Panasonic Corp on Thursday reported a 12% drop in its second-quarter op...
FILE PHOTO: A man is reflected on Panasonic Corp's logo at Panasonic Center in Tokyo, Japan, February 2, 2017. REUTERS/Kim Kyung-Hoon
“We are quickly ramping up battery production , but improvements in production efficiency have been delayed,” Chief Financial Officer Hirokazu Umeda said at an earnings briefing on Thursday. Panasonic’s automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter.
But the shift has failed to lift profits at a time when the U.S.-China trade war has hit industrial purchases and output, and the global car market is contracting.
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