The construction site of BYD's new electric vehicle factory site in Camacari, Brazil on November 17, 2024. Electric vehicle giant BYD unveiled a new charging system in China on March 18, intensifying already fierce competition in the world’s largest auto market and propelling it further ahead of rivals such as Tesla. (Photo Credit: Adriano Machado/Reuters via CNN Newsource)

Hong Kong (CNN) — Electric vehicle giant BYD unveiled a new charging system in China on Monday, intensifying already fierce competition in the world’s largest auto market and propelling it further ahead of rivals such as Tesla.

The Shenzhen-based automaker touted its system, dubbed “Super E-Platform,” as being able to charge its latest models in just five minutes, allowing them to go 250 miles. To support the new technology, BYD plans to build 4,000 ultra-fast charging stations across China.

If popularized, BYD’s new charging platform represents a major innovation that could help transform the electric car market. By comparison, Tesla’s Superchargers take 15 minutes to charge and provide a range of 200 miles.

“Our goal is to make EV charging as fast as refueling a gasoline car,” BYD Chairman Wang Chuanfu said at the launch event. Pre-orders for BYD’s new models equipped with the latest charging technology began on Monday, with deliveries set to start next month.

BYD’s Hong Kong-listed shares jumped over 6% to an all-time high on Tuesday.

Also on Monday, Tesla rolled out free trials for its long-awaited Full Self-Driving (FSD) service in China for a month until April 16.

The move followed a disappointing software upgrade last month to the company’s advanced driver assistance system, which fell short of full FSD capabilities. The underwhelming upgrade has prompted Tesla to work with Chinese tech giant Baidu to enhance its performance, according to Reuters, citing anonymous sources. CNN has reached out to Baidu for comment.

Tesla plans a full rollout of FSD in China this year, but strict data laws in the country have blocked the company from using data from its 2 million EVs for training, delaying the feature’s release.

Tesla’s annual global deliveries declined for the first time last year, and it faces mounting challenges in China, where its features lag behind those of archrival BYD. And BYD’s new charging technology is the latest indication that the Chinese EV giant is outpacing Tesla in both innovation and price.

Tesla’s January sales in China plummeted more than 19% from a year earlier, ranking it fourth in the market after BYD, Geely and SGMW, a joint venture between Chinese auto makers SAIC Motor, Guangxi Auto and American General Motors.

In 2024, BYD dominated China with a 32% share of the total market for new energy vehicle sales. Tesla claimed only 6.1% of the market, despite reaching a record high in terms of shipments, according to the China Passenger Car Association.

Last month, BYD unveiled an advanced driver-assistance system for most of its models at no additional cost. Analysts said its free upgrade of the proprietary “God’s Eye” system increased pressure on Tesla and other Chinese EV makers. In contrast, Tesla’s FSD is available to US customers for a $99 monthly subscription or a one-time payment of $8,000.

The Financial Times reported last month, citing two unnamed sources, that Chinese officials were considering withholding Tesla’s FSD license approval as leverage in trade negotiations with Trump. This was the primary reason for the permit’s delay, the sources were quoted as saying.

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