Panasonic, the Japanese electronics group, cut its full-year profit outlook at its battery unit by 15 per cent, blaming slower-than-expected sales of high-end electric vehicles at Tesla, one of its most important customers.
The downgrade by Panasonic, which lowered its full-year operating profit forecast for its battery unit to ¥115bn ($771mn) from ¥135bn, was spurred by slowing demand in North America for Tesla EVs, which do not qualify for tax incentives under the Inflation Reduction Act.
“The IRA has a price ceiling up to $80,000 and since the high-end models exceed that level, demand decreased,” said Panasonic’s chief financial officer Hirokazu Umeda on Monday.
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