The era of price wars in China’s electric vehicle (EV) market is giving way to a new contest: who can deliver better technology at the same price.
On a cloudy evening in March, Shenzhen-based BYD put forward its answer with the unveiling of a battery capable of charging from 10 to 70 per cent in just five minutes – and to 97 per cent in nine minutes. The company said it would apply the technology to models priced as low as 155,000 yuan (US$22,500) while building 20,000 charging stations this year.
In the audience, Zhang Sheng, a 55-year-old grocery store owner from Shanghai, was impressed and pleased, noting he could get a new BYD Song with the so-called flash-charging battery for about 50,000 yuan less than a midsize petrol-powered sedan.
“Electric cars can now recharge almost as quickly as petrol vehicles refuel, while being more cost-effective,” Zhang said. “Technology advancement makes it possible for us to buy a better car with lower prices.”
BYD chairman Wang Chuanfu could not have said it better himself.
“The fast-charging technology unveiled today truly achieves refuelling speeds comparable to gasoline,” he said at a press conference.
Wang’s remark – and Zhang’s excitement – signal the end of the EV industry’s initial phase, which was dominated by efforts to overcome range anxiety and control production costs. That phase is now giving way to an era defined by cars that provide value for money alongside increasingly innovative features, such as autonomous driving and sophisticated in-car entertainment.
