HUBCO's Mega Motor ventures into electric vehicles with China's BYD

June 21, 2024 (MLN): In a major development, Hub Power Holdings Limited through its associated company, Mega Motor Company (Private) Limited, is entering into a new line of business in electric vehicles, with BYD Auto Industry Company Limited, in Pakistan.

Hub Power Company Limited (HUBCO), as the parent company of Hub Power Holdings, informed market participants of this achievement through a notice issued to the Pakistan Stock Exchange (PSX) today.

HUBCO said that the consummation of this new venture will include the execution of definitive agreements and the purchase of assets and is subject to corporate and regulatory approvals and consent.

BYD Auto is the automotive subsidiary of BYD Company, a publicly listed Chinese multinational manufacturing company.

It manufactures passenger battery electric vehicles and plug-in hybrid electric vehicles, collectively known as new energy vehicles in China. It also produces electric buses and trucks.

This agreement signifies another milestone for BYD, as back in April 2024, it announced that it would enter the passenger vehicle market in Pakistan in cooperation with its local partner, Mega Conglomerate Pvt. Ltd. (Mega).

This marks BYD's entry into one of South Asia’s largest markets, as the brand continues to bring innovative and accessible eco-friendly solutions to global consumers.

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