BYD‘s Expansion in Pakistan: A Joint Venture with Hubco
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The electric vehicle giant is partnering with a local conglomerate to establish a CKD assembly plant.
KARACHI – Hub Power Company (Hubco) has announced that BYD has achieved sales of over 2,000 vehicles in under six months, with more than 500 orders already placed for its Shark model. Currently, the company is importing wholly built units (CBUs) under standard duty regulations.
Hubco is in the process of establishing a completely knocked down (CKD) assembly plant in Gharo, projecting an annual production capacity of 25,000 units.
According to a report by Asad Ali of Topline Securities, based on the company’s analyst briefing, financial close is anticipated in the last quarter of 2025. The estimated cost for this project is $150 million, financed through a 60:40 debt-to-equity ratio.
Both foreign and local lenders are participating, with a term sheet already agreed upon. Hubco anticipates that CKD production will commence within 24 months.
Regarding the ownership structure, the company clarified that the project is structured as a 50:50 joint venture between Hub Power Holding, a wholly owned Hubco subsidiary, and Mega Conglomerate.
BYD has not acquired an equity stake in this venture. globally, BYD typically prefers 100% ownership in markets like Thailand and Brazil, making this its first global partnership without equity participation.
Concerning EV charging infrastructure, the company stated that while chargers were initially sourced from Europe, Chinese suppliers have now made them more economically viable. They also noted that EV charging stations become financially enduring with a minimum usage of three cars per day.
EV Charging Infrastructure Plans
EV charging stations become financially viable with usage of three cars per day.
Hubco intends to install charging stations every 150-200 kilometres along the Karachi-Peshawar motorway within the next six months.
In a separate development, Sazgar Engineering Works Ltd plans to launch CKD models of the TANK-500 and CANNON plug-in hybrid vehicles (PHEVs) by March 31, 2026. The company previously launched its first CKD PHEV, the Haval H6 1.5L, on Aug 16, 2025, as detailed in its FY25 annual report.
