ISLAMABAD   -  Pakistan is gearing up to enter a new era in automotive technology following the announcement of a partnership between HUB Power Company Limited and BYD (Build Your Dreams), a Chinese auto magnate, which signifies the introduction of electric vehicles (EVs) into the Pakistani market.

According to China Economic Net (CEN), the company, through its subsidiary HUB Power Holdings Limited, has finalized plans to collaborate with BYD for local production of EVs. The news comes as the government of Prime Minister Shehbaz Sharif is seeking to attract investment into the country to boost its forex reserves. The partnership includes arrangements for acquiring land and essential infrastructure in Pakistan to facilitate smooth production processes, all of which showing HUB Power’s dedication to harnessing expertise and resources in conjunction with BYD’s technological prowess to impulse innovation in the automotive sector.

According to a statement from HUB Power, there are potentially huge economic advantages and abundant employment opportunities to be tapped in local electric vehicles production. Pakistan, like many other developing countries, faces challenges related to air pollution and rising greenhouse gas emissions. This endeavor is anticipated not only meet the needs of the local auto market, but also make an indispensable contribution to Pakistan’s sustainable development goals by curbing carbon emissions and promoting clean energy solutions, as well as consistent with global efforts to combat climate change.

BYD surpassed Tesla last year to become the world’s largest electric vehicle manufacturer, showcasing its prowess in the field. It has concluded 2023 with record-breaking sales volume, which surpasses the 3 million annual sales target and becomes the global new energy vehicle (NEV) sales champion, for the second year in a row.

By now, overseas business of this auto giant has covered Chile, Brazil, Colombia, Mexico, Costa Rica and many other countries, and its electric vehicles have covered six continents, more than 50 countries and regions, and more than 200 cities around the globe.

Now, with Pakistan’s growing emphasis on reducing carbon emissions and embracing eco-friendly transportation solutions, BYD’s investment couldn’t come at a better time.

Furthermore, BYD’s decision to develop electric vehicle production within Pakistan opens avenues for exporting Right Hand Drive (RHD) vehicles, catering to broader markets, CEN’s report added.