Panasonic Holdings Corp reported a 42% jump in first-quarter operating profit on Monday, aided by a weaker yen and stronger sales in its automotive and energy segments. However, it maintained its full-year profit outlook.
Panasonic, which supplies Tesla Inc with batteries, said profit for April-June came to 90.37 billion yen ($637 million). That compared with the 91.18 billion yen average of 11 analyst estimates compiled by Refinitiv.
Panasonic Energy, the battery unit, and Subaru Corp said they have started talks to establish a battery supply partnership for electric vehicles.
Panasonic maintained its full-year profit forecast at 430 billion yen, versus analysts' average forecast of 413.96 billion yen.
Last month, Panasonic Energy's chief technology officer said the unit will need to build four more battery factories to achieve its target for a sharp boost in annual capacity by 2031.
