Tesla on Wednesday announced a new V3 Supercharger that supports charging of up to 250 kilowatts.

That's up from a peak 145 kw for the current V2 Superchargers and will see a Model 3 Long Range add 75 miles of range in 5 minutes using the system at peak efficiency, according to Tesla.

The other benefit is that vehicle owners will get the full 250 kw if their batteries can handle it, as there is no more power splitting with vehicles in the next stall.

Average charge times at Tesla Supercharger station

Average charge times at Tesla Supercharger station

Tesla is still testing the V3 Supercharger but expects to start installing them from next month in North America, and in Europe and Asia from the fourth quarter of the year. And initially only the Model 3 will be able to handle the peak rate but a software update coming down the line will make it possible for the Model S and X as well.

The Supercharger network already has more than 12,000 charge points across North America, Europe, and Asia. The company boasts that more than 99 percent of the U.S. population is covered by the network, and similar coverage should be available in Europe by the end of 2019.

Rival networks are also being developed. A number of companies have joined to form a network called Ionity that will have 350-kw charge points, and BMW and Porsche have successfully demonstrated a 450-kw charge point that can add 62 miles in less than 3 minutes.