Panasonic's first-quarter profit soared more than 27 times on robust demand for car batteries and appliances
TOKYO, July 29 - Panasonic Corp
Profit for April-June rose to 104.4 billion yen from 3.8 billion yen a year earlier, some 50% higher than market expectations and its strongest performance for a first quarter since 2008., has moved away from low-margin consumer electronics, and now focuses on electric car batteries, industrial-use components and production machinery.
The automotive business swung to a profit of 9.8 billion yen, benefiting from growing demand for electric car batteries through its decade-old, sometimes testy, partnership with Tesla. That compares with a loss of 9.5 billion yen in the same period a year earlier when it was forced to suspend production at its joint venture with Tesla in Nevada.
Panasonic is launching a test line in Japan to make Tesla's so-called 4680 battery cells, which the automaker claims will halve battery costs and help it ramp up battery production 100-fold by 2030.
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