Hub Power Company Limited (HUBCO) has announced plans to enter the mining sector and establish an EV manufacturing plant.
During its AGM, HUBCO revealed its plans to explore lithium reserves and develop a battery manufacturing unit. The company is currently preparing a Reserves Report to assess the potential of lithium mining in Pakistan.
HUBCO also announced its intention to manufacture EVs in Pakistan, with a target capacity of 50,000 units annually. The company aims to export a significant portion of its EV production to Australia and Africa.
In collaboration with Mega Conglomerate (Private) Limited, HUBCO has partnered with BYD, a global leader in electric vehicles and renewable energy solutions, to enter the Pakistani EV market.
HUBCO’s financial performance has been strong, with a 21% increase in profit to Rs75.29 billion in the fiscal year 2023-24. Earnings per share (EPS) also saw a significant increase during this period.
With its diversified business operations and strategic partnerships, HUBCO is well-positioned to capitalize on the growing demand for lithium and electric vehicles in Pakistan and the global market.
