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The bullish case for Delta rests on the company's plans to double its EV business as EV makers BYD, Great Wall Motor, and Tesla make inroads in Thailand. (Source photos by Reuters and Getty Images)
Market Spotlight

EV boom creates unlikely stock market star in Thailand

Thai subsidiary of Taiwan's Delta Electronics becomes kingdom's most valuable company

FRANCESCA REGALADO, Nikkei staff writer | Thailand

BANGKOK -- A Thai subsidiary of Taiwanese power supply and auto parts manufacturer Delta Electronics has overtaken the kingdom's traditional stalwarts to become the most valuable company on the Stock Exchange of Thailand, as it capitalizes on the global electric vehicle boom.

The shares of Delta Electronics Thailand have risen so high that it is now worth more than its Taiwanese corporate parent, fueling fears that it has become overvalued despite the bright prospects for the company.

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