Investing.com-- BYD Co (HK:1211) will roll out its recently unveiled megawatt fast charging technology by early April, the company’s executives said in a Weibo (NASDAQ:WB) post on Wednesday, as the Tesla (NASDAQ:TSLA) rival races to further its lead in the Chinese electric car market.
BYD (SZ:002594) executives said 4,000 megawatt fast charging stations were being planned, with the first batch of about 500 to be launched in early April, according to a Weibo statement carried by Chinese media. BYD could not be immediately reached for comment.
The company had last week unveiled a new platform for EVs that it said could charge them almost as quickly as it takes to pump gas. The company had also announced for the first time that it would build a charging network in China.
BYD’s so-called “super e-platform” will be capable of peak charging speeds of 1,000 kilowatts, and vehicles using it will be able to travel 400 km (249 miles) after a 5-minute charge, the company said.
The touted speeds are about twice as fast as rival Tesla’s superchargers, which offer up to 500 kw charging. Fast charging has been a key focus point for EV makers, given that consumers harbor anxiety over being able to charge their cars quickly, especially in emergencies.
Wednesday’s comments did not specify where BYD will launch its charging stations.
Tesla offers superchargers in China, while smaller Chinese EV firms such as Nio (NYSE:NIO), Li Auto (NASDAQ:LI), and Xpeng (NYSE:XPEV) have also been building out charging networks.
While BYD relies mostly on plug-in hybrids for sales, it has ramped up its EV efforts in recent years, especially as it competes with Elon Musk’s Tesla for dominance in the resilient Chinese EV market.
The company recently also unveiled its “gods eye” self-driving technology, which will be featured in almost all of its vehicles.