China's BYD is trying to translate its fast rise into a run at the very top of the auto industry, aiming to become the largest carmaker on the planet within just five years.
The EV automaker is backing that goal with a large charging buildout that could make owning an EV far more convenient for more people.
What's happening?
BYD says it is now publicly aiming to move past Toyota and claim the title of the world's top-selling automaker, per The Guardian.
During BYD's annual shareholder meeting in Shenzhen, founder and chair Wang Chuanfu said, "BYD will truly become the number one automaker globally in terms of scale in five years."
To help make that happen, the company is leaning on advances in batteries, ultrafast charging, and a wider manufacturing presence overseas, The Guardian reported.
The company then announced its plan to invest nearly £1.8 billion, or roughly $2.4 billion, on European infrastructure for five-minute "flash charging" for its vehicles.
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The Guardian also reported that BYD surpassed Tesla in EV sales last year, and in May the company sold more than 160,000 vehicles outside China, representing an 80% increase over a year earlier. It is now aiming for 1.5 million overseas vehicle sales this year, up from 1.05 million last year.
Why does it matter?
Faster charging and stronger competition could make EVs easier to own. If five-minute charging becomes more widely available, it could address one of the biggest concerns among potential buyers, namely, long waits at charging stations.
EVs can already offer significant savings. Drivers often spend less on fueling than gas-car owners, particularly when charging at home, and electric vehicles typically require less routine maintenance because they have fewer moving parts and do not need oil changes.
Additionally, the widespread adoption of electric vehicles over their gas counterparts can offer major air quality improvements, benefitting not just the owners of the vehicles but entire communities as well.
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