Delta Thailand stock tumbles nearly 30%, wiping out $12bn in market cap

Dim EV, AI prospects cause dramatic fall for Taiwan electronics giant's subsidiary

Delta's fall was a factor behind Thai benchmark stock index SET's over 2% loss Monday morning. (Nikkei montage/Source photos by Ken Kobayashi and Reuters)

FRANCESCA REGALADO

February 17, 2025 14:21 JST

Updated on February 17, 2025 16:50 JST

BANGKOK -- Shares in Thailand's most valuable electronics company opened down nearly 30% on Monday morning, the latest sign of spreading pessimism in the artificial intelligence boom.

Delta Electronics Thailand reported lackluster full-year results after the market closed on Friday. Net profit growth in 2024 slowed to 2.8% compared to a 20% increase the previous year, although revenue grew by 12%. Weak demand for electric vehicles, a key market for Delta's mobility segment, caused a 78% fall in fourth-quarter profits from the same period in 2023.