Panasonic Holdings (6752.T), which supplies Tesla (TSLA.O), said on Monday it had cut automotive battery production in Japan in the September quarter and shrank the division's annual profit forecast by 15%, underscoring a global slowdown in EV sales.
The Panasonic booth is shown during the 2020 CES in Las Vegas, Nevada, U.S. January 7, 2020. REUTERS/Steve Marcus/File Photo, said on Monday it had cut automotive battery production in Japan in the September quarter and shrank the division's annual profit forecast by 15%, underscoring a global slowdown in EV sales.
The company's less positive outlook for its battery segment follows similar warnings by several automakers and suppliers, as major economies, including China and Europe, see weaker growth.The company adjusted automotive battery production in Japan in the three months to end-September to meet an "appropriate inventory level, in response to rapidly-reduced demand", it said in presentation materials posted on its website.
Panasonic's group chief financial officer is set to hold a briefing on the second-quarter earnings from 0900 GMT on Monday. The battery unit's production in Japan suffered from slowing uptake for high-end EVs in North America, Panasonic said in the presentation material, as the U.S. Inflation Reduction Act spurred demand changes among consumers.
Panasonic added its production at its North American operations remained steady, and it saw firm sales of vehicles eligible for tax credits.last week warned of slowing revenue growth in 2024 due to global economic uncertainties affecting the outlook for EV sales.Indian banks are offering incentives for conducting transactions using the central bank digital currency, the e-rupee, nudged by the Reserve Bank of India to boost volumes, three sources said.
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