Hub Power Company Limited (Hubco) plans to manufacture 50,000 electric vehicles (EVs) annually, with 30-40% of this production earmarked for export to Australia and Africa, the company announced on September 30 during its annual general meeting (AGM).
The company is set to launch 8-9 variants of completely knocked down (CKD) cars between December 2025 and March 2026, marking a significant step towards renewable energy and electric mobility.
The board announced a strong future outlook, including entering the lithium mining sector and establishing a battery manufacturing unit.
Hubco is currently working on a Reserves Report for lithium exploration, expected to be completed in the next 12 to 18 months. This move positions the company to meet the anticipated long-term demand for batteries, which are critical for devices such as mobile phones, laptops, and EVs.
The AGM also revealed that Hubco had received $150 million in dividends from the China Power Hub Generation Company (CPHGC) project for FY2024, with $69 million being Hubco’s share. The CPHGC project, with a total cost of $1.8 billion, is halfway through its repayment phase, with $600 million already repaid.
Looking forward, Hubco plans to increase its shareholding in Sindh Engro Coal Mining Company (SECMC) from 8% to 17%, to secure management control. The company is also considering the future decommissioning of power plants, exploring options such as repurposing or selling facilities as they reach the end of their operational life.
Hubco partnered with Chinese EV giant to launch BYD electric cars in Pakistan
Last month, Chinese EV and renewable energy giant BYD entered the Pakistani market through a collaboration with Hub Power Holdings, a subsidiary of Hubco. This partnership, formalized in March, involves local partner Mega Conglomerate (Private) Limited.
In June, Hubco announced that Hub Power Holdings, alongside its associated company Mega Motor Company (Private) Limited, is venturing into the electric vehicle (EV) sector in collaboration with BYD Auto Industry Company Limited.
For the fiscal year 2023-24, Hubco reported a profit surge of over 21%, reaching Rs75.29 billion, with earnings per share (EPS) rising to Rs53.98 from Rs44.37 in the previous year. The company currently has a combined installed power generation capacity of 3,581 MW and operates across sectors including oil and gas, mining, and industrial services.