BYD, a prominent player in the electric vehicle (EV) manufacturing world, has formed a joint venture (JV) with Mega Conglomerate Private Limited (MCPL) to establish showrooms in the initial phase, followed by the commencement of electric vehicles (EV) manufacturing operations in Pakistan.
The Board of Investment (BOI) Pakistan announced the development on Thursday, terming it “exciting news”. As per BOI, the JV between BYD with MCPL, the principal shareholder of HUBCO, has been signed during the BYD Asia Pacific Dealer Conference event in Xi’an, China.
“This game-changing development promises to slash carbon emissions and usher in clean energy,” reads BOI’s statement, adding that according to the plan, flagship showrooms will be opened in Phase I, followed by the setup of a local assembly line.
In November 2023, representatives from BYD visited Pakistan, prompting BOI to initiate relentless efforts. This also included a meeting between the two companies held in Beijing in October 2023.
BOI facilitated BYD’s visit by offering end-to-end support, encompassing arranging meetings with potential local partners such as HUBCO and others, as well as interaction with government stakeholders like Special Investment Facilitation Center (SIFC).
