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EV growth propels Denso to close value gap with Honda and Ford

Japanese parts supplier combines scale with cash-generating efficiency

A Denso assembly line: The Japanese auto parts maker is nearly a quarter owned by Toyota.

NAGOYA -- Is a car worth more than the sum of its parts? This is a question posed by Japanese automotive supplier Denso's near dead heat in market capitalization with Honda Motor and Ford Motor.

Denso's market cap stood at 5.78 trillion yen ($52.59 billion) as of Thursday, roughly 70% higher than a year earlier. Honda's market cap was in the low 6 trillion yen range, while Ford's was at $55 billion.

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