Hub Power Company enters electric vehicle market in collaboration with China’s BYD

Hub Power Holdings Limited, a wholly-owned subsidiary of The Hub Power Company Limited, is set to enter the electric vehicle market in Pakistan through a new venture with BYD Auto Industry Company Limited. 

The company informed about this development through a notice to the Pakistan Stock Exchange (PSX) on Friday that this strategic move will be executed via its associated company, Mega Motor Company (Private) Limited.

“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,” read the 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.