The Hub Power Company Limited (PSX: HUBC), through its associated company Mega Motor Company (Private) Limited, is set to enter the electric vehicle (EV) market in Pakistan in partnership with BYD Auto Industry Company Limited.
According to a stock filing on Friday, this new venture will involve executing definitive agreements and asset purchases, pending corporate and regulatory approvals and consents.
In April, China’s largest electric vehicle manufacturer, BYD, and its local partner Mega Conglomerate Private Limited expressed interest in investing in Pakistan to produce advanced electric vehicles. BYD officially announced its entry into the Pakistani market in collaboration with Mega Conglomerate Pvt Ltd, the parent company of Hub Power and Haleeb Foods.
HUBC’s primary activities include developing, owning, operating, and maintaining power stations. The company owns a 1,200 MW oil-fired power station in Balochistan (Hub plant).