Tag: EVs

  • 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.

  • Govt plans to promote electric vehicles, establish charging infrastructure: PM Shehbaz

    Govt plans to promote electric vehicles, establish charging infrastructure: PM Shehbaz

    Prime Minister (PM) Shehbaz Sharif announced on Friday that the government intended to encourage the use of electric vehicles in the nation and would set up a network of the necessary charging infrastructure.

    The PM gave the departments involved the go-ahead to provide him with a thorough plan as soon as possible in this regard.

    According to APP, Shehbaz Sharif also directed that the Board of Investment, the Ministry of Power and Energy, and the Ministry of Trade and Industries provide every opportunity to investors interested in the market for electric vehicles.

    A high-level meeting on the employment of electric buses in the fleet of public transportation, the promotion of the electric vehicle industry, and alternative energy sources was presided over by him.

    The prime minister underlined the urgent necessity to develop renewable energy sources in order to make the nation energy self-sufficient.

    He noted that the government has recently approved the start of a 10,000-megawatt solar project.

    He said that the solar project would not only lessen environmental pollution but also secure the production of inexpensive power by reducing reliance on pricey imported fuel, saving significant foreign currency.

    The forum heard updates on the growing use of electric vehicles around the world as well as plans for electric buses for public transportation.

    It was advised that the growth of the electric car sector and infrastructure will greatly reduce the nation’s import costs while also creating prospects for international investment and employment.