Shares in Chinese electric vehicle giant BYD rose to a record high after it unveiled new battery technology that it says can charge a car in the same time it takes to charge a gasoline vehicle, AFP reports.

The company said the battery and charging system, dubbed "Super e-Platform", features a maximum speed of 1,000 kW, allowing cars to travel up to 470 km after being plugged into the grid in just 5 minutes.

According to BYD founder Wang Chuanfu, the new technology aims to "fundamentally solve the charging problem for consumers."

"Our aspiration is to make the charging time of electric cars as short as the charging time of fuel cars," he said at the launch on 17 March.

Hong Kong-listed BYD shares jumped more than 6 percent to hit a new high for a moment on Tuesday morning (March 18), then pared some of the gains.

The announcement positions BYD ahead of rival Tesla, whose Supercharger stations currently offer charging speeds of 500 kW.

BYD introduced the Super e-Platform alongside two new electric vehicle models that will be the first to be equipped with the system: the Han L sedan and the Tang L SUV.

The Shenzhen-based company also revealed plans to build more than 4,000 super-fast charging stations across the country to support the new technology.

The ambitious expansion comes on the heels of remarkable growth, with February sales up 161% to more than 318,000 electric vehicles.

At the same time, Tesla saw sales in the Chinese market plummet 49% during the same period. | BGNES