Panasonic’s battery unit posts sharp rise in Q1 operating profit

TOKYO, July 30 : Japan’s Panasonic Holdings said on Thursday operating profit at its energy unit, which makes electric-vehicle and data-centre batteries, saw double-digit growth in the first quarter, boosted by higher sales of energy storage systems.

The profit for the key business posted a 28 per cent rise to 40.9 billion yen ($250 million). Panasonic maintained the annual profit forecast for the unit, which makes batteries for Tesla and other EV makers, at 171 billion yen.

($1 = 163.5800 yen)