Managing Director, Seres Pakistan, Muhammad Adeel Usman
Seres 3 has been rolled out recently. The company has planned to deliver to the customers who have pre-booked. “We have over 300 plus pre-bookings, and new orders will be taken soon after our launch in January 2025,” he said.
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On December 5, 2024, Hubco in a stock filing, said that Hub Power Holding Limited, a wholly owned subsidiary of Hubco, has entered a shareholders’ agreement with Mega Conglomerate (private) Limited MCPL, pursuant to which MCPL will subscribe to and become a 50pc shareholder of MMC to strengthen the business venture with BYD.
The auto market is also a-buzz with talk that Hubco — currently engaged in independent power producer agreements with the government — is being facilitated or BYD China is being given preferential treatment. The government seeks to renegotiate or scrap contracts with IPPs to address financial challenges and streamline the power sector. In October, Hubco initiated a negotiated settlement agreement with the government.
“These impressions are unfounded. BYD, through a partnership with MMC, is launching products in Pakistan as the country presents a big opportunity for the company as part of their goals to expand overseas,” the spokesman said.
Pakistan has about 4m cars registered and driven on the roads. Even with 3,000-5,000 New Energy Vehicle (NEV) CBUs, it represents less than 0.1 per cent of the current units in operation. The real push will come when large local assembly operations in Pakistan for NEV are operational, he said.
The introduction of NEVs will directly reduce Pakistan’s fuel import bill. Currently, Pakistan spends about $16 billion on imported fuel annually, of which an estimated $12bn worth of fuel is for the transport sector. As per the spokesperson, “selling 50,000 units a year in the first phase would save $250-300m on the conservative side on fossil fuel imports”.
Upon launching expensive EVs for the country’s elite class, the spokesperson elaborated that BYD is initially entering Pakistan with a limited number of products (during the CBU phase) and the company would ensure that it is able to capture more market segments with a broader product base later on.
He further highlighted that charging infrastructure is critical for mass adoption of NEVs in Pakistan, especially for low-priced models where customers might rely more on commercial charging. Hubco Green hopes to establish a robust universal charging infrastructure in Pakistan to help with further adoption.
https://gwadarpro.pk/
