The announcement was made through a notice issued by HUBCO to the Pakistan Stock Exchange (PSX) on Thursday. The agreement allows Mega Motor to manufacture, market, distribute, and sell BYD-branded passenger vehicles in Pakistan, under a master supply and technical license agreement with BYD.
According to the notice, BYD’s advanced technology combined with Mega Motor’s local expertise is expected to revolutionize Pakistan’s automotive industry, providing consumers with greater variety and access to cutting-edge automotive solutions.
BYD first revealed its collaboration with Mega Conglomerate (Private) Limited in March, followed by HUBCO’s June announcement regarding its subsidiary’s entry into the electric vehicle (EV) market through the partnership with BYD.
In August, BYD officially entered the Pakistani market, marking the start of an eco-friendly transportation era. The Chinese EV giant’s global success, including becoming the world’s top NEV seller in 2022 and 2023, was followed by the milestone production of its 8 millionth NEV just over three years after reaching the 1 million mark in May 2021.
Pakistan, facing challenges such as air pollution and rising greenhouse gas emissions, stands to benefit from BYD’s EVs, offering a cleaner alternative to traditional fuel vehicles. However, the country continues to grapple with a lack of EV infrastructure, which experts view as a key hurdle in the transition to sustainable transport.
