Hub Power invests in lithium mining, battery manufacturing under SIFC

ISLAMABAD: Hub Power Company has invested in lithium mining and battery production with the support of the Special Investment Facilitation Council.

In this context, Hub Power Company Limited is initiating projects to address the rising demand for batteries, which are anticipated to be completed within twelve to eighteen months.Chinese delegation expresses confidence in SIFC

Lithium is a key metal used in rechargeable batteries for mobile phones, laptops, digital cameras, and electric vehicles.

Hub Power Company Limited’s exploration of lithium in Pakistan could boost the manufacturing capacity of the country’s automotive sector.

Meanwhile, efforts are already underway to establish a manufacturing plant for electric vehicles in Pakistan, aiming to produce fifty thousand units annually.

Thirty to forty percent of the electric vehicles manufactured under this project will be designated for export to Australia and various African countries.

Additionally, the renowned Chinese company BYD has signed an agreement to set up a plant for assembling electric vehicles in the Pakistani market in collaboration with Mega Motor Company Limited, which is associated with Hub Power Company.

The business-friendly policies of the SIFC have significantly bolstered investor confidence, leading to an increase in both local and foreign investment across various sectors in Pakistan.