BYD hit a record high market cap thanks to its latest innovation, while a market crash in Elon Musk's auto company has lined the pockets of Tesla bears.

The Chinese EV maker unveiled a charging station takes five minutes and provides a 400-kilometer range.

BYD’s new battery and charging system, which it calls the Super e-Platform, could provide 470 km of range in 5 minutes in tests on its new Han L sedan

Chinese automaker BYD continues to leave Tesla in the dust. The company introduced a new battery system on Monday that it claims can charge an electric vehicle in just five minutes, about the same time it takes to refuel a traditional car.

Chinese electric vehicle manufacturer BYD has revealed new fast-charging tech that can add 400km (249 miles) of range from a five minute charge. With the announcement, BYD has also promised to make a major investment in charging infrastructure, building over 4,000 of the new fast chargers across China.

Tesla's arch Chinese rival, BYD, shocked the auto market when it announced a line of EVs that can recharge in just five minutes.