Shares of Chinese electric car maker BYD soar after announcing ultra-fast charging system

Shares of Chinese electric car giant BYD soared to a record high Tuesday after announcing new battery technology that allows the cars to charge in the same time it takes to fill up a fuel tank.

The company said the battery and charging system dubbed "Super e-Platform" reaches charging speeds of 1,000 kilowatts, allowing vehicles to travel up to 290 miles after just five minutes of being plugged in.

The new technology aims to "fundamentally solve users' anxiety with charging," said BYD founder Wang Chuanfu.

"We seek to make the time to charge electric vehicles as short as the time to refuel," he said at the launch on Monday night.

Shares of BYD in Hong Kong rose more than 6% on Tuesday, hitting an all-time high at one point.

The announcement puts the Chinese giant ahead of rival Tesla, whose superchargers currently offer speeds of 500 kilowatts.

BYD unveiled the "Super e-Platform" alongside two new models that include the ultrafast charging system: the Han-L and Tang L. The company also announced plans to build more than 4,000 ultrafast charging stations across the Asian country to support its new system.

The electric car company has seen strong recent growth, with sales up 161% in February in China.

Tesla, which is facing difficulties in the U.S. market, suffered a 49% decline in the Chinese market in the same period.