The market value of BYD surpassed the combined value of Ford, General Motors, and Volkswagen

The market value of the Chinese automaker BYD has reached 162 billion dollars, surpassing the combined market value of Ford, General Motors, and Volkswagen.

BYD has introduced a new technology called "Super e-Platform" that enables electric vehicles to be charged almost as quickly as refueling a gasoline car.

470 kilometers of charge in just five minutes

In tests conducted on the new Han L model, the car's battery was able to charge enough to travel 470 kilometers in just five minutes using the new fast-charging system.

Following this announcement, BYD's shares rose by 6 percent on the Hong Kong Stock Exchange, bringing the company's market value to 162 billion dollars. This amount exceeds the combined market value of Ford (39.4 billion dollars), General Motors (49 billion dollars), and Volkswagen (66 billion dollars).

Close competition with Tesla

BYD, one of Tesla's main competitors, has seen its stock value increase by around 50 percent since the beginning of this year.

Plans to develop ultra-fast charging stations

BYD also plans to establish around 4,000 ultra-fast charging stations in China, equipped with technology that supports power up to 1,000 kilowatts.

Analysts have stated that with this new technology, BYD is removing one of the biggest barriers to the adoption of electric vehicles, which is the long charging time. This could make the transition from internal combustion engine cars to electric vehicles smoother for customers.