Panasonic Q1 profit jumps, maintains FY forecast (updated)

Panasonic Energy India

31/07/2023 08:22

(Adds details, announcement on EV battery plan with Subaru)
       TOKYO, July 31 (Reuters) - Japan's Panasonic Holdings
 6752.T  posted a 42% rise in first quarter profit on Monday,
buoyed by a weaker yen and stronger sales in its automotive and
energy segments, while it stuck to its full-year outlook.
    Panasonic, whose energy unit makes batteries for Tesla Inc
 TSLA.O , said operating profit came to 90.37 billion yen ($637
million) in the three months to end-June, versus the 91.18
billion yen average forecast in a poll of 11 analysts by
Refinitiv.
    Its battery unit, Panasonic Energy, and Subaru  7270.T  said
they have started talks to establish a battery supply
partnership for electric vehicles that would supply the Japanese
automaker with cylindrical lithium-ion batteries.
    Panasonic, whose products span consumer electronics and
delivery robots to sensing cameras and self-checkout systems,
maintained its full-year forecast at 430 billion yen.
        That compared to a 413.96 billion yen average profit
forecast in a poll of 20 analysts by Refinitiv. 
    Last month, the chief technology officer of Panasonic's
battery arm told Reuters the unit will need to build four more
factories to reach its target for a sharp boost in annual
capacity of EV batteries by 2031.
    ($1 = 141.9500 yen)

 (Reporting by Daniel Leussink; Editing by David Dolan)
 ((daniel.leussink@thomsonreuters.com; Twitter:
@danielleussink;))