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Chinese EV maker BYD (BYDDY, 1211.HK) has announced its latest charging systems that could reportedly charge its electric vehicles for 249 miles in driving range in just five minutes. The automaker plans to roll out vehicles with this feature next month.
Yahoo Finance senior autos reporter Pras Subramanian breaks down more information on BYD's EV-charging breakthrough and what this competition means for Tesla (TSLA).
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
Um, on a day when we are focused on self-driving and some of the innovations within the driving space, we also have to talk about another big innovation that was announced by a competitor of Tesla. We're talking about BYD in China introducing what it says is super fast charging.
Right, right. So, they hit this amazing milestone of 1,000 kilowatts, uh, into a battery, which would charge your battery in five minutes from, like, zero to full, uh, which is quite amazing, which is basically the almost the amount of time it takes to pump a car, pump a gas tank full of gas. So, that's a big milestone. You know, Tesla's at 250 kilowatts, about a quarter of that. So that's what, that's the jump we're seeing, and I mean, that's kind of remarkable that we're seeing that now in this day and age with BYD. And you mentioned BYD also, just going back to self-driving, they actually have their God's eye system that came out a few weeks ago. They're rolling out to customers in their cheapest cars. So that's a, a big sort of hit for Tesla. But just a couple of things I want to note in China here, uh, that might impact Tesla's business is, you have Xiaomi, the device maker with that really popular sleek SU7 sedan. They're upping production from 400,000 to 350,000 this year, EVs this year, which is, you know, big because they can't actually meet demand right now in, in China. Uh, finally, and also Zeekr, they're also in the self-driving space releasing a, a free program to, a pilot program for their, their buyers to use their self-driving software. You know, Tesla just yesterday announced that one-month trial. This one might be a little bit longer, I'm not sure, but just sort of on the heels of what Tesla's doing, all these competitors, cheaper cars, better technology perhaps, interesting designs all happening right now in China.
All right, Pras. Thanks for update. Appreciate it.