Mega Motors and China’s BYD Finalize Deal to Make Electric Cars in Pakistan
Mega Motor Company (Private) Limited, an associated company of The Hub Power Company Limited (PSX: HUBC), has entered into a Master Supply & Manufacture Agreement with China’s BYD Auto Industry Company Limited to manufacture, market, distribute, and sell BYD brand passenger vehicles in Pakistan. This strategic partnership includes Technical License Agreements for the licensed products.
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In a stock filing today, the company stated, “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.”
It is noteworthy that in July, it was announced that HUBC, through Mega Motor Company (Private) Limited, had ventured into a new line of business in electric vehicles with BYD Auto Industry Company Limited in Pakistan.
HUBC’s stock closed at Rs. 97.20, down 4.45 percent or Rs. 4.53, with over 11.38 million shares traded on Thursday.
