chinese auto manufacturer Build Your Dreams Co. has revealed its new electric vehicle charging system, which drastically cuts down the time needed to charge up a battery-powered car.
The 1,000-volt charging system provided roughly 290 miles worth of energy in five minutes, BYD founder and Chairman Wang Chuanfu said Monday, according to Bloomberg.
That means the up-and-coming Tesla rival’s “super e-platform” could enable EV drivers to fuel up just as quickly as those pumping gas.
BYD’s charge speeds (a promised 1000 kilowatts) would easily lap other industry leaders. Tesla’s supercharger option gives certain models a 200-mile range in 15 minutes, according to its official website.
According to the U.S. Department of Transportation, EVs take anywhere from 20 minutes to 24 hours to fully recharge, depending on the charger and battery type used.
BYD would first implement battery systems in its Han L and Tang L sport utility vehicles — both of which cost roughly $40,000 USD. The company plans to construct 4,000 charging stations capable of ultrafast charging.
BYD announces system as Tesla stock stumbles
The Elon Musk-led company has seen a rough few weeks — both on the stock market and on the showroom floor.
Tesla cars and dealerships have been the target of protests and vandalism as part of the “Tesla Takedown” movement fueled by Musk’s government involvement with the Department of Government Efficiency, or DOGE.
While Musk’s political reach is growing, Tesla’s stock price has consistently dropped since he was tapped to help out in Washington. Musk, the richest man in the world, has seen his net worth plunge by roughly $83 billion since the start of the year.
Tesla’s new vehicle sales were down 45% across Europe in January, according to data from the European Automobile Manufacturers’ Association.
Tesla sales have also slowed in China, down 11.5% in January from a year earlier, CNBC reported. Meanwhile, lower-cost Chinese rivals like BYD and Xpeng saw sales grow over the same period.
Trump, in a show of support, shopped for a new Tesla on the White House driveway last week, though the presidential backing of a private company has caused concern.
NewsNation’s Andrew Dorn contributed to this report.