China EV giant BYD soars after 5-minute charging platform unveiled

Shares in Chinese EV giant BYD surged to a record high Tuesday after it unveiled new battery technology it says can charge a vehicle in the same time it takes to fill up a petrol car.

The company said the battery and charging system, called "Super e-Platform," boasted peak speeds of 1,000 kW, allowing cars to travel up to 470 kilometers after being plugged in for just five minutes.

The new technology aims to "fundamentally solve users' charging anxiety," according to BYD founder Wang Chuanfu.

"Our pursuit is to make the charging time of electric vehicles as short as the refueling time of fuel vehicles," he said at Monday evening's launch.

Hong Kong-listed shares in BYD jumped more than 6 percent to hit a fresh peak at one point Tuesday morning before paring some of the gains.

The announcement positions BYD ahead of arch-rival Tesla, whose Superchargers currently offer charging speeds of 500 kW.

BYD introduced the Super e-Platform alongside two new EV models that will be the first to feature the system: the Han L sedan and the Tang L SUV.

The Shenzhen-based company also unveiled plans to build more than 4,000 ultra-fast charging stations nationwide to support the new technology.

The ambitious expansion comes on the heels of remarkable growth, with February sales soaring 161 percent to more than 318,000 electric vehicles.

Meanwhile, Tesla experienced a steep 49 percent sales decline in the Chinese market during the same period.