Japan’s Panasonic Holdings reported a 42% increase in profit for the first quarter. This was due to a weaker yen and higher sales in its automotive and energy divisions. Panasonic’s battery unit, Panasonic Energy, has begun talks with Subaru to establish a partnership for supplying cylindrical lithium-ion batteries for electric vehicles. The company’s full-year forecast remains unchanged at 430 billion yen. Analysts had predicted an average profit forecast of 413.96 billion yen. To meet its goal of significantly increasing annual capacity for electric vehicle batteries by 2031, Panasonic’s battery arm may need to build four more factories.
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