Hubco set to establish countrywide EV charging network

ISLAMABAD: Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), is setting up a new venture Hubco Green (Private) Limited to develop Electric Vehicle (EV) charging infrastructure across the country.

This announcement was made in the company’s quarterly report released to the Pakistan Stock Exchange (PSX) on Thursday. As per the report, the new venture aims to install EV charging stations nationwide, including along motorways, highways in major cities and at popular destinations.

HUBCO reaffirmed its commitment to establishing a local vehicle assembly plant for new energy vehicles.

Its associated company, Mega Motor Company (Private) Limited, recently signed a supply and manufacturing agreement, as well as a technical license agreement, with global EV leader BYD Auto Industry Company Limited.

These agreements follow a previous distribution deal made in June 2024, which aims to introduce and sell BYD’s vehicles in Pakistan.

Despite lower revenues, HUBCO reported an 11 per cent profit increase, reaching Rs20.31 billion for the quarter ending on September 30.

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