financetom
Business
financetom
/
Business
/
China's BYD plans car plant in Karachi as part of Pakistan entry
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
China's BYD plans car plant in Karachi as part of Pakistan entry
Aug 17, 2024 10:18 AM

KARACHI (Reuters) - Chinese electric vehicle giant BYD (002594.SZ) on Saturday announced plans to open a car production plant in Pakistan, where it will also start selling three models through a partnership with Mega Motors.

BYD is the first major new electric vehicle (NEV) entrant in the Pakistani market, where there is a lack of charging infrastructure.

"Our entry into the Pakistani market is not just about bringing advanced vehicles to consumers," said Liu Xueliang, BYD's general manager for Asia Pacific.

"It's about driving a broader vision of environmental responsibility and technological innovation."

BYD also plans to open three "flagship stores and experience centres" in Karachi, Lahore and Islamabad, the company said at a launch event in Lahore, adding it plans to start selling two SUV models and a sedan from the fourth quarter of 2024.

Mega Motors is a unit of Pakistan's largest private utility Hub Power Co Ltd (HPWR.PSX), known as Hubco.

"We will establish Pakistan's first NEV assembly plant... dedicated to producing BYD's cutting-edge new energy vehicles," said Hubco Chief Executive Kamran Kamal, who described the deal as a "landmark investment".

The new plant will begin operations in 2026, Kamal told Reuters.

Hubco will setup fast-charging stations across major cities, motorways and highways to enhance Pakistan's charging infrastructure.

(Reporting by Ariba Shahid in Karachi and Mubasher Bukhari in Lahore)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Medirom Healthcare Shares Rise After Investment, Partnership With Elematec
Medirom Healthcare Shares Rise After Investment, Partnership With Elematec
Oct 17, 2024
01:44 PM EDT, 10/15/2024 (MT Newswires) -- Medirom Healthcare Technologies' ( MRM ) shares jumped 27% in recent trading Tuesday after the company said Elematec, a Toyota Tsusho group member, agreed to make an investment in its unit Medirom Mother Labs. Elematec is participating in Medirom Mother Labs' series A round with pre-money valuation at 9 billion yen ($60 million),...
Uber Technologies Launches 'Uber Business Black' for Business Travel
Uber Technologies Launches 'Uber Business Black' for Business Travel
Oct 17, 2024
01:05 PM EDT, 10/15/2024 (MT Newswires) -- Uber Technologies ( UBER ) said Tuesday its Uber ( UBER ) for Business is launching Uber Business Black, a new ride type to meet growing demand for premium travel experiences. The features include newer luxury vehicles, like Mercedes G-Class or Rivian R1S, and on-time pickup protection, the firm said. Price: 83.81, Change:...
What's Going On With XPeng Stock Today?
What's Going On With XPeng Stock Today?
Oct 17, 2024
XPeng Inc. ( XPEV ) shares are trading lower on Tuesday. Shares of U.S.-listed Chinese stocks are trading lower after China’s September exports missed estimates. Concerns over the effectiveness of China’s latest stimulus measures have also rattled investors. According to Benzinga Pro, XPEV stock has lost over 25% in the past year. Investors can gain exposure to the stock via Invesco WilderHill Clean...
Rani Therapeutics Shares Fall After $10 Million Registered Direct Securities Offering Priced
Rani Therapeutics Shares Fall After $10 Million Registered Direct Securities Offering Priced
Oct 17, 2024
01:40 PM EDT, 10/15/2024 (MT Newswires) -- Rani Therapeutics Holdings ( RANI ) shares fell 23% in recent Tuesday trading after the company priced a registered direct offering of securities for gross proceeds of about $10 million. The company agreed to sell 3 million shares of class A common stock, prefunded warrants for 333,333 shares and series C common warrants...
Copyright 2023-2026 - www.financetom.com All Rights Reserved