Karachi October 17 2024: Mega Motor Company (Private) Limited, an associated company of The Hub Power Company Limited has entered into a Master Supply & Manufacture Agreement with BYD Auto Industry Company Limited to manufacture, market, distribute and sell BYD brand passengers’ vehicles (“Licensed Products”) in Pakistan and Technical License Agreements for the Licensed Products.
Share price of Hub Power drops PKR 4.53 or 4.45 percent after the announcement at Pakistan Stock Exchange.
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.
Founded in February 1995, BYD is a high-tech company devoted to leveraging technological innovations for a better life. After more than 29 years of rapid growth, BYD has played a significant role in industries related to electronics, auto, renewable energy and rail transit. With a focus on energy acquisition, storage, and application, BYD offers comprehensive zero-emission new energy solutions. As a company listed on both the Hong Kong Stock Exchange and Shenzhen Stock Exchange, its annual revenue in 2023 exceeds RMB 602 billion.
The Hub Power Company Limited was incorporated in Pakistan on August 1, 1991 as a public limited company. The principal activities of the Company are to develop, own, operate and maintain power stations. The Company owns an oil-fired power station of 1,200 MW (net) in Balochistan (Hub plant).
