BYD’s newest revelation puts Tesla on its heels

Loren Torres brings you the biggest news of the day, including how BYD’s new Super E-Platform charging station.

Transcript

00:00The competition between Tesla and Chinese-owned BYD just got a bit hotter.

00:04BYD has unveiled its new charging system dubbed the Super-E platform.

00:09The company claims the station can charge its latest car models in just five minutes,

00:14giving the driver a 250-mile range.

00:16For comparison, Tesla's Superchargers take 15 minutes to charge and give drivers a 200-mile

00:21range.

00:22At its launch event, BYD's chairman said,

00:24Our goal is to make EV charging as fast as refueling a gasoline car.

00:29Deliveries of the new Super-E platform are set to begin next month.

00:32BYD also said it will build 4,000 new charging stations across China to support the new technology.

00:38BYD owns a commanding 32 percent of the Chinese market when it comes to new energy vehicle

00:43sales.

00:44Tesla owns just 6 percent.

00:45January saw Tesla sales in China plummet 19 percent from the year prior.

00:49It now ranks fourth in the Chinese market behind BYD, Geely and SGMW.

00:55That'll do it for your daily briefing.

00:56From New York City, I'm Lauren Torres with The Street.