China EV maker BYD says new cars can be charged in 5 minutes

Chinese electric vehicle maker BYD says its new cars can be charged in almost the same time it takes to refill a gas engine vehicle at the pump, giving the world's top EV seller a major advantage in a highly competitive market. 

BYD's new 1 megawatt flash chargers can power vehicles in five to eight minutes, according to the company, which plans to build 4,000 new charging stations across China. 

Long charge times and so-called range anxiety around limited access to charging stations are often what holds motorists back from making the switch to electric cars. BYD says its new chargers can power vehicles for about 250 miles in five minutes.