BYD Shares Touch All-Time High After Unveiling New Charging Tech
BYD’s shares rose in Hong Kong after the Chinese electric vehicle giant unveiled its new fast-charging technology.
Shares rose as much as 6.0% to a record 408.80 Hong Kong dollars, equivalent to US$52.61, early Tuesday before paring gains to 3.2%. BYD’s Shenzhen-listed shares rose 0.5%.
BYD unveiled its new charging technology, which it said is capable of providing 400 kilometers of range in five minutes of charging time, the company said late Monday. That means users can charge their EVs as quickly as it takes conventional cars to refuel, BYD said.
The new charging system will be available on the company’s new Han L sedan and Tang L sport utility vehicle models, which will go on sale starting next month, BYD said.
BYD has sparked a race in autonomous-driving technology among Chinese EV makers after saying last month that it would deploy its “God’s Eye” driver-assistance system in its mass-market models.
BYD remained the top EV seller in China with total deliveries of 318,233 units for February. Meanwhile, rival Tesla has seen its market share erode in China, the world’s largest EV market, with its February sales sliding 49% from the prior year to 30,688 units.
BYD also said late Monday that it would issue to employees up to 10% of its total share capital this year, with the number of shares held by a single employee via the plan not exceeding 1% of its outstanding share capital.
BYD will report fourth-quarter earnings next Monday.
Write to Jiahui Huang at Jiahui.Huang@wsj.com
