China's BYD just supercharged its electric vehicle competition with Tesla Motors, jolting the global EV market with a new charger it says will provide more than just power.
The EV maker unveiled Super e-Platform, an ultra-fast charging system that it claims will blow away rivals, notably Elon Musk and Co.
"Batteries are the backbone of EV competition, influencing key factors like range, charging speed, durability and cost efficiency," Rania Gule, a senior market analyst at XS.com, told The National.
"Faster charging technology, such as BYD's new five-minute charger, could change consumer perception."
What is BYD's new supercharger?
The Super e-Platform battery and charging system can hit a peak speed of 1,000 kW, BYD founder Wang Chuanfu said during its unveiling on Tuesday.
That would give an EV enough power to travel up to 470km in just five minutes of being plugged – almost on par with refuelling a petrol car.
The new technology aims to "fundamentally solve users' charging anxiety", according to Mr Wang.
"Our pursuit is to make the charging time of electric vehicles as short as the refuelling time of fuel vehicles," Mr Wang said.
But, more importantly, Super e-Platform is meant to "fundamentally solve users' charging anxiety".
What is charging anxiety?
Charging anxiety is one of the biggest concerns for EV owners: it is their worry that charging stations are unreliable, for reasons unable to find an available charging point or if the equipment is faulty or out of service.
That is different from range anxiety, which charging anxiety is a result of: the former is, as its name implies, the worry of EV owners that their vehicle's power is not enough for a journey.
Aside from leaving home or origin with ample or full charge, it is advised that EV owners map out charging points along their way, in the event a jolt is needed for their EVs.
Currently, one of the biggest barriers to EV adoption is charging time, as most fast chargers take 20 to 30 minutes for a significant charge, while standard home chargers take hours.
A five-minute charger, "if widely available and cost-effective, would dramatically reduce range anxiety and make EVs as convenient as refuelling a gasoline car", Ms Gule said.
How does Super e-Platform stack up against others?
The BYD Super e-Platform’s 470km-in-five-minutes capability dwarfs the best from Tesla. The fastest Tesla V4 superchargers will peak at 500kW when they are launched this year; the fastest current Tesla Superchargers can only go as far as 275km in 10 minutes.
Mercedes-Benz’s CLA EV, on the other hand, is slightly better – but still far off – offering 325km in 10 minutes.
Not even BYD's peers come close to it. Li Auto – whose chief executive Li Xiang reportedly said in a Tuesday Weibo post that it is making moves towards fully autonomous driving – has one EV that can race to a range of 500km in 12 minutes.
Price, however, remains a major concern: if new battery technology adds to the cost, mainstream adoption in fleet operations will face delays, said Rahul Singh, managing director of Thrifty and Dollar Car Rentals in the UAE.
"Legacy automakers and Chinese EV manufacturers may focus on scaling production and localised battery manufacturing to lower costs, making EVs more accessible," he told The National.
How would Tesla and others respond?
BYD sits on top of the global EV market, after famously overtaking Tesla in the fourth quarter of 2023, despite record sales from the latter.
In that year, BYD sold 3,014,692 vehicles, nearly two thirds more compared to Texas-based Tesla, according to latest data from industry tracker EV volumes.
Tesla and other major EV manufacturers would likely respond to BYD’s new charger in several ways, depending on its feasibility, cost and market impact, Ms Gule said.
More importantly, BYD's competition would evaluate whether BYD’s technology "is a breakthrough or a niche innovation before making major strategic shifts", she said.
"While BYD and other Chinese EV makers may experiment with premium pricing for this new technology, their competitive advantage lies in affordability. Unless production costs force a price increase, they are likely to integrate fast charging while maintaining their low-cost strategy to dominate global EV markets."
Will this be a big deal in the UAE?
It is unclear when Super e-Platform will be rolled out. The National has reached out to BYD for comment.
Any improvements in EV batteries are to be welcomed in a market like the UAE, as it is a "defining factor" in adoption where consumers prioritise convenience, Mr Singh said.
For relevant industries such as car rentals – which is popular in the Emirates – the unit economics remain a challenge for these companies to fully integrate EVs into their mainstream offerings, until – just like the aforementioned dynamic on range anxiety – such technology is widespread and cost-effective, he added.
"Until battery prices drop significantly, the rental industry will struggle to absorb costs without passing them on to consumers," Mr Singh said.
Ways to control drones
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
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Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
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Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
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Weight of equipment: 45kg
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Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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Game 1 Raptors 118 Warriors 109
Game 2 Raptors 104 Warriors 109
Game 3 Warriors 109 Raptors 123
Game 4 Warriors 92 Raptors 105
Game 5 Raptors 105 Warriors 106
Game 6 Thursday, at Oakland
Game 7 Sunday, at Toronto (if needed)
