BYD, China’s largest electric vehicle maker, announced on Monday what it claims is a breakthrough in charging technology that reduces the time to fully recharge a battery to just five minutes. That’s roughly the same time it takes to refuel a gasoline-powered sedan.
The newly-announced 1,000-volt Super e-Platform will debut with Han L sedan and Tang L SUV models released this year and sent a shock to Tesla’s (NASDAQ: TSLA) stock, which has dropped by more than 9% since Monday.
In addition to the new megawatt flash charging compatibility, both vehicles also feature BYD’s advanced driver assistance system DiPilot 300, which uses LiDAR and Nvidia’s Orin X system-on-a-chip.
Why It Matters for Tesla
China is Tesla’s second-largest market, accounting for just over 20% of its sales. And BYD is its biggest competitor in an increasingly crowded market. BYD surpassed Tesla in the fourth quarter of 2023 to become China’s top-selling EV brand. Chinese consumers are increasingly favoring domestic brands, which are also leading innovators in EV technology.
The impact may extend beyond China, as BYD continues expanding its global footprint. In January 2025, for the first time ever, BYD sold more cars in the United Kingdom than Tesla.
Tough Times for Tesla
The news comes at a difficult time for Tesla, whose stock has plummeted by over 50% since its peak in December 2024.
Four top Tesla board members, including James Murdoch — son of Rupert Murdoch — have sold shares in the company since February.
JP Morgan has set a target price for Tesla shares at $120, representing a further 40% drop from their current levels.
JP Morgan analysts wrote, “We struggle to think of anything analogous in the history of the automotive industry, in which a brand has lost so much value so quickly.”
Polling Data: Tesla’s Popularity Plunges
While Tesla’s market share is eroding in China largely due to competitors’ technological edge, its sales in Western markets are plummeting due to founder and CEO Elon Musk’s extremist politics.
Polling firm YouGov ranks Tesla 43rd out of 58 auto brands in popularity.
When YouGov began polling in January 2022, Tesla was more popular among liberals than conservatives but had a net positive rating across all political groups — according to data shared with Sherwood News. But its standing among liberals has since collapsed, falling from a 8.6 net positive in January 2022 to 35 net negative in March 2025.
Tesla now has a net negative rating among moderates and the general population. While conservatives still hold a 7.5 net positive view, they are the least likely demographic to buy an electric vehicle. Musk’s politics is alienating Tesla’s core customer base.
All eyes are on Tesla’s next quarterly deliveries report, set to be released in early April.
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