China-based car and battery manufacturer BYD increased its market capitalisation to $162 billion, surpassing the total market capitalisation of Volkswagen, Ford and General Motors. The most important factor behind this sudden increase is the introduction of 1000 kW charging technology, which offers high range in a short time.
BYD broke a new record with its market capitalisation
BYD recently announced the Megawatt Flash Charger charger, which makes it possible to charge electric vehicles as fast as internal combustion engine vehicles. This system, which can provide up to 1000 kW of power output, can offer a range of 400 kilometres with only 5 minutes of charging. Han L and Tang L models were also introduced at the same event.
After the launch, BYD’s shares gained 6% and the company’s market capitalisation reached 162 billion dollars. This development brought the company’s value to a level higher than Volkswagen ($66 billion), General Motors ($49 billion) and Ford ($39.4 billion) combined.
Audi has made the decision to make mass layoffs. This decision was met with great surprise in the automotive industry.
While BYD stands out as Tesla’s biggest rival, the company’s share value has increased by 50 per cent since the beginning of the year. In contrast, the market value of Tesla, which holds the title of the most valuable car manufacturer, fell 40% to $ 706 billion in the same period.
While the high-speed charging technology and new models announced by BYD increased the company’s influence in the global market, it also revealed that there is a great competition in the electric vehicle sector. So what do you think about this issue? You can share your opinions with us in the comments section below.
