Summarize this content to 2000 words in 6 paragraphs An automaker says it has developed technology that speeds up electric vehicle battery charging to as little as 5 minutes at 1,000 kilowatts, which could provide almost 250 miles of driving range. The potential battery breakthrough was announced on a livestream on Monday by Chinese auto manufacturer BYD’s CEO Wang Chuanfu and sent the company’s stock soaring. The charging technology would provide fuel-ups at twice the speed that Tesla currently offers at its Supercharger stations.BYD says it plans to deploy the charging-infrastructure technology in China. The batteries that can charge that quickly will initially be built into two new vehicles from the company, a sedan and an SUV.The company didn’t say how soon it would build that infrastructure or when those vehicles might be available. A representative for BYD didn’t immediately respond to a request for comment.Combating range anxietyIf the stated range from BYD is accurate, it could go a long way toward alleviating one of the major impediments for potential US buyers of EVs: range anxiety. For long-range travel across the US, EV owners must plan their trips based on the availability of EV charging locations given that their average range is typically between 200 and 300 miles per charge. But recent policy changes and climate-focused reversals have called into question whether EV networks, such as Tesla’s, will continue to expand in the US. Last year, Tesla laid off about 500 workers from its Supercharger team.Chinese EV companies have been growing quickly and are hoping to get a foothold in other markets as Tesla, the leading US EV manufacturer, has faced backlash over CEO Elon Musk’s political activity and other issues. Faster EV charging could mean more turnover at existing EV charging stations, and shorter wait times for EV owners. BYD says its new technology makes charging an EV comparable to a gas-powered car in terms of the time it takes to refuel. Ryan Rohrman, the CEO of Rohrman Automotive Group, an auto dealer in the Midwest that serves multiple states, said BYD’s news could move the needle for the EV industry.”If BYD’s announcement is accurate, it could significantly boost the adoption of EVs,” Rohrman said. “Range anxiety remains a major concern, but the ability to recharge an EV as quickly as refueling a gas-powered car would eliminate that worry. The next challenge to tackle is ensuring there are enough charging stations to support widespread use.”
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