On Monday, BYD’s market value rose past RMB 1.16 trillion ($160 billion) to overtake that of CATL in mainland China for the first time in seven years, hours before the launch of its newest generation of electric vehicle platform, considered a major breakthrough for EV charging. The Chinese automaker’s shares rose about 1.2% to push its market capitalization ahead of CATL, the world’s top battery maker, for the first time since June 15, 2018 – ending the day at RMB 1.16 trillion, according to figures compiled by Eastmoney’s Choice data service. BYD announced later in the day that vehicles built upon its so-called “super e-platform” are now capable of achieving the maximum charging speed of 1,000 kilowatts (kW), adding 400 kilometers (249 miles) of range in just five minutes. The first two models with access to the technology, the Han L sedan and the Tang L crossover, went on pre-sale at starting prices of RMB 270,000 and RMB 280,000, while the company plans to build more than 4,000 ultra-fast charging piles across China. [TechNode reporting, Reuters, Wallstreetcn, in Chinese]
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