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Panasonic cuts battery unit’s operating profit forecast by 15% for full financial year
© Reuters. FILE PHOTO: The Panasonic booth is shown during the 2020 CES in Las Vegas, Nevada, U.S. January 7, 2020. REUTERS/Steve Marcus/File Photo
TOKYO (Reuters) – Japan’s Panasonic (OTC:) Holdings on Monday cut the operating profit forecast for its energy unit that makes automotive batteries by 15%, as it warned of slowing demand for high-end electric vehicles in North America.
Panasonic lowered its full-year operating profit forecast for the energy unit that makes batteries for Tesla (NASDAQ:) and other automakers to 115 billion yen ($769 million) from 135 billion yen.
($1 = 149.5400 yen)
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