Chinese EV manufacturer BYD claims its new fast-charging system can rival the speed of refueling a gas tank

BYD, a Chinese electric vehicle (EV) manufacturer, has presented a new charging method that it claims will allow EVs to charge as quickly as they can replenish with gasoline, and has stated for the first time that it will establish a charging network throughout China.

The so-called "super e-platform" would be capable of peak charging speeds of 1,000 kilowatts (kW), allowing automobiles to drive 400 kilometers (249 miles) on a five-minute charge, according to creator Wang Chuanfu, who spoke at an event live-streamed from the company's Shenzhen headquarters Monday.

Charging speeds of 1,000 kW would be twice as fast as Tesla's superchargers, which can now charge at up to 500 kW.  Fast-charging technology has been viewed as critical to expanding EV adoption.

The announcement will come as a blow to Tesla, whose stock has plummeted - down 15% on March 10 alone - as a result of its owner Elon Musk's support for hard-right causes in Europe and downsizing the federal workforce as part of his engagement with the Trump administration.

Since December, when Tesla's market capitalization reached a record high of $1.5 trillion, it has plummeted by over half.  Aside from missing sales forecasts, Tesla is facing increased investor pressure to produce driverless vehicles, something Musk has promised but failed to deliver for nearly a decade.  It is also experiencing greater competition from more affordable EV versions manufactured by BYD and other Chinese companies.

Tesla shares plummeted 4.8% on Monday, marking the sixth straight weekly decline, according to Barrons.

"To completely solve our users' charging anxiety, we have been pursuing a goal to make the charging time of electric vehicles as short as the refueling time of petrol vehicles," Wang told me.

The new charging architecture would be first available in two new EVs - the Han L sedan and the Tang L SUV, both priced at 270,000 yuan ($37,330), and BYD said it would build more than 4,000 ultra-fast charging heaps, or units, around China to complement the new platform.

The company did not identify a time range or how much it would invest in such facilities.  To date, BYD owners have primarily relied on other manufacturers' charging infrastructure or public charging poles operated by third-party operators to recharge their vehicles.

Tesla has been offering superchargers in China since 2014, while BYD's smaller Chinese competitors, such as Nio, Li Auto, Xpeng, and Zeekr, have also been investing heavily and developing charging infrastructure for years.

BYD's sales were 4.2 million units last year, with plug-in hybrids accounting for the majority of the total.  It plans to sell 5-6 million devices this year.