KARACHI: Hub Power Holdings Limited (HPHL), a subsidiary of The Hub Power Company Limited (HUBCO), has joined forces with Mega Conglomerate (Private) Limited (MCPL) to enhance its partnership with Chinese electric vehicle giant BYD Auto Industry Company Limited.
In a notice to the Pakistan Stock Exchange (PSX), HUBCO announced that MCPL will acquire a 50% stake in Mega Motor Company (Private) Limited through a shareholders’ agreement with HPHL. This collaboration aims to merge the expertise of both entities to strengthen BYD’s business operations in Pakistan.
The agreement, however, is subject to regulatory approvals and consents.
BYD, a global leader in electric vehicles and renewable energy solutions, entered the Pakistani market in August 2024 in partnership with HPHL. The company’s impressive track record includes being the world’s top NEV seller in 2022 and 2023 and achieving the milestone of producing 8 million new energy vehicles in just over three years.
Despite BYD’s potential, challenges remain in Pakistan’s EV market, including limited charging infrastructure, high power tariffs, and the steep prices of electric vehicles. Experts also point to consumer hesitancy in adopting new technology as a barrier.
With this strengthened alliance, HPHL and MCPL aim to address these hurdles, aligning with Pakistan’s growing interest in renewable energy and electric mobility amidst inflation-driven energy shifts.
