HUBCO’s Mega Motor partners with BYD to launch EVs in Pakistan
(Web News): Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (HUBCO), has announced a major collaboration with BYD Auto Industry Company Limited, the world’s leading manufacturer of new energy vehicles (NEVs).
This partnership was disclosed in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
According to the notice, “Mega Motor Company (Private) Limited, an affiliate of HUBCO, has signed a master supply and manufacturing agreement with BYD Auto Industry Company Limited to produce, market, distribute, and sell BYD brand passenger vehicles in Pakistan, along with technical license agreements for the associated products.”
The partnership aims to combine BYD’s advanced technology with Mega Motor’s local expertise, positioning Pakistan’s automotive sector for significant advancement. This collaboration is expected to provide customers with diverse options backed by world-class automotive technology.
In March, BYD announced its strategic alliance with Mega Conglomerate (Private) Limited, which set the stage for this partnership. By June, HUBCO revealed that its wholly-owned subsidiary, Hub Power Holdings, would enter the electric vehicle (EV) sector in collaboration with BYD.
August marked BYD’s official entry into the Pakistani market, signaling the beginning of a new era in eco-friendly transportation. This move follows BYD’s remarkable global performance, having been recognized as the top NEV seller in both 2022 and 2023. The company recently celebrated the production of its 8 millionth new energy vehicle, achieving this milestone in just over three years since it reached the 1 million mark in May 2021.
As Pakistan grapples with challenges such as air pollution and increasing greenhouse gas emissions, experts believe that the introduction of BYD’s electric vehicles could provide a cleaner alternative to traditional gasoline and diesel vehicles. However, challenges related to the lack of EV infrastructure remain a concern.