Earlier today, Chinese EV maker BYD (BYDDF) revealed its new “super e-platform” for electric vehicles that comes with peak charging speeds of 1,000 kilowatts (kW). This technology will allow cars to travel 400 km (249 miles) on a 5-minute charge, which is close to the time it takes to refuel a gas-powered vehicle. Indeed, the company’s founder, Wang Chuanfu, emphasized that one of the company’s goals is to eliminate charging anxiety for EV drivers.
Interestingly, the new platform’s charging speeds are twice as fast as Tesla’s (TSLA) latest superchargers. BYD’s new platform will be available in two new EV models, the Han L sedan and Tang L SUV, which are priced from 270,000 yuan ($37,328.91). It is worth noting that fast-charging technology has been crucial in increasing EV adoption, as nobody wants to wait a long time to recharge their vehicle, and there may be situations when time constraints would make this wait not feasible.
To support its new platform, BYD plans to build over 4,000 ultra-fast charging units across China. This is a significant expansion of the company’s charging infrastructure, as BYD owners have so far mostly relied on third-party facilities or other automakers’ charging networks. The move is seen as a key step in BYD’s goal of selling 5-6 million units this year, which would be up from 4.2 million units in 2023.
Is BYDDF Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BYDDF stock based on seven Buys assigned in the past three months, as indicated by the graphic below. After an 87% rally in its share price over the past year, the average BYDDF price target of $58.93 per share implies 14.5% upside potential.
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