Pakistan Enters Electric Vehicle Market with Hubco and BYD Partnership

News Desk2 weeks ago

The move would be carried out through its affiliated firm, Mega Motor firm (Private) Limited, the company announced in a notice sent to the Pakistan Stock Exchange (PSX) on Friday.

In its notice, HUBCO stated, “We hereby convey the following information: Hub Power Holdings Limited, a wholly owned subsidiary of The Hub Power Company Limited, is entering into a new line of business in electric vehicles, with BYD Auto Industry Company Limited, in Pakistan, through its associated company, Mega Motor Company (Private) Limited.”

It further stated that the completion of this new endeavor is contingent upon receiving corporate and regulatory clearances and consents, and will involve the execution of final agreements and the acquisition of assets.

Renowned for its innovative efforts in electric vehicle manufacturing, BYD of China narrowly defeated Tesla in 2023 to take the lead in the quantity of electric vehicles produced worldwide.

This occurs while Pakistan is implementing energy-efficient transportation methods and lowering its carbon footprint to promote cleaner air.

Read more: Important Update for Individuals Seeking to Buy Imported Cars

Through this program, Pakistan’s auto sector would develop and consumers will have easier access to green products.

BYD and its local partner Mega Conglomerate Private Limited said earlier in April that they would like to invest in Pakistan to produce cutting-edge electric automobiles.

Right Hand Drive (RHD) vehicle exports from Pakistan will be made possible by BYD’s local production of electric automobiles.

The Special Investment Facilitation Council’s efforts to draw in foreign investment are greatly aided by BYD’s investment.

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