Karachi: At the recent annual general meeting (AGM), Hub Power Company detailed its advancements and strategic plans across its power, electric vehicle (EV), and mining segments. The company highlighted its ongoing efforts in debt reduction, future EV production targets, and initiatives in mineral exploration, particularly lithium.

According to JS Global, the power segment has seen significant financial activity with the company receiving $150 million in dividends from the CPEC project and paying off $600 million of its associated debt. The board emphasized their focus on continuing to settle loans amidst high finance costs and denied rumors of ongoing talks with the government concerning independent power producers (IPPs). They also discussed options for repurposing power plants post-expiry.

In the EV sector, Hub Power aims to establish a plant capable of producing 50,000 units annually, targeting exports to Australia and Africa that constitute 30-40% of production. The company expects to introduce 8-9 variants of completely knocked down (CKD) cars by March 2026 and projects an annual production of 100,000 units by 2030, potentially generating $2.5 billion in turnover. Additionally, the board anticipates future earnings from carbon credits linked to this segment.

The mining segment is focused on lithium exploration and battery manufacturing to meet anticipated demand. The company is currently preparing a Reserves Report to assess potential resources, with results expected within 12-18 months. Furthermore, plans are in place to increase its stake in Sindh Engro Coal Mining from 8% to 17%, eventually taking management control.