BYD enters partnership to launch electric vehicles in Pakistan

The Hub Power Company Limited (HUBCO) announced on Friday that its wholly-owned subsidiary, Hub Power Holdings, through its associated company Mega Motor Company (Private) Limited, is set to venture into the electric vehicle (EV) market in collaboration with BYD Auto Industry Company Limited.

BYD is globally recognised as a leading manufacturer of new energy vehicles.

The announcement was made in a notice to the Pakistan Stock Exchange (PSX), where HUBCO detailed the new strategic initiative. “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,” the notice stated.

This partnership is a significant step as Pakistan aims to transition towards more sustainable and energy-efficient transportation solutions.

According to Business Recorder, in April, BYD had already signalled its intentions to collaborate with local partner Mega Conglomerate (Private) Limited to bring innovative New Energy Vehicle (NEV) solutions to the Pakistani market.

BYD, which surpassed Tesla in 2023 to become the largest producer of electric vehicles worldwide, is poised to leverage its expertise to drive this new venture.

This collaboration comes at a critical juncture as Pakistan grapples with environmental challenges, including air pollution and greenhouse gas emissions.

The introduction of BYD’s EVs is expected to provide a cleaner alternative to traditional gasoline and diesel vehicles.

The notice from HUBCO also mentioned that the finalisation of this venture will involve the execution of definitive agreements and the purchase of necessary assets, pending corporate and regulatory approvals.