Karachi: Hub Power Company has announced its strategic investment in lithium mining and battery manufacturing, facilitated by the Special Investment Facilitation Council (SIFC). This initiative is part of the company’s efforts to meet the surging demand for batteries, with projects slated for completion within twelve to eighteen months.

According to Radio Pakistan, lithium, a crucial element in the rechargeable batteries of mobile phones, laptops, digital cameras, and electric vehicles, is at the core of Hub Power Company Limited’s new venture. The company’s exploration activities in Pakistan aim to bolster the country’s potential in the auto industry, particularly in manufacturing.

In tandem with this development, work on an electric vehicle manufacturing plant in Pakistan is progressing steadily. The plant is expected to produce fifty thousand electric vehicles annually, with thirty to forty percent of these earmarked for export to Australia and various African nations. This export strategy is anticipated
to enhance Pakistan’s footprint in the global electric vehicle market.

Additionally, a prominent Chinese company, BYD, has entered into an agreement to establish an electric vehicle assembly plant in Pakistan. This venture will be undertaken in collaboration with Mega Motor Company Limited, an affiliate of Hub Power Company. The partnership underscores the growing international interest in Pakistan’s burgeoning electric vehicle sector.

The SIFC’s business-friendly policies have played a pivotal role in boosting investor confidence, leading to increased local and foreign investments across multiple sectors in Pakistan.