KARACHI: Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), revealed plans to venture into lithium mining and establish a battery manufacturing unit. The announcement was made during the company’s Annual General Meeting (AGM) on Monday, according to brokerage firm Arif Habib Limited (AHL), which attended the event.
AHL’s briefing noted that a Reserves Report is currently being prepared to assess the potential of lithium mining, with the assessment process expected to take 12 to 18 months. HUBCO is positioning itself to meet the growing long-term demand for lithium-based batteries, particularly Lithium-ion batteries used in devices such as mobile phones, laptops, and electric vehicles (EVs).
In addition, HUBCO shared plans to develop an Electric Vehicle (EV) manufacturing plant capable of producing 50,000 EVs annually. A significant portion of this output, around 30% to 40%, will be designated for export to Australia and Africa. The company expects to launch completely knocked down (CKD) vehicles across 8-9 different variants by December 2025 to March 2026.
This move follows HUBCO’s recent collaboration with Chinese electric vehicle giant BYD and its subsidiary, Mega Motor Company (Private) Limited, to enter the EV market in Pakistan. The collaboration, announced in June, aligns with HUBCO’s strategic expansion into new business areas such as electric vehicles and renewable energy.
HUBCO reported a 21% increase in profit for the fiscal year 2023-24, reaching Rs75.29 billion, with earnings per share (EPS) rising to Rs53.98 from Rs44.37 in the previous year. The IPP has a combined installed power generation capacity of 3,581 MW and operates across various sectors, including oil and gas, mining, and industrial services.
