Reuters: Panasonic predicts 23% jump in EV battery profits, thanks to Tesla orders

REUTERS – Japan’s Panasonic Holdings projected a 23% surge in operating profit for its energy division, which produces batteries for electric vehicle manufacturers such as Tesla, in the current business year. The company revised its estimate for the crucial segment, following a previous underestimation of operating income for the year that concluded on March 31, 2024. Operating profit for the division is anticipated to reach 109 billion yen (approximately USD 700.11 million) during the period between April 2024 and March 2025. During the previous fiscal year, which spanned from April 2023 to March 2024, the segment generated 88.8 billion yen in operating income, falling short of the initial projection of 113 billion yen. (Daniel Leussink reporting; Chang-Ran Kim editing). ($1 = 155.6900 yen)