Tesla Inc's (NASDAQ:TSLA) shares slumped 4.8% in after-market trading as a new threat to its dominance of the electric car market emerged.
The gut punch? Chinese EV maker BYD unveiled a new line of electric vehicles capable of charging at speeds that could rival refuelling a petrol car.
The company’s latest battery and charging system allows its Han L sedan to gain 400 kilometres (249 miles) of range in just five minutes, according to chairman Wang Chuanfu.
The first models featuring this ultra-fast charging - Han L and Tang L - will go on sale in April, priced from around £29,000.
To support the rollout, BYD plans to build over 4,000 charging stations across China, though it has not disclosed a timeline or cost. The technology could remove a major barrier to EV adoption by addressing long charging times, giving BYD an edge in an increasingly competitive market.
For Tesla, the news comes against a backdrop of rapidly declining sales in Europe linked to boss Elon Musk's role with the Trump administration and struggles to gain a meaningful foothold in China.
In the year-to-date, the stock has lost 37% of its value.