Chinese Giant BYD Partners with HUBCO to Introduce Electric Vehicles in Pakistan

HUBCO recently announced that its wholly-owned subsidiary, Hub Power Holdings, is entering the electric vehicle (EV) market through its associated company, Mega Motor Company (Private) Limited. This new venture is in partnership with BYD Auto Industry Company Limited, the world’s leading manufacturer of new energy vehicles (NEVs). BYD aims to introduce electric vehicles in Pakistan in collaboration with HUBCO. The announcement was made via a notice to the Pakistan Stock Exchange (PSX) last Friday. HUBCO stated:

“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.”

BYD Partners With HUBCO To Introduce Electric Vehicles In Pakistan

Earlier in April, BYD announced a strategic collaboration with its local partner, Mega Conglomerate (Private) Limited. The goal was to bring innovative NEV solutions to Pakistan. BYD, famous for its leadership in EV production, surpassed Tesla in 2023, becoming the top manufacturer of electric vehicles worldwide.

This partnership comes at a pivotal moment in Pakistan as the country is aiming to reduce its carbon footprint and adopt more energy-efficient transportation options. The introduction of BYD’s electric vehicles is anticipated to particularly contribute to addressing the country’s air pollution and greenhouse gas emissions problems.

According to the HUBCO’s notice, the completion of this new venture will involve executing definitive agreements and purchasing assets, subject to corporate and regulatory approvals and consents. Pakistan, like many other developing countries, is wrestling with challenges related to air pollution and rising greenhouse gas emissions. BYD’s electric vehicles offer an endurable alternative to traditional gasoline and diesel vehicles, aligning with Pakistan’s environmental goals.

In addition to their eco-friendly benefits, BYD’s electric vehicles are praised for their advanced technology, high performance, and safety features. Especially, the company’s electric buses have acquired global recognition for their reliability and efficiency, making them a captivating choice for Pakistan’s public transportation sector.

This partnership between HUBCO and BYD is poised to play a critical role in transforming Pakistan’s transportation landscape, paving the way for a greener and more sustainable future. Isn’t it? Do share with us in the comment section.

PTA Taxes Portal

Find PTA Taxes on All Phones on a Single Page using the PhoneWorld PTA Taxes Portal

Explore NowFollow us on Google News!

Laiba Mohsin

Laiba is an Electrical Engineer seeking a placement to gain hands-on experience in relevant areas of telecommunications. She likes to write about tech and gadgets. She loves shopping, traveling and exploring things.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Get Alerts!

PhoneWorld Logo

Join the groups below to get the latest updates!

💼PTA Tax Updates
💬WhatsApp Channel