Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), is expanding its footprint in the sustainable energy sector with an ambitious venture to establish electric vehicle (EV) infrastructure and manufacturing capabilities in Pakistan. HUBCO has announced the formation of a new subsidiary, Hubco Green (Private) Limited, dedicated to developing EV charging infrastructure nationwide. This move signals HUBCO’s commitment to leading Pakistan’s transition towards a more sustainable, EV-friendly future.
Hubco Green (Private) Limited: Building EV Charging Infrastructure
According to HUBCO’s latest quarterly report, released on Thursday to the Pakistan Stock Exchange (PSX), Hubco Green (Private) Limited will focus on installing EV charging stations across Pakistan’s motorways, highways, major urban areas, and destination charging points. This extensive network aims to make EV charging more accessible and convenient, supporting the growing demand for electric vehicles as Pakistan moves toward a greener transportation model.
Partnership with BYD Auto Industry for Local EV Production
In a bid to further strengthen its EV initiatives, HUBCO’s associated company, Mega Motor Company (Private) Limited, has recently entered into a supply and manufacturing agreement with BYD Auto Industry Company Limited, a leading global EV manufacturer. This agreement, along with a technical license, lays the groundwork for local EV production, which aligns with HUBCO’s vision to promote new energy vehicles in Pakistan. Building on a distribution agreement made in June 2024, HUBCO and BYD aim to bring advanced EV technology to the Pakistani market, providing consumers with reliable, high-quality electric vehicles.
Financial Growth and Expansion into Lithium and Battery Manufacturing
HUBCO’s quarterly financial report also highlighted an 11% profit increase, reaching Rs20.31 billion by September 30, 2024, despite a dip in revenue. This financial stability allows HUBCO to pursue ambitious projects, including the mining and exploration of lithium—a critical mineral for EV batteries—and the development of a battery manufacturing unit in Pakistan. Lithium-ion batteries are essential for EVs, mobile devices, and other electronics, making this a significant step towards a robust local supply chain for EV components.
Upcoming EV Manufacturing Plant with Export Potential
Further underscoring its commitment to EV production, HUBCO has announced plans to establish an EV manufacturing plant capable of producing up to 50,000 electric vehicles annually. This facility is expected to allocate 30-40% of its output for export, primarily targeting markets in Australia and Africa. With a significant portion designated for international markets, HUBCO is positioning Pakistan as an emerging hub for electric vehicle production on a global scale.
HUBCO’s strategic moves reflect a multi-faceted approach to EV integration in Pakistan, encompassing infrastructure, production, and supply chain development. Through these initiatives, HUBCO is not only supporting Pakistan’s energy transition but also advancing the country’s role in the global EV industry.
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