Megawatt Flash Charging Takes Aim at "Gasoline-Electricity Parity" as Charging and Battery Swapping Enter Minute-Level Showdown

The picture shows BYD’s fast-charging vehicle model and fast-charging station. Photo by Ye Lingzhen

Securities Times Reporter Ye Lingzhen

Charge fully in 5 minutes, recharge in 9 minutes, only 3 minutes longer at -30°C. Recently, BYD’s second-generation Blade Battery and megawatt-level fast-charging technology have emerged, aiming to achieve “gasoline-electric speed” with extreme energy replenishment efficiency.

In addition to equipping vehicles with the latest technology, BYD has also launched the “Fast Charging China” strategy, planning to build 20,000 fast-charging stations by the end of 2026, creating an integrated “car–station–storage–grid” ecological loop to seize the energy replenishment entry points.

As charging efficiency reaches minute-level speeds, approaching battery swapping speeds, discussions within the industry about fast charging and battery swapping as two main energy replenishment routes have intensified. Most industry insiders believe that various energy replenishment methods are not zero-sum games but should complement each other and develop collaboratively. With infrastructure continuously improving and technical standards gradually unified, different technological routes will be precisely adapted based on application scenarios, jointly building an efficient and convenient energy replenishment network.

Megawatt-level fast charging redefines charging speed

In mid-March, the Securities Times reporter visited a BYD Dynasty 4S store in Hefei, Anhui. The all-new Song Ultra EV, as one of the first models equipped with the second-generation Blade Battery and fast-charging capability, was prominently displayed, attracting many customers to observe.

“Pre-sales have only been open for about ten days, and we’ve already received reservations for over a dozen Song Ultra EVs,” a salesperson at the store told the reporter. From customer reception, fast charging has gained some market awareness, with some customers having clear goals—specifically seeking fast-charging models.

A customer visiting the store said they had previously been torn between buying a hybrid or a pure electric vehicle. Now that charging efficiency has improved, they might prioritize pure electric models with fast charging.

The reporter saw outside the store, a BYD T-shaped fast-charging station had been completed, with a single-charger power of 1,500 kW, ready to provide fast-charging services at any time. “Now purchasing the Song Ultra EV, you can enjoy one and a half years of free fast charging from the date of delivery,” the salesperson added.

“Under current material systems, battery energy density is approaching its ceiling, and charging speed has become a high ground that automakers are competing for,” said Yu Xiaolong, deputy editor-in-chief of the True Lithium Research Institute. BYD’s multi-pronged effort—from batteries, vehicles, to charging stations—has achieved multiple breakthroughs in technology and infrastructure, allowing users to truly experience “gasoline-electric speed,” which is expected to boost sales.

Generally, the optimal fast-charging range for electric vehicles is between 10% and 80% of battery capacity. In the last 20%, charging speed drops rapidly. The second-generation Blade Battery and megawatt-level fast-charging technology released by BYD fill this gap, enabling charging from 10% to 70% in just 5 minutes, and from 10% to 97% in only 9 minutes. Moreover, this technology overcomes the slow charging problem at low temperatures; even at -30°C, charging from 20% to 97% takes only 12 minutes, just 3 minutes longer than at room temperature, potentially ending the era of “electric cars can’t cross mountains and seas.”

“Megawatt fast-charging technology imposes higher requirements on battery charge rates and cycle life, which may increase battery costs. How BYD leverages its supply chain advantages to control premium pricing—balancing costs and sales—will directly influence the adoption speed and market acceptance of this technology,” Yu Xiaolong said.

“Fast Charging China” creates an ecological loop

Beyond breakthroughs in charging speed, BYD’s energy replenishment ecosystem is also accelerating its formation.

According to BYD’s “Fast Charging China” strategy, the company plans to build 20,000 fast-charging stations by the end of 2026, including 18,000 “fast-charging station hubs” in cooperation with national charging network operators, based on existing stations; and 2,000 “high-speed fast-charging stations.”

Once these stations are completed, BYD aims to achieve coverage within 3 km in first- and second-tier cities, within 5 km in third- and fourth-tier cities, and within 6 km in fifth- and sixth-tier cities, with an average of one fast-charging station every 100+ km on highways.

“We have already partnered with BYD. Their commercial terms are quite favorable, and station construction is very fast,” a charging operator in East China told the Securities Times. Currently, their cooperation involves fixed parking space rent, without participation in operational revenue sharing.

On highways, recent discussions include Gansu Highway Service Group, Henan Transportation Investment Group, and Hunan Expressway Group engaging with BYD’s fast-charging centers. Gansu Highway Service Group has reached a cooperation agreement with BYD to jointly promote the “Hundred-Kilometer Fast Charging Circle” in Hexi Corridor.

“Charging station deployment is similar to real estate logic—location is crucial. BYD’s ‘station-in-station’ model essentially leverages existing networks to quickly seize prime locations, providing convenient charging experiences for customers and ensuring high charging frequency, which supports stable operation,” Yu Xiaolong explained.

BYD Vice President of Public Affairs Yu Wanan said that to ensure the energy replenishment capacity of fast-charging stations, the company has set strict “hard access thresholds” for single-station connections, requiring minimum resource standards for cooperation.

Notably, compared to other high-power charging stations, BYD equips each fast-charging station with a super-fast energy storage system, which can act as a “water reservoir” for energy during normal operation and as a “power amplifier” during charging, ensuring stable power output while avoiding large loads on the grid.

The charging operator mentioned that BYD’s fast-charging stations do not require additional power capacity expansion or transformer upgrades, and have minimal impact on the grid during operation, making cooperation more straightforward.

Data shows that within a week of the “Fast Charging China” strategy launch (March 6–12), BYD had built 358 new fast-charging stations, reaching a total of 4,597 stations by March 12.

What is BYD’s consideration for such large-scale capital investment in the short term? The company believes that the fundamental logic behind building fast-charging stations is not short-term profit from charging services but to eliminate potential users’ range anxiety and energy replenishment concerns during vehicle purchase, thereby promoting the market adoption of fast-charging models. As a vital new infrastructure, the pace of station construction must be slightly ahead of vehicle proliferation.

“From a cost perspective, energy storage batteries account for the majority of fast-charging station costs. BYD’s in-house battery production capability can significantly reduce costs, which is difficult for other station or vehicle manufacturers to match in the short term,” said Wang Feng, Vice President of Hangzhou Hongtu Smart Energy Technology Co., Ltd.

Charging or battery swapping?

With the rise of fast-charging stations, charging efficiency has reached minute-level speeds, creating a competitive landscape with battery swapping, which also emphasizes high efficiency. Some industry voices believe fast charging may suppress the development of battery swapping.

However, based on interviews with the Securities Times, the mainstream market view is that fast charging and battery swapping are not mutually exclusive but have their own advantages and disadvantages, and can coexist and complement each other to serve different user scenarios.

Recently, BYD’s Brand and Public Relations General Manager Li Yunfei publicly stated that megawatt fast charging and battery swapping are diverse paths that ultimately aim to promote the transition from oil to electricity.

Currently, the biggest concern about megawatt fast charging in the market is whether frequent fast charging will damage battery life. BYD responded that its second-generation Blade Battery has built “lithium-ion high-speed channels” and an “all-temperature intelligent thermal management system,” which reduce heat generation and improve heat dissipation during fast charging, with minimal impact on battery lifespan.

“Under the premise of reducing battery degradation, fast charging greatly narrows the time gap with battery swapping, but cannot completely replace it,” Wang Feng said. The main advantage of battery swapping is that it allows “vehicle and battery to have the same lifespan” by separating the vehicle from the battery, so users do not bear the risk of battery degradation and can enjoy the benefits of technological progress in batteries in real-time. Additionally, battery swapping inherently has energy storage attributes, enabling participation in grid dispatch and creating new business models.

Of course, at present, the brand barriers for battery swapping are still significant, and standards are not yet unified, which somewhat restricts large-scale adoption.

A positive signal is that in recent years, leading battery swapping players like CATL have partnered with multiple automakers to develop standardized swapping ecosystems. It is expected that by 2026, more than 15 models with battery swapping capabilities will be launched; meanwhile, NIO and CATL have reached strategic cooperation to build a comprehensive battery swapping network covering all passenger vehicle models and to unify industry standards.

In fact, competition in the electric vehicle energy replenishment field has never been solely about speed; overall efficiency and scenario adaptation are more critical. The aforementioned charging operator noted that destination charging, characterized by long dwell times, favors slow charging; on-the-go charging emphasizes efficiency, favoring fast charging; for high-frequency operational vehicles and some high-end models, battery swapping is more user-friendly.

“As the penetration rate of new energy vehicles increases, user energy replenishment habits are becoming more diverse and personalized. From actual deployment, each energy replenishment route has suitable scenarios, and the optimal balance must be found among cost, convenience, and compatibility,” said Tong Zongqi, General Manager of the China Charging Alliance Open Service Platform.

Tong Zongqi believes that current charging infrastructure development is uneven, with gaps still existing in rural areas, highways, national and provincial trunk lines, and old communities. Future efforts should focus on exploring more three-dimensional energy replenishment models to expand coverage across wider regions and more scenarios.