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On Wednesday, Geely Auto unveiled technology that can charge an electric vehicle battery from 10% to 70% in just 4.5 minutes, a leap analysts called a significant development for the Chinese auto group.

Geely is joining the ranks of BYD, which last year overtook Tesla as the world's biggest EV maker, as well as CATL, the world's largest EV battery maker, both of which this year rolled out around 5-minute EV ultrafast charging.

By comparison, some of the fastest-charging EVs available in the U.S. currently can take roughly 20 minutes, analysts said.

"China is way, way, way ahead in terms of multiple players engaged in the charging competition," said Lei Xing, an independent analyst of China's auto industry based in Amherst, Massachusetts.

Chinese automakers are seeking to eliminate the "ultimate barrier" to EV adoption—range anxiety—by narrowing the gap between EV charging and the roughly five-minute refueling experience of gasoline vehicles, explained Stephen Chan, an analyst at S&P Global Ratings.

At a launch event Wednesday, Geely Auto announced its new system that can charge an EV from 10% to 70% in 4.5 minutes, and 10% to 97% in just 8 minutes and 40 seconds.

BYD in March launched a new generation of its "blade" EV battery that it said can charge an EV from 10% to 70% in 5 minutes, and from 10% to 97% in 9 minutes.

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