Tesla struggles as BYD claims five-minute charging, stock hits record
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The news: BYD shares surged to a record high of HK$401.40 ($81.2) in Hong Kong on Tuesday, rising 4%, after founder Wang Chuanfu claimed the company’s new charging system could add 470km of range in just five minutes.
The context: The breakthrough, which could challenge Tesla and other rivals, is set to roll out in two SUV models from April, supported by 4,000 ultra-fast chargers across China, the company said.
The company didn't specify the time frame or how much it would invest in building such facilities.
The numbers: Tesla shares dropped more than 6% on Tuesday, continuing a nine-week losing streak, as analysts highlighted intensifying competition from companies like BYD in China.
China is expected to install 460,000 new public EV chargers this year, bringing the total to about 2.1 million, according to consultancy Omdia.
Meanwhile, RBC Capital Markets cut Tesla’s price target by USD120 to USD320, maintaining its outperform rating while “rightsizing expectations.” Mizuho lowered its 2025 vehicle delivery forecast from 2.3 million to 1.8 million, citing weakening “brand perception” in the US and EU, a “deterioration in geopolitics,” and intensifying competition in China. Tesla’s China sales last month fell 49%, even as the country’s EV market grew 85%, the broker said.
What they said: "In order to completely solve our user's charging anxiety, we have been pursuing a goal to make the charging time of electric vehicles as short as the refuelling time of petrol vehicles," Wang said.
"This is the first time in the industry that the unit of megawatt (charge) has been achieved on charging power," he added.
The sources: Reuters , Financial Times
