Tesla battery partner Panasonic cut its 2023 outlook by 12.5 percent after it missed earnings expectations. The Japanese company will lean on automotive batteries, including the 2170 and 4680 chemistries, to improve profitability for operations this year.
Panasonic’s Earnings Call on Thursday revealed it struggled with headwinds caused by a weakened global economy and high raw material prices.
Its nine-month net profit attributable to stockholders decreased to 162.9 billion yen ($1,267,972,875) from 195.6 billion yen ($1,522,501,500) during the same period a year prior. Operating profit also slid by a considerable margin, 85 percent, which can mostly be attributed to the rise in price for raw materials.
Panasonic will lean on automotive battery supply deals to grow profits, especially with 4680 and 2170…