BYD Co., Ltd. (OTC:BYDDF) (OTC:BYDDY) is reportedly set to unveil its latest DM (Dual Mode) hybrid technology next week. 

This technology boasts the potential to extend vehicle range to 2,000 kilometers with a full tank of gas and a complete charge, CnEV Post reported.

“On May 28, BYD’s fifth-generation DM technology will be launched, stay tuned,” the Chinese new energy-vehicle (NEV) maker wrote on Weibo today, CnEV Post added.

At BYD’s Xi’an production facility in Shaanxi province, northwest China, a monument commemorating the birthplace of the world’s inaugural plug-in hybrid vehicle was revealed. 

The company also outlined its intentions for advancing hybrid technology in its announcement alongside unveiling the monument, the report added.

BYD’s initial foray into plug-in hybrids came with the F3DM, which was introduced in 2008 but has since been discontinued.

The company embarked on plug-in hybrid technology development in 2004 and introduced its first-generation DM hybrid technology platform in 2008, CnEV Post noted.

During an investor conference on March 27, BYD’s chairman and president, Wang Chuanfu, announced the forthcoming launch of the company’s fifth-generation DM hybrid technology in May. He revealed that fuel consumption would decrease to 2.9 liters per 100 kilometers on a low charge, while the vehicle’s range would extend up to 2,000 kilometers on a full charge and full tank of gas. 

Wang indicated that BYD would transition to the fifth-generation DM model gradually in May, contingent upon market conditions, the report said.

Price Action: BYDDF shares closed lower by 2.82% to $27.21 on Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock