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Tesla faces trouble from BYD’s new EV charger breakthrough. Here’s what to know

China’s biggest seller of electric cars now claims to have the fastest chargers around

In a year that’s already shaping up to be a headache for Tesla (TSLA), its biggest rival abroad — and one that’s growing its international footprint — now claims to have developed a superior charging system. Here’s what you need to know.

What happened?

BYD (BYDDY) on Monday unveiled a new charging system that can deliver enough power to its cars to travel 292 miles within just five minutes, a tad longer than it takes to fill up a tank of gas. BYD Chair Wang Chuanu told Bloomberg News that the company plans to set up 4,000 charging stations, although he didn’t specify a timeline for doing so.

The “Super e-Platform” includes flash-charging batteries, a 30,000 RPM motor, and silicon carbide power chips, according to Bloomberg. It claims that its system is the fastest of its type for mass-produced vehicles.

The first BYD models to get the five-minute charging system will be the Han L sedan and Tang L SUV, which are set to hit the market in April at prices starting at 270,000 yuan ($37,338). The company sold more than 318,000 passenger vehicles in February, up 161% year-over-year.

Cornering the market on ultra-speed EV charging would be a major boost to BYD, which is already the biggest automaker in the world’s biggest auto market. BYD also plans to equip all of its models priced above $13,688 with the “God’s Eye” software, offering assisted driving software to mass-market buyers.

How do rivals stack up?

BYD is far from the only company developing EV chargers, although it claims to have the fastest.

Nio (NIO) currently has the most extensive charging network in China, including almost 2,700 fast charging stations, as well as a growing battery-swapping business. Its Power Charger 4.0 has a maximum voltage of 1,000 volts and a peak power of 640 kilowatts, according to Nio’s website. More than 200 other brands also have access to its charging stations.

Tesla has built more than 2,000 charging stations in China, including 11,500 Superchargers, and dominates the U.S. charging scene, with most major automakers signing deals to use its tech.

Tesla’s Superchargers can deliver 170 miles of range in 15 minutes. Most of its vehicles run on a 400-volt system, with the exception of the Cybertruck, which was built on an 800-volt architecture, and the commercial Semi truck.

Zeekr (GELYF), the premium electric car brand owned by Zhejiang Geely Holding Group Co., last August unveiled a new 800-volt platform. When connected to one of the firm’s chargers, its battery can go from 10% to 80% in just 10.5 minutes, the company said. Zeekr aims to build 2,000 ultra-fast charging stations across China by 2026.

Others, including Li Auto (LI) and Xpeng (XPEV), have developed technology similar to Zeekr’s and have been expanding their own fast-charging networks. Chinese battery giant CATL has said its Shenxing Plus battery, which debuted last year, could provide 372 kilometers of range after 10 minutes of charging.

There’s also plenty of competition outside of China.

For one, British startup Nyobolt showed off a prototype EV in June with a battery that charged from 10% to 80% in less than five minutes, hitting a range of 120 miles. Mercedes-Benz’s (MBGYY) new CLA 250+ can deliver more than 200 miles of range after 10 minutes of charging at a fast charger.

Gravity, a Google-backed (GOOGL) startup, reached 40,000 charging sessions during its first year of operation at its main charging stations, according to InsideEVs. Its chargers are capable of adding about 200 miles of range in just five minutes, although that can vary depending on the EV.