AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Hub Power Company is advancing into lithium mining and battery production, aiming to enhance Pakistan’s capabilities in the electric vehicle (EV) sector. This move is facilitated by the Special Investment Facilitation Council and marks a significant shift towards renewable energy resources in the country.
According to Ministry of Information and Broadcasting, Hub Power Company Limited plans to launch battery manufacturing projects within the next twelve to eighteen months to address the increasing demand. Lithium, a crucial component in rechargeable batteries for various digital and electric devices, will be mined locally, potentially boosting Pakistan’s auto manufacturing sector.
The company is also setting up a plant to produce electric vehicles, expecting to manufacture fifty thousand units annually. Notably, 30 to 40 percent of these vehicles are intended for export markets in Australia and Africa, highlighting a strategic shift towards global markets.
Furthermore, in collaboration with Mega Motor Company Limited, the Chinese company BYD will establish a vehicle assembly plant in Pakistan. This partnership is a part of the broader initiative driven by the business-friendly policies of the SIFC, which have notably enhanced investor confidence and increased both local and foreign investments in Pakistan.
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