Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (HUBCO), has unveiled a significant partnership with BYD Auto Industry Company Limited, the world leader in new energy vehicle (NEV) production.
This collaboration was announced in a statement to the Pakistan Stock Exchange (PSX) on Thursday.
The statement revealed that Mega Motor, a HUBCO affiliate, has entered into a master supply and manufacturing agreement with BYD Auto Industry Company Limited. The agreement encompasses the production, marketing, distribution, and sale of BYD brand passenger vehicles in Pakistan, alongside technical licensing for related products.
Earlier in March, BYD disclosed a strategic partnership with Mega Conglomerate (Private) Limited, which laid the foundation for this collaboration. By June, HUBCO announced that its subsidiary, Hub Power Holdings, would join forces with BYD to enter the electric vehicle (EV) market.
Additionally, in August, BYD officially entered the Pakistani market, marking the start of a new chapter in green transportation. This followed BYD’s global success, as it was named the top NEV seller for 2022 and 2023. The company also recently celebrated the production of its 8 millionth NEV, reaching this milestone just over three years after hitting the 1 million mark in May 2021.
Most importantly, with Pakistan facing issues like air pollution and rising greenhouse gas emissions, experts suggest that BYD’s electric vehicles could offer a cleaner alternative to traditional fuel-based cars. However, concerns remain about the lack of infrastructure to support the widespread adoption of EVs in the country.
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