BYD Co. Ltd. BYDDY, China's leading electric vehicle maker, has introduced a groundbreaking charging system that rivals the speed of refueling a gasoline car, Bloomberg reports.

What To Know: Chairman Wang Chuanfu announced that in tests, the new system charged the Han L model with 292 miles of range in just five minutes. This innovation could address a major hurdle for EV adoption—long charging times—potentially swaying hesitant consumers.

The technology will be integrated into BYD's upcoming electric models, further strengthening its position in the global EV race against Tesla Inc TSLA. Per the Bloomberg report, independent industry analyst Lei Xing called it a game-changer for the industry.

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Despite the major technological leap, BYD's Hong Kong-listed shares traded flat on Monday but have otherwise surged 49% on a year-to-date basis.

What Else: By offering a charging experience comparable to refueling a gasoline car, BYD could eliminate one of the biggest consumer concerns—charging downtime.

This development could attract a broader range of buyers, including those who have been hesitant to switch from internal combustion engine vehicles due to range anxiety and long wait times at charging stations.

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For Tesla, BYD's closest global rival, this innovation adds pressure to enhance its own battery efficiency. While Tesla dominates in charging infrastructure, software and autonomous driving, BYD's vertical integration of batteries and vehicle manufacturing gives it a cost advantage.

If widely implemented, BYD's new charging system could solidify its position as the leader in China, the world's largest EV market, while also making it more competitive in global markets, particularly in Europe and Southeast Asia.

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