(Yicai Global) July 13 -- Chinese automaker BYD yesterday released its first vehicle equipped with the company's patented blade battery, the Han model. The vehicle is regarded as the major rival to the Tesla Model 3 in China.

The company’s shares [SHE:002594] rose 6.83 percent to CNY95.08 (USD13.46) by mid-morning on the release.

The BYD Han has three battery electric vehicle models with subsidized prices from CNY230,000 (USD32,848.23) to CNY279,500. Tesla Model 3 sells for more than CNY271,500 after subsidies in China.

The blade battery is Shenzhen-based BYD's proprietary patented product. It is more stable than conventional ternary lithium and lithium iron phosphate batteries and supplies more power on one charge. The Han BEV ultra-long life battery version can run 605 kilometers upon one top up, while the hybrid DM version can go more than 800 kilometers. The China-made Tesla Model 3 with a ternary lithium battery produced by LG Chem can run only 468 kilometers on one charge, by contrast.

The BYD Han is also equipped with the DiPilot smart driving assistance system empowered with Huawei Technologies’ fifth-generation network technology.

BYD has received over 20,000 orders for the BYD Han since its presales began in May, said Zhao Changjiang, general manager of the firm’s sales. The company sold 158,600 vehicles in the first half, down 30.45 percent on the year, of which 60,700 units were new energy vehicles, which down 58.34 percent. The BYD Han will likely reverse the firm’s sales downward trend and boost second-half sales.

BYD names all its EV models after popular Chinese imperial dynasties. It thus far has its Qin, Han,Tang, Song and Yuan.

Editor: Ben Armour