Chinese automaker BYD on Monday introduced a new fast-charging battery capable of reaching a top charging speed of 2 kilometers per second and providing a driving range of 407 kilometers after a five-minute charge.

The battery boasts a maximum charging power of 1 megawatt, supports a maximum charging voltage of 1 kilovolt, a maximum charging current of 1,000 amperes and a peak charging rate of 10 C, according to BYD Chairman Wang Chuanfu.

Wang said achieving charging times comparable to refueling traditional vehicles – a concept he described as "oil-electric parity" – is key to addressing EV charging concerns.

BYD also announced plans to build over 4,000 fast-charging stations across China.