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Panasonic posts third quarter operating profit gain, beats analysts' estimates


Panasonic says Tesla business to be profitable, boosts profit outlook
Reuters
2/2/2021
By Tim Kelly
© Reuters/Kim Kyung Hoon
FILE PHOTO: A man is reflected on Panasonic Corp s logo at Panasonic Center in Tokyo
By Tim Kelly
TOKYO (Reuters) - Panasonic Corp said on Tuesday it expects its battery business supplying Tesla Inc to be profitable this fiscal year, and raised its full-year operating profit forecast by more than half.
After several years of production troubles and delays at Tesla, Panasonic is beginning to see its decade-old partnership with the U.S. company become a profit driver.
Panasonic announced in October that it was developing a new battery cell designed by Tesla, one that would help Tesla halve battery costs and ramp up battery production 100-fold by 2030. ....

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