Chinese electric vehicle (EV) giant BYD has ventured into the Pakistani automotive market through a strategic partnership with local company, Mega Conglomerate Pvt. Ltd.
The EV manufacturer, known for its “Build Your Dreams” (BYD) philosophy, announced the decision to enter Pakistan’s passenger vehicle market during the BYD Asia Pacific Dealer Conference event held in Xi’an, China. The event was attended by key industry figures, including Liu Xueliang and Zhang Jie from BYD, as well as Aly Khan, Executive Director of Mega.
Aly Khan, Executive Director of Mega, said that the company has an aggressive approach towards EV adoption in Pakistan.
“As one of Pakistan’s largest conglomerates, we are thrilled to embark on this transformative journey with BYD. By combining our strengths and resources, we aim to catalyze the widespread adoption of EVs in Pakistan, driving positive change and ushering in a new era of sustainable mobility,” he said.
He also announced the inauguration of the first three BYD flagship showrooms in Karachi, Lahore, and Islamabad in 2024.
Mega Conglomerate, the parent company of Hub Power Company Limited (HUBC), which is listed on the Pakistan Stock Exchange (PSX), operates several power plants in the country.
Auto sector expert Mashood Khan called BYD’s entry into Pakistan a positive development, particularly at a time when many businesses are opting to exit due to challenging economic conditions.
“It’s a big company, and it must have seen something promising before planning to enter the Pakistani market,” Khan told a news agency.
Khan, who also operates an automotive parts manufacturing company, emphasized the transformative potential of Chinese companies like BYD in assisting nations like Pakistan to transition from conventional fossil fuel vehicles to electric alternatives.
“Otherwise, the price point of EVs is very high, and very few can afford Tesla, Mercedes, Audi, or BMW EVs in Pakistan. Companies like BYD give hope to underdeveloped countries like us to upgrade to EVs,” he added
Khan said that the increasing share of EVs in the mobility sector, which has grown from just over 2% five years ago to 14% currently, signals a promising trajectory for the EV market in Pakistan.
Khan hoped BYD might consider localizing its EV production in Pakistan, turning the country into an export hub for its right-hand drive (RHD) vehicles.
Dr. Aazir Anwar Khan, Founder and Director of the Integrated Engineering Centre of Excellence (IECE) at the University of Lahore, welcoming BYD’s entry into the Pakistani market emphasized making EVs affordable.
“Otherwise there are few rich people who can afford cars over Rs10 million,” Dr. Aazir pointed out, suggesting that EVs should ideally be priced between Rs2.5 million and Rs6 million to cater to the majority of car buyers.
BYD entry to offer new EV options to Pakistanis
The introduction of BYD’s electric vehicles is expected to contribute significantly to addressing the environmental issues in Pakistan by providing a cleaner alternative to traditional gasoline and diesel vehicles.
Beyond their environmental benefits, BYD’s EVs are also recognized for their advanced technology, performance, and safety features. The company’s electric buses, for instance, have garnered global acclaim for their reliability and efficiency, making them a viable option for Pakistan’s public transportation sector.
In a recent revelation, BYD positioned itself as the global leader in electric vehicle production, surpassing Tesla to claim the top spot in 2023.
Mega Conglomerate, the parent company of Hub Power Company Limited (HUBC), which is listed on the Pakistan Stock Exchange (PSX), operates several power plants in the country.