Tesla's stock price sunk after its biggest global competitor launched a tech breakthrough that could destabilize the EV market.
Chinese automaker BYD announced its upcoming 'Super E-Platform' can fill its car's battery in lightning-fast speed.
The brand's latest models charge from 10 to 80 percent in just five minutes — delivering around 250 miles of range in the time it takes to pump a tank of gas.
That's faster than some of the speediest charging cars available in the U.S., including Tesla models that take more than 15 minutes to zap to 80 percent in perfect conditions.
'Our goal is to make EV charging as fast as refueling a gasoline car,' BYD's Chairman, Wang Chuanfu, said during the press event.
The charging news has hit Tesla stock owners particularly hard. The American EV producer's stock price is down around 5 percent today.
It's a continuation of Tesla's months-long stock slump. and has shed about 40 percent since the start of the year.
BYD announced that two models, the new Han L sedan and Tang L SUV, will feature the fast-charging powertrains when they hit Chinese showrooms next month.
Pre-orders for the models began Monday.
To support its rapid-charging ambitions, BYD also plans to build 4,000 ultra-fast charging stations across China.
BYD's updates show how the maker remains bullish on its domestic EV market. Faster charging speed could make EV adoption even more seamless in the automaker's home market.
Editor: CH
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