Mega Motors and BYD to Manufacture Electric Cars in Pakistan
- Mega Motor Company Signs Master Supply & Manufacture Agreement with BYD Auto Industry.
- The agreement allows local manufacturing of BYD-branded electric vehicles.
- The partnership marks a strategic expansion in Pakistan’s automotive sector.
Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (PSX: HUBC), has signed a Master Supply & Manufacture Agreement with China’s BYD Auto Industry Company Limited to produce, market, distribute, and sell BYD passenger vehicles in Pakistan.
The agreement also includes Technical License Agreements covering licensed products, allowing for local manufacturing of BYD-branded electric vehicles.
“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,” stated Mega Motor Company in a stock exchange filing today.
Back in July, HUBC, through Mega Motor Company, announced its entry into the electric vehicle market in collaboration with BYD Auto Industry, marking a strategic expansion in Pakistan’s automotive sector.
Meanwhile, HUBC’s share price closed at Rs. 97.20 on Thursday, reflecting a decrease of 4.45 percent or Rs. 4.53, with over 11.38 million shares traded on the stock exchange.
