Mega Motors and BYD to Manufacture Electric Cars in Pakistan

Jawad

17 Oct 2024

264

Mega Motors and BYD to Manufacture Electric Cars in Pakistan

Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (HUBC), has signed a major agreement with China’s BYD Auto Industry Company Limited. This Master Supply & Manufacture Agreement will allow Mega Motors to manufacture, market, distribute, and sell BYD brand passenger vehicles in Pakistan.

Technical Licenses Secured

The deal also includes Technical License Agreements, which grant Mega Motors the rights to BYD’s licensed products. These licenses will enable the company to produce high-quality electric vehicles (EVs) locally, benefiting from BYD's advanced automotive technology.

Future of Pakistan’s Automotive Sector

Mega Motors expressed optimism about the collaboration, stating that BYD’s world-leading technology, combined with their local expertise, will revolutionize Pakistan’s automotive sector. The partnership aims to offer consumers a wider range of innovative electric vehicles, driving the country towards a more sustainable future.

Entry into Electric Vehicle Market

In July, it was announced that HUBC, through Mega Motors, had ventured into the electric vehicle business by teaming up with BYD in Pakistan. This move marks a significant shift for HUBC as it expands its portfolio into the rapidly growing EV market.

Stock Performance

On Thursday, HUBC’s stock closed at Rs. 97.20, reflecting a 4.45% decline, or Rs. 4.53, with over 11.38 million shares traded. Despite the stock movement, the company remains optimistic about its future in the electric vehicle industry.

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