Chinese electric vehicle giant BYD saw its stock jump on Monday after the company teased a major announcement for later this week, promising to reveal a new “disruptive technology.” The hype-building move comes just after BYD reported a significant drop in its global sales for the month of February.
While the company has been tight-lipped about the details, rumors are swirling that the new technology is related to a super-fast charging system. BYD has reportedly been testing a powerful 1,500-kilowatt charger that could add hundreds of kilometers of range to a car in just a few minutes. One social media user who spotted the chargers being tested claimed they could add about 2 kilometers of range every second.
The “disruptive technology” teaser is a clear attempt to change the narrative after a tough month. On Sunday, BYD announced that its new energy vehicle sales, which include both hybrids and fully electric cars, fell by a steep 41% in February compared to the same time last year.
However, there’s a good reason for the slump. This year, the massive Chinese New Year holiday fell in February, a time when most of the country shuts down for celebration and travel. Last year, the holiday was in January. This calendar shift makes the year-over-year comparison look much worse than it actually is.
Still, the pressure is on. BYD is in a fierce battle with Tesla and other major automakers for dominance in the world’s largest car market. While Tesla doesn’t release its monthly sales numbers, we’ll get a clearer picture of the competition in a few weeks when China’s official passenger vehicle authority releases its data. For now, BYD is hoping its new secret weapon will be enough to get investors and customers excited again.
