TAIPEI (Taiwan News) — The Thai subsidiary of a Taiwanese electronics and auto parts supplier has become the most valuable company on Thailand’s stock exchange as the country experiences an electric vehicle (EV) boom.

Delta Electronics Thailand is now more valuable than its Taiwanese parent company, and has also overtaken the world’s most valuable airport operator, Airports of Thailand, according to Nikkei. Over the past year, Delta Thailand shares have increased in value by a whopping 163%, exceeding 1000 Thai baht (NT$890) for the first time on Thursday (March 2.)

The growth follows the Thai government’s February announcement that it will work towards transforming the country’s highly developed automotive supply chain away from combustion engines and towards EVs. At the same time, the Thai government also announced a range of economic incentives for EV producers and consumers, including reducing import taxes by 40%, and subsidizing EV purchases by 70,000 to 150,000 baht per vehicle.

In January Bloomberg reported that despite the record growth, analysts were predicting an over 41% drop in value over the coming year. The company’s share price was down 2.4% at market close on Monday (March 6), but has generally continued to climb since the analysts’ comments.

The Taiwanese parent company Delta Electronics Inc. is also riding high on the EV boom and in February recorded a profit for the first time since it entered the EV business in 2008, per Business Next. The company is expected to post a revenue of over NT$384 billion (US$12 billion) in 2022.

Delta Electronics’ Chairman Hai Ying-chun (海英俊) appears to be highly optimistic about the company’s prospects, as the company has solidified its position in a sector with relatively high barriers to entry. Estimates suggest it would take a producer at least 5 years to begin production if starting from nothing.

"Even if there are competitors, the competition is not too fierce,” Hai said. “We have already received the orders.”

Delta Electronics was founded in Taiwan in 1971 and has facilities in China, Europe, Japan, Singapore, Thailand, and the US.