Panasonic's Energy Unit Profit Surges 39% on Tesla Battery Sales
TOKYO, Japan (Reuters) - Panasonic Holdings announced today that its energy unit, a Tesla battery supplier, saw a 39% year-over-year surge in its third-quarter operating profit. This growth is attributed to increased profitability in its U.S. plant and robust sales of energy storage systems.
Despite a decline in its in-vehicle business, the key energy segment reported an operating income of 42 billion yen ($270.46 million). The improved profitability in the U.S. facility offset the overall sales downturn, as stated in the presentation materials.
($1 = 155.2900 yen)
(Reporting by Daniel Leussink; Edited by Christian Schmollinger)