Tag: BYD

  • BYD enters partnership to launch electric vehicles in Pakistan

    BYD enters partnership to launch electric vehicles in Pakistan

    The Hub Power Company Limited (HUBCO) announced on Friday that its wholly-owned subsidiary, Hub Power Holdings, through its associated company Mega Motor Company (Private) Limited, is set to venture into the electric vehicle (EV) market in collaboration with BYD Auto Industry Company Limited.

    BYD is globally recognised as a leading manufacturer of new energy vehicles.

    The announcement was made in a notice to the Pakistan Stock Exchange (PSX), where HUBCO detailed the new strategic initiative. “We hereby convey the following information: Hub Power Holdings Limited, a wholly owned subsidiary of The Hub Power Company 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,” the notice stated.

    This partnership is a significant step as Pakistan aims to transition towards more sustainable and energy-efficient transportation solutions.

    According to Business Recorder, in April, BYD had already signalled its intentions to collaborate with local partner Mega Conglomerate (Private) Limited to bring innovative New Energy Vehicle (NEV) solutions to the Pakistani market.

    BYD, which surpassed Tesla in 2023 to become the largest producer of electric vehicles worldwide, is poised to leverage its expertise to drive this new venture.

    This collaboration comes at a critical juncture as Pakistan grapples with environmental challenges, including air pollution and greenhouse gas emissions.

    The introduction of BYD’s EVs is expected to provide a cleaner alternative to traditional gasoline and diesel vehicles.

    The notice from HUBCO also mentioned that the finalisation of this venture will involve the execution of definitive agreements and the purchase of necessary assets, pending corporate and regulatory approvals.

  • BYD, global electric vehicle leader, explores investment in Pakistan’s EV sector

    BYD, global electric vehicle leader, explores investment in Pakistan’s EV sector

    BYD, the prominent Chinese automotive conglomerate renowned as the world’s foremost electric vehicle (EV) manufacturer, engaged in discussions regarding the potential of Pakistan’s EV sector.

    This revelation surfaced through a modified series of posts released by the Board of Investment (BoI) on Thursday. Initial posts hinted at BYD’s enthusiastic interest in investing in Pakistan’s EV sector, but these posts have since been removed.

    The development follows a meeting between a delegation from BYD Company China, featuring Cai Xiao Xu, Head of the Dealer Division (South Asia), Lei Jian, Country Head (Pakistan), and Sohail Rajput, Secretary at BoI.

    In a statement shared on X, formerly Twitter, the Fortune 500 company and global EV manufacturing leader BYD Company highlighted its substantial presence in key industries, including automobiles, rail transit, new energy, and electronics.

    The ongoing exploratory visit to Pakistan by the BYD delegation, facilitated by BoI, includes pivotal discussions with potential local partners.

    Secretary BOI, during the meeting, warmly welcomed the company’s interest, underscoring the significance of EVs in Pakistan.

    He reassured the BYD delegation of the Government of Pakistan’s steadfast commitment to facilitating foreign investors.

    BYD, recognised as the world’s largest EV manufacturer, produces a diverse range of vehicles, including battery-electric and hybrid cars, buses, and trucks, as well as battery-powered bicycles, forklifts, solar panels, and rechargeable batteries.

    In the previous month, Dr Gohar Ejaz, the Caretaker Minister for Commerce and Industries, disclosed that BYD is actively considering investment opportunities in Pakistan.

    During this period, the caretaker minister briefed the BYD delegation on government policies and the Special Investment Facilitation Council (SIFC), offering unequivocal support for their new ventures.

    This move aligns with Pakistan’s strategic goal to expand its presence in the renewable energy sector, curtail its energy import expenditure, and fulfil climate change objectives.

    Caretaker Prime Minister Anwaar-ul-Haq Kakar has separately extended an invitation to Chinese businesses to invest in Pakistan’s solar parks.