KARACHI: Hub Power Holdings Limited, a wholly-owned subsidiary of The Hub Power Company Limited, is entering into electric vehicle market in Pakistan in collaboration with China’s BYD Auto Industry Company Limited.
The company shared the development through a notice to the Pakistan Stock Exchange (PSX) on Friday, noting that the move will be executed through its associated company, Mega Motor Company (Private) Limited.
“We hereby convey the following information: Hub Power Holdings Limited, a wholly owned subsidiary of The Hub Power Company Limited, through its associated company, Mega Motor Company (Private) Limited, is entering into a new line of business in electric vehicles, with BYD Auto Industry Company Limited, in Pakistan,” HUBCO said in its notice.
The consummation of this new venture will include the execution of definitive agreements and the purchase of assets and is subject to corporate and regulatory approvals and consents, it added.
China’s BYD, known for its pioneering work in electric vehicle production, notably outpaced Tesla in 2023 to claim the top spot for the highest number of electric vehicles manufactured globally.
This comes at a time when Pakistan is taking steps to reduce its carbon footprint and adopt more energy-efficient means of transportation for cleaner air.
This initiative will make green products more accessible to Pakistani consumers as well as take Pakistan’s auto industry on the path of growth.
Earlier in April, BYD along with its local partner Mega Conglomerate Private Limited expressed interest in investing in Pakistan to manufacture advanced electric vehicles.
BYD will manufacture electric vehicles locally in Pakistan, which will enable Pakistan to export Right Hand Drive (RHD) vehicles.
BYD’s investment is a major testament to the Special Investment Facilitation Council’s drive to attract foreign investment.
