Hubco Installing EV Charging Stations on Motorways, Highways

Jawad

31 Oct 2024

255

Hubco Installing EV Charging Stations on Motorways, Highways

The Hub Power Company Limited (PSX: HUBC) has unveiled its plans to establish electric vehicle (EV) charging stations across Pakistan. The announcement, made in a filing to the stock exchange, reflects Hubco’s commitment to developing EV infrastructure that spans motorways, highways, major cities, and other high-traffic locations to support the growing EV market.

New Venture: Hubco Green

To implement this initiative, Hubco has launched a new entity, Hubco Green (Private) Limited, specifically for the purpose of setting up EV charging infrastructure nationwide. The company’s stock filing indicated that Hubco Green is in the final stages of incorporation and will focus on ensuring convenient EV charging options in key travel and urban areas across the country.

Local Assembly with Mega Motor and BYD

In addition to its charging station plans, Hubco is also advancing its role in the new energy vehicle sector. Mega Motor Company (Private) Limited, a Hubco affiliate, has signed both Supply and Manufacturing and Technical License Agreements with BYD Auto Industry Company Limited. These agreements will pave the way for a local assembly plant for EVs, complementing an earlier Distribution Agreement signed in June 2024 to bring BYD vehicles to Pakistan.

Commitment to Stakeholders

Hubco expressed appreciation for the ongoing support from its shareholders, employees, and business partners. The company emphasized that the growth of this EV initiative aligns with its broader vision of economic and technological advancement in Pakistan’s automotive sector.

Future Goals and Growth

Through its strategic investments in EV infrastructure and local assembly, Hubco aims to be a significant player in Pakistan’s shift toward sustainable transportation, benefiting consumers and boosting the national economy in the process.

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