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China’s BYD Launches EV Charging System It Says Works Nearly as Fast as a Fill Up 

Visitors check the China made BYD ATTO 3 at the IAA motor show in Munich, Germany, on Sept. 8, 2023. (AP)
Visitors check the China made BYD ATTO 3 at the IAA motor show in Munich, Germany, on Sept. 8, 2023. (AP)
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China’s BYD Launches EV Charging System It Says Works Nearly as Fast as a Fill Up 

Visitors check the China made BYD ATTO 3 at the IAA motor show in Munich, Germany, on Sept. 8, 2023. (AP)
Visitors check the China made BYD ATTO 3 at the IAA motor show in Munich, Germany, on Sept. 8, 2023. (AP)

China’s energy and auto giant BYD has announced an ultra fast EV charging system that it says is nearly as quick as a fill up at the pumps.

BYD, China's largest EV maker, said Monday that its flash-chargers can provide a full charge for its latest EVs within five to eight minutes, similar to the amount of time needed to fill a fuel tank. It plans to build more than 4,000 of the new charging stations across China.

Charging times and limited ranges have been a major factor constraining the switch from gas and diesel vehicles to EVs, though Chinese drivers have embraced that change, with sales of battery powered and hybrid vehicles jumping 40% last year.

BYD's news appeared to give Tesla a jolt on Monday, as the US EV maker's share price sank 4.8%. BYD, which stands for build your dreams, began pre-sales of its Han L and Tang L models, which are upgraded versions of earlier models.

The Chinese company started out making batteries and has been refining its battery and energy storage technology while building an auto empire that is expanding outside China. It says its 1 megawatt flash chargers can provide power for 400 kilometers (nearly 250 miles) in five minutes.

Ultra-high voltage and a large current are required to maximize charging speeds, BYD's founder Wang Chuanfu said in a statement.

“To completely solve users' anxiety over charging, our pursuit is to make the charging time for EVs as short as the refueling time for fuel vehicles,” Wang said.

The company also said that its flash-charging system relies on silicon carbide power chips with voltage levels of up to 1,500V that it developed on its own. Its Blade lithium-ion phosphate battery is perhaps the world's safest and most efficient EV battery, with Tesla opting to use it in some of its EVs, industry analyst Michael Dunne said in a recent report.

BYD reported it made just over 4.3 million “new energy vehicles” last year, up 41% from a year earlier, including 1.8 million battery electric vehicles and 2.5 million plug in hybrids. The price of its shares traded on China's smaller market in Shenzhen has surged nearly 50% in the past six months.

While BYD's fanciest, latest premium models are expected to sell for up to about $40,000, it also makes much less expensive EVs including the Seagull, which sells for around $12,000 in China.

BYD barely nudged ahead of Tesla in production of battery-powered EVs in 2024, making 1,777,965 compared with Tesla's 1,773,443.

In early January, Tesla said its sales dropped in 2024, a first in more than a dozen years, as rivals such as BMW, Volkswagen and BYD gained market shares with competitive EVs.

But BYD has weaknesses as well, Dunne said, noting that JD Power's 2024 China New Energy Vehicle Initial Quality Study ranked the BYD Seal and BYD Song Plus battery electrics at the bottom of its rankings.

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Technology

Musk’s Social Media Firm X Bought by His AI Company, Valued at $33 Billion

xAI and X logos are seen in this illustration taken, March 28, 2025. (Reuters)
xAI and X logos are seen in this illustration taken, March 28, 2025. (Reuters)
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Musk’s Social Media Firm X Bought by His AI Company, Valued at $33 Billion

xAI and X logos are seen in this illustration taken, March 28, 2025. (Reuters)
xAI and X logos are seen in this illustration taken, March 28, 2025. (Reuters)

Elon Musk's xAI has acquired X in a deal that values the social media platform at $33 billion and allows the value of his artificial intelligence firm to be shared with his co-investors in the company formerly known as Twitter.

The deal could also help xAI's ability to train its chatbot known as Grok.

"xAI and X's futures are intertwined," Musk, who also heads automaker Tesla and SpaceX, wrote in a post on X: "Today, we officially take the step to combine the data, models, compute, distribution and talent."

He said the combination values "xAI at $80 billion and X at $33 billion ($45B less $12B debt)".

Representatives for X and xAI did not immediately respond to requests for comment. Much of the deal's specifics remain unclear, such as how X's leaders would be integrated in the new firm or whether there would be regulatory scrutiny.

Musk, the world's wealthiest man, is also a close ally of US President Donald Trump and heads the Department of Government Efficiency.

D.A. Davidson analyst Gil Luria said the price tag for X of $45 billion when debt was included was not a coincidence. "It is $1 billion higher than the take-private transaction for Twitter in 2022."

An investor in xAI who declined to be identified said they were not surprised by the deal, viewing it as Musk consolidating his leadership and management at his own companies.

Musk did not ask investors for approval but told them that the two companies had been collaborating closely and the deal would drive deeper integration with Grok, the investor said.

OPENAI RIVALRY

Musk's xAI startup was launched less than two years ago and recently raised $10 billion in a funding round that valued the company at $75 billion, according to a media report.

It competes with the likes of Microsoft-backed OpenAI as well as with Chinese startup DeepSeek.

In February, Musk, 53, made a $97.4 billion bid with a consortium for OpenAI, which was rejected and he has sued to prevent the ChatGPT maker from converting from a non-profit to a for-profit business. A judge this month denied Musk's request for a preliminary injunction that would prevent the changeover.

As competition in AI intensifies, xAI has been ramping up its data center capacity to train more advanced models, and its supercomputer cluster in Memphis, Tennessee, called "Colossus," is touted as the largest in the world.

xAI introduced Grok-3, the latest iteration of its chatbot, in February.

The X platform could serve to further distribute xAI products, while also providing a real-time feed of users' musings, screenshots and other data.

After buying Twitter, Musk gutted the company's workforce, prompting advertisers to flee the platform and a rapid decline in revenue. Recently, brands have been returning to X as Musk's influence in the Trump administration grows.

The seven banks that extended $13 billion in loans to Musk to buy X kept the debt on their books for two years until they were able to sell it all at once last month, according to a source familiar with the transactions.

This was made possible after a surge in investor interest for exposure to AI companies along with X's improved operating performance over the previous two quarters, among other factors, according to two people familiar with the matter.

After the merger, investors who bought the debt from the banks will profit, said Espen Robak, founder of Pluris Valuation Advisors, which specializes in illiquid assets. "For sure the debt is worth more now, if not fully paid off."

Separately, a US judge on Friday rejected a bid by Musk to dismiss a lawsuit claiming he had defrauded former Twitter shareholders by waiting too long to disclose his initial investment in the company.