The Hub Power Company Limited (HUBCO) has reported a Rs. 33 million loss from its BYD-related electric vehicle (EV) venture for the quarter ended June 2026, reversing a small profit recorded in the previous quarter.
HUBCO is expanding its presence in Pakistan’s growing EV market through Mega Motor Company (MMC), its 50:50 joint venture with Mega Conglomerate and BYD’s local partner.
Despite the quarterly loss, the venture has reported positive results over the broader nine-month period. According to PACRA, Mega Motor generated Rs. 36.9 billion in revenue during the nine months ended March 2026, along with an operating profit of Rs. 2.1 billion and a net profit of Rs. 384 million.
The company’s profitability has been affected by import-related levies under the current completely built-up (CBU) model. The shift toward local vehicle assembly is expected to improve cost efficiency and profitability.
HUBCO and BYD are investing around $150 million in an EV assembly facility at Gharo, Sindh. The plant is initially designed to produce around 25,000 vehicles annually, with capacity expandable to 50,000 units.
The facility was originally expected to begin operations in the first half of FY26 but missed the target. HUBCO has since indicated that commercial operations are now expected to start in the second half of 2026.
BYD Pakistan is also working on expanding its vehicle lineup, increasing localization, developing charging infrastructure and training local technical talent. These initiatives are part of broader efforts to establish an EV manufacturing and support ecosystem in Pakistan.
The latest quarterly loss comes as HUBCO’s EV business remains in an investment and expansion phase, with the company gradually moving from imported BYD vehicles toward local assembly and greater localization.
