Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (HUBCO), has announced a significant partnership with BYD Auto Industry Company Limited, the world’s leading new energy vehicle (NEV) manufacturer.
The development was shared by HUBCO in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
“Mega Motor Company (Private) Limited, an associated company of HUBCO has entered into a master supply and manufacture agreement with BYD Auto Industry Company Limited to manufacture, market, distribute and sell BYD brand passengers vehicles in Pakistan and technical license agreements for the licensed products,” read the notice.
The company was of the view that BYD’s leading technology coupled with Mega Motor local expertise will “catapult Pakistan’s automotive sector into the future offering customers variety and choice from the world’s leading automotive technology company”.
BYD announced its strategic collaboration with Pakistan partner Mega Conglomerate (Private) Limited in March.
In June, HUBCO announced that its wholly-owned subsidiary (Hub Power Holdings) – through its associated company Mega Motor Company (Private) Limited – is entering into a new line of business in electric vehicles (EVs) with BYD Auto Industry Company Limited.
Finally, in August, the Chinese EV giant officially entered the Pakistani market, promising a new era of eco-friendly transportation. This entry came on the heels of BYD’s impressive global performance, having claimed the title of world’s top NEV seller in both 2022 and 2023.
The company recently celebrated the production of its 8 millionth new energy vehicle, a milestone achieved in just over three years since reaching the 1 million mark in May 2021.
Pakistan, like many other developing countries, faces challenges related to air pollution and rising greenhouse gas emissions.
Experts believe that the introduction of BYD’s EVs is expected to help address these issues by offering a cleaner alternative to traditional gasoline and diesel vehicles. However, issues related to lack of EV-related infrastructure persist.
American Dollar Exchange Rate