Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Panasonic's Q1 profit soars 27 times

07/29/2021 | 07:24am EDT

Operating profit at Panasonic surged more than 27 times in the first quarter.

The Japanese firm said demand for home appliances and automotive batteries helped it recover from a hit last year.

Profit between April and June rose to $950 million, some 50% higher than market expectations.

And its strongest performance for a first quarter since 2008.

Moving away from low-margin consumer electronics, Panasonic has become a key supplier of batteries to Tesla.

That said, its home appliances such as air conditioners and TVs, have also sold well this year as people spend more time at home.

Panasonic's automotive division has been benefiting from growing demand for electric car batteries.

It's been in partnership with Tesla for a decade, although the relationship has at times been testy.

Panasonic is launching a test line in Japan to make Tesla's so-called 4680 battery cells.

The automaker claims it will halve battery costs and help it ramp up battery production 100-fold by 2030.

Tesla this month posted record vehicle deliveries for the second quarter, weathering a global chip crunch better than rivals.

Panasonic also has a battery partnership with Toyota.


ę Reuters 2021
Latest news "Economy & Forex"
03:26pU.S. debt limit is not a partisan issue, White House says
RE
03:23pTegna confirms acquisition offers after report of bids from Apollo, Byron Allen
RE
03:17pSweden's Vattenfall to launch UK low-carbon heat network
RE
03:07pU.S. FAA wants airlines to do more to address unruly passengers
RE
03:06pDollar eases from near 1-month high as Fed, Evergrande eyed
RE
02:57pCommodity markets set for high volatility, says Louis Dreyfus
RE
02:53pAmerican Airlines CEO expects U.S. challenge to JetBlue alliance
RE
02:49pLouis dreyfus company ceo says yet to see normalising of supply chains
RE
02:49pLouis dreyfus company ceo says expects period of high volatility, although agricultural commodity prices well below levels a decade ago
RE
02:37pCanadian stocks, loonie rise as Trudeau election win clears uncertainty
RE
Latest news "Economy & Forex"