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TAIPEI: Taiwan’s Delta Electronics, which supplies power components to companies such as Tesla, says it expects “at least” double-digit annual growth over the next five years, boosted by the electric vehicle (EV) boom. the company said on Thursday.

Chairman Yancey Hai made a bullish comment on the company’s fourth-quarter earnings call, saying the company is profiting from the shift from traditional gasoline vehicles to EVs.

“On average, the company will grow at a double-digit rate over the next few years. I think it’s about accomplishing,” he said.

The company posted a 32% year-on-year increase in gross profit in the fourth quarter to NT$29.6 billion ($974.55 million).

“So EVs are one of the biggest drivers and data centers.

Tesla announced last week that it would open up parts of its U.S. charging network to EVs made by rivals as part of a $7.5 billion federal program to increase EV use and reduce its carbon footprint.

Hai said the auto industry was hit particularly hard by the COVID-related disruptions in China and the global chip shortage, although Delta and auto factory supply chain conditions have improved significantly. Some chips such as said they still face minor shortages.

Delta, whose shareholders include the government of Singapore, makes devices that control the flow of electricity in a range of products, including smartphones, personal computers, servers and electric vehicle charging stations.

Delta’s share price is up 1.2% so far this year, giving it a market capitalization of $24.68 billion. They closed flat on Thursday, but in the broader market he was up 1.3%.

($1 = 30.3730 Taiwan Dollar) Taiwan’s Delta Electronics sees EVs driving double-digit growth.

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