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 passengers vehicles in Pakistan. The deal also includes Technical License Agreements for the Licensed Products. “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,” the company said in a stock filing today. It is pertinent to mention that in July, it was announced that HUBC through Mega Motor Company (Private) Limited entered into a new line of business in electric vehicles, with BYD Auto Industry Company Limited, in Pakistan. HUBC’s scrip at the bourse closed at Rs. 97.20, down 4.45 percent or Rs. 4.53 with over 11.38 million shares on Thursday.