The Hub Power Company Limited (PSX: HUBC), through its associated company Mega Motor Company (Private) Limited, is venturing into the electric vehicle market in Pakistan in partnership with BYD Auto Industry Company Limited.
According to a stock filing released on Friday, this new venture will involve executing definitive agreements, purchasing assets, and obtaining corporate and regulatory approvals and consents.
In April, China’s largest electric vehicle company, BYD, along with its local partner Mega Conglomerate Private Limited, expressed interest in investing in Pakistan to manufacture advanced electric vehicles.
BYD has announced its entry into Pakistan in collaboration with Mega Conglomerate Pvt Ltd, the parent company of Hub Power and Haleeb Food.
HUBC primarily develops, owns, operates, and maintains power stations, including a 1,200 MW (net) oil-fired power station in Balochistan (Hub plant).
As of the time of filing, HUBC’s stock was priced at Rs. 158.29, up 8.5 percent or Rs. 12.4, with a turnover of 17.8 million shares on Friday.
