BYD Stock Price Hits Record As Tesla Rival Announces 5-Min EV-Charging Tech
- BYD unveiled new charging tech that it says takes five minutes and provides a nearly 250-mile range.
- Hong Kong-listed shares touched an all-time high Tuesday.
- If it works as advertised, the tech would give BYD a leg up over EV rivals such as Tesla.
The move: Hong Kong-listed shares of BYD rose as much as 6% on Tuesday, reaching an all-time high before slightly paring gains. The Chinese electric vehicle maker is now up more than 50% for the year, with a $160 billion market cap.
Why: During an unveiling event Monday, the firm said it had developed a charging system that would offer up to 400 kilometers of driving, or about 248 miles, on a single five-minute charge — roughly the same amount…
