Mega Motor Company (Private) Limited, an affiliate of The Hub Power Company Limited (PSX: HUBC), has signed a Master Supply & Manufacture Agreement with China’s BYD Auto Industry Company Limited. This partnership aims to manufacture, market, distribute, and sell BYD brand passenger vehicles in Pakistan, marking a significant step forward for the country’s automotive sector.
The agreement also includes Technical License Agreements for the licensed products, ensuring that BYD’s advanced automotive technology is effectively integrated into the local manufacturing process.
“BYD’s leading technology coupled with our local expertise will catapult Pakistan’s automotive sector into the future, offering customers variety and choice from the world’s leading automotive technology company,” Mega Motor Company stated in a stock filing today.
This development follows an announcement in July that HUBC, through Mega Motor Company, was entering the electric vehicle market in collaboration with BYD Auto Industry Company Limited in Pakistan. This move is expected to enhance the availability of electric vehicles in the country, providing consumers with more options and promoting sustainable transportation solutions.
Despite this positive news, HUBC’s stock closed at Rs. 97.20 on Thursday, down 4.45 percent or Rs. 4.53, with over 11.38 million shares traded.
