4,000 Ultra-Fast Charging Stations to Be Installed Across China
Tesla Stock Slumps for Second Consecutive Day
Chinese Electric Vehicle Companies Continue to Outperform
New cars from China's BYD, the world's number one electric vehicle seller. Photo by Reuters and Yonhap News Agency
"This technological innovation could be a 'deep-sea moment' in the electric vehicle industry." (U.S. online media Axios)
BYD, the world's number one electric vehicle (EV) seller, has attracted attention as a 'game changer' that could reshape the EV industry by unveiling an ultra-fast battery and charging station capable of driving 400 km with just a 5-minute charge.
Wang Chuanfu, chairman of BYD, introduced the ultra-fast battery and charging station called the 'Super e-Platform' at a press conference held at the company's headquarters in Shenzhen, China, on the 17th (local time). The developed battery is planned to be applied starting with next-generation models.
The Super e-Platform is a new technology that enables driving 400 km with only a 5-minute charge. BYD stated that the new electric vehicle battery and charging system is the world's first to provide 1000V high voltage and 1000 kW charging power to mass-produced passenger cars. This surpasses the technology currently disclosed by Tesla and Mercedes-Benz. Tesla can drive 275 km with a 15-minute charge, while Mercedes-Benz can drive 325 km with a 10-minute charge based on the CLA electric sedan.
Additionally, BYD announced plans to build more than 4,000 ultra-fast charging stations across China. Anxiety over insufficient driving range, commonly called 'range anxiety,' has remained one of the biggest obstacles to purchasing electric vehicles. If the charging system revealed by BYD is actually launched, it is expected to act as a catalyst to further increase the market share of electric vehicles in China.
However, concerns about safety issues persist in the market. Ultra-fast charging can cause battery overheating and accelerate aging, according to research cited by U.S. Bloomberg News from Professor Ouyang Minggao of Tsinghua University. Cost issues were also cited as a practical challenge. Bloomberg News pointed out that upgrading from a 400V electric vehicle system to 800V could cost 4,000 yuan (approximately 550,000 KRW). Additional costs are expected to act as a barrier to change.
Shares of Tesla, a competitor in the electric vehicle market, fell for two consecutive days. Tesla's stock price, which has dropped nearly 45% this year alone, closed down 5.34% on the 18th. This was interpreted as reflecting global resentment toward Elon Musk, Tesla's CEO and close associate of former U.S. President Donald Trump, as well as concerns about Tesla's weakening competitiveness due to the rise of Chinese electric vehicle companies.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
