According to Reuters, Panasonic Energy, a subsidiary of Japan’s Panasonic Holdings (Panasonic Holdings), said on May 9 that it failed to meet its operating profit forecast for the previous fiscal year due to a decline in battery production of electric cars and a decline in sales of consumer products and power equipment in Japan.
Source: Panasonic Energy, specifically, in the year to the end of March this year, Panasonic Energy’s sales were 915.
9 billion yen, down 6% from the same period last year.
operating profit totaled 88.
8 billion yen ($570.
18 million), up 167%.
But it is still below its forecast of 113 billion yen.
Panasonic Energy said that although the North American electric vehicle market is still growing, the expansion rate of the electric vehicle market has slowed due to the saturation of early consumer demand.
However, Panasonic is also seeking to expand its capacity in the North American market.
In addition to its plant in Nevada, the company has broken ground on a plant in Kansas that will increase its annual capacity of car batteries to 80GWh.
The slowing demand for electric vehicles in the two major markets of the United States and Europe, as well as fierce competition from the Chinese market, have dealt a blow to car battery manufacturers.
Last year, Chinese battery makers grew faster than their competitors, accounting for more than 2/3 of global battery capacity for electric vehicles, according to Counterpoint Research, a consultancy.
According to Panasonic’s forecast, its operating profit will rise 23% to 109 billion yen this fiscal year.
Demand is expected to expand as more medium-priced models hit the market, the company said.
For Panasonic as a whole, net sales for the current fiscal year are expected to rise slightly by 1 per cent to 8.
6 trillion yen, while operating profit will rise 5 per cent to 380 billion yen.
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