Brief: Panasonic Group CFO Umeda: Auto-Related Business In Q2 Posted Loss Excluding Subsidies, Was Factor In Downward Revision To FY Operating Profit

Panasonic Holdings

30/10/2023 09:43

Oct 30 (Reuters) - Panasonic Holdings Corp  6752.T :
    * PANASONIC GROUP CFO UMEDA:  AUTO-RELATED BUSINESS IN Q2
POSTED
LOSS EXCLUDING SUBSIDIES, WAS FACTOR IN DOWNWARD REVISION TO FY
OPERATING PROFIT
    * PANASONIC GROUP CFO UMEDA:  DEMAND FELL FOR BATTERIES FOR
TESLA
MODEL X, S NOT COVERED BY SUBSIDIES, LEADING TO ABOUT 60% DROP
IN DOMESTIC PRODUCTION VERSUS Q1
    * PANASONIC GROUP CFO UMEDA: SHUT DOWN BATTERY PRODUCTION
LINES IN
JAPAN IN Q2 TO NORMALISE PRODUCTION
    * PANASONIC GROUP CFO UMEDA: HAVE NORMALISED INVENTORIES BUT
NOT
ALL LINES FOR MAKING 1865 CELLS ARE RUNNING AT FULL PRODUCTION
YET

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Further company coverage:  6752.T 

 (Reporting by Rocky Swift)
 ((rocky.swift@thomsonreuters.com;))