Tesla Competitor Reveals Electric Car That Can Charge in Five Minutes

As slumping EV giant Tesla's sales slow to a crawl, rival Chinese company BYD is starting to eat its lunch. Yesterday, the Shenzhen-based corporation revealed a lineup of cars it claims can soak up nearly 250 miles' worth of battery charge in just five minutes — just a hair longer than the time it takes to pump a traditional car full of gasoline. The buzzy new tech will be available next month in BYD's flashy new Han L sedan. That announcement sent shockwaves through the EV space and beyond, and it's not hard to see why. If the claims hold up, BYD's system will be at least twice as fast as Li Auto's Mega MPV, which can charge about 310 miles in 12 minutes, and more than three times more efficient than Tesla's record of a 170-mile charge in 18 minutes, according to Bloomberg analysis. Since announcing the Han L, BYD's market value has skyrocketed. In just one day, BYD's valuation surpassed Ford, General Motors, and Volkswagen combined — a first for the company, and a major boon for t ... Read full article.