Islamabad : Hub Power Company has made investment in lithium mining and battery manufacturing under the facilitation of Special Investment Facilitation Council.
In this regard, Hub Power Company Limited is launching projects to meet the growing demand for batteries, which are expected to be completed in twelve to eighteen months.
Lithium is a metal used in the rechargeable batteries of mobile phones, laptops, digital cameras and electric vehicles.
Hub Power Company Limited’s exploration of lithium in Pakistan could further increase the manufacturing potential in the country’s auto industry.
Meanwhile, work on establishing manufacturing plant to produce electric vehicles in Pakistan is already underway, which will manufacture fifty thousand electric vehicles annually.
Thirty to forty percent of the electric vehicles, manufactured under the project, will be allocated for export to Australia and various countries in Africa.
Apart from this, a reputed company of China, BYD, has also signed an agreement to set up a plant for assembling electric vehicles in the Pakistani market with the cooperation of Mega Motor Company Limited, which is affiliated with Hub Power Company.
The business-friendly policies of the SIFC have significantly increased investor confidence, resulting in the enhancement of local and foreign investment in various sectors of Pakistan.