The Hub Power Company Ltd (HUBC) is targeting an initial sales run rate of around 1,000-1,500 BYD electric vehicles per month as production ramps up, according to insights shared during the company’s Annual General Meeting (AGM), highlighted by AHL Research.

In a brief note issued on Tuesday, AHL Research said HUBC management remains optimistic about the growth prospects of its electric vehicle venture, adding that the company plans a phased rollout of additional BYD models, focusing on price segments and vehicle categories with the highest sales potential.

Management stated that vehicle production will initially rely entirely on imported components, with localization increasing gradually over time. The long-term objective is to localize up to 80% of vehicle components, a move expected to improve cost competitiveness and reduce dependence on imports.

The company also reiterated its commitment to strengthening EV infrastructure through its subsidiary HUBC Green, which has already installed 29 charging stations to support market development and facilitate wider adoption of electric vehicles.

According to AHL Research, HUBC management denied reports of delays at its BYD assembly plant and reaffirmed its target of commencing operations by the end of CY26.

Management also noted that it would partly retain dividend inflows from associated investments at the holding-company level to finance the BYD project and pursue future growth opportunities, including strategic investments and acquisitions.

“The company’s EV strategy is being pursued in a disciplined manner, with new model launches planned selectively rather than indiscriminately, supported by competitive pricing and product quality,” AHL Research quoted management as saying.