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☆ Shares of Tesla suppliers in Asia take a beating after automaker misses targets
▼ + stars: | 2024-01-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A Tesla Inc. Model 3 long range electric vehicle charges at the Tesla Supercharger station in Kettleman City, California, U.S., on Wednesday, July 31, 2019. Shares of electric vehicle makers and Tesla 's Asia suppliers tumbled on Thursday after the EV maker missed fourth quarter revenue and profit targets on Thursday and warned of slower sales this year. South Korean display manufacturer LG Display, known to supply the car displays for Tesla's Model 3, fell more than 4%. Battery suppliers to Tesla also saw declines. LG Energy Solution fell 3.8%, while Samsung SDI and Panasonic Holdings both declined about 2%.

Persons: Tesla Organizations: Tesla Inc, Tesla, LG, Battery, LG Energy, Samsung SDI, Panasonic Holdings Locations: Kettleman City , California, U.S, Asia, Texas, South

☆ Panasonic puts productivity boost ahead of new EV plant in U.S.
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +3 min

The Panasonic Energy Co. headquarters in Moriguchi, Osaka Prefecture, Japan, on Thursday, Jan. 11, 2024. The battery unit, Panasonic Energy, had previously said it aimed to decide on building the factory by the end of March. Panasonic Energy has a plant in Nevada and has broken ground on a second one in Kansas. The unit expects the Kansas plant to take its annual auto battery capacity to 80 gigawatt hours, or GWh, a year. Given the human resources requirements of a new plant, Kusumi said it was generally better to have fewer production sites.

Persons: Kentaro Takahashi, Yuki Kusumi, Kusumi Organizations: Panasonic Energy Co, Panasonic, EV, Bloomberg, Getty, Panasonic Energy, EVs, General Motors, Ford, U.S Locations: Moriguchi, Osaka Prefecture, Japan, North America, Tokyo, United States, Nevada, Kansas, Oklahoma, Europe

☆ EV battery startup ONE cuts workforce by 25%
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The logo for Our Next Energy (ONE) is seen outside the company's headquarters in Novi, Michigan, U.S., April 25, 2022. Photo taken April 25, 2022. REUTERS/ Rebecca Cook/File Photo Acquire Licensing RightsNov 27 (Reuters) - Our Next Energy (ONE) said on Monday it has cut around 25% of its workforce, or 128 employees, as the electric-vehicle battery startup deals with high borrowing costs and an uncertain economy. Tesla (TSLA.O) supplier Panasonic Holdings (6752.T) said last month that it had cut automotive battery production in Japan in the September quarter, underscoring a global slowdown in EV sales due to high interest rates. Reporting by Zaheer Kachwala in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Mujeeb Ijaz, Zaheer Kachwala, Maju Samuel Organizations: Next Energy, REUTERS, Energy, Apple, Panasonic Holdings, Thomson Locations: Novi , Michigan, U.S, Michigan, American, Japan, Bengaluru

TOKYO, Nov 20 (Reuters) - Shares of Japan's Panasonic Holdings (6752.T) have rallied about 10% since it announced on Friday a plan to sell a stake in its automotive systems business and the unit's potential listing raised broader restructuring hopes. Over the last decade, Hitachi's shares have more than trebled, when taking into account dividends, compared to a 87% return by Panasonic. Investors reacted positively to the potential sale of the stake in the automotive unit, which makes cockpit and electronics systems. With its plan, Panasonic likely starts a journey to make itself into a company with a higher return on equity, they said. Panasonic's automotive unit is separate from its energy unit that makes batteries for electric vehicles, including those from Tesla (TSLA.O).

Persons: Damian Thong, Thong, Jefferies, Hitachi's, Ulrike Schaede, Daniel Leussink, Simon Cameron, Moore Organizations: Japan's Panasonic Holdings, Apollo Global Management, Panasonic, Hitachi, Macquarie, Investors, University of California San, Thomson Locations: TOKYO, Tokyo, Singapore, University of California San Diego

☆ Panasonic plans to sell stake in autos business to Apollo Global funds
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsTOKYO, Nov 17 (Reuters) - Japan's Panasonic Holdings (6752.T) said on Friday it plans to sell a stake in its automotive systems business to funds managed by U.S. private equity firm Apollo Global Management, and has signed a memorandum of understanding with an Apollo affiliate. Continued investment in the automotive systems business would be necessary to achieve sustained growth for the company amid a rapid shift to electric cars and changes to vehicle architecture, Panasonic said. The automotive unit makes cockpit and electronics systems. It is separate from Panasonic's energy unit that makes batteries for electric vehicles, including those from Tesla (TSLA.O).

Persons: Toru Hanai, Daniel Leussink, David Dolan, Christopher Cushing Organizations: Panasonic Corp, Advanced Technologies, Makuhari, REUTERS, Rights, Japan's Panasonic Holdings, U.S, Apollo Global Management, Apollo, Panasonic, Thomson Locations: JAPAN, Chiba, Japan, Tokyo

☆ Mega-cap firm valuations fall amid rising rates, tech earnings concerns
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. REUTERS/Paresh Dave/File Photo Acquire Licensing RightsNov 1 (Reuters) - Most global mega-cap stocks continued their slide in October, hit by the rise in U.S. interest rates and lacklustre third-quarter earnings growth among some top U.S. tech firms. Reuters Graphics Reuters GraphicsTesla's (TSLA.O) market value tumbled almost 20% to $638 billion last month, largely due to the impact of rising U.S. interest rates on electric vehicle (EV) demand. On the other hand, Microsoft's (MSFT.O) market value jumped 7.1% to $2.5 trillion, buoyed by its strong fiscal first-quarter results in all segments. This growth was attributed to strong performances in cloud computing and PC businesses, bolstered by increased customer interest in its artificial intelligence offerings.

Persons: Paresh Dave, Patturaja Murugaboopathy, Gaurav Dogra, Mark Potter Organizations: REUTERS, Google, Reuters Graphics Reuters, Panasonic Holdings, Nvidia, Oil, Thomson Locations: Mountain View , California, U.S, Japan, China, Saudi, Bengaluru

☆ Tesla falls as production cut by battery supplier Panasonic fans EV demand fears
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Tesla investor Gary Black attributed the weakness in Tesla shares to chipmaker Onsemi's (ON.O) bleak forecast. "ON sells to automotive players with over 50% share of global EV sales, including 4 of the top 5 China EV makers," he said in a post on social media platform X on Monday. loadingOnsemi CEO Hassane El-Khoury said the company's top European clients were working to clear their inventory and noted that the company sees "increasing risk to automotive demand due to high interest rates." It contracted to 17.9% between July and September from 25.1% a year earlier due the EV maker's rampant price cuts, which also triggered a price war in key markets such as China. Tesla was trading at about 56 times its 12-month forward earnings estimates, compared with 5.6 times for Ford and General Motors' 4.1, according to LSEG data.

Persons: Phil Noble, Elon Musk's, Edward Moya, General Motors, Stellantis, Gary Black, chipmaker, Hassane El, Khoury, Tesla, Chavi Mehta, Akash Sriram, Shinjini Organizations: REUTERS, Tesla, Panasonic Holdings, Panasonic, Tesla's, Oanda, General, United Auto Workers, Ford Motor, Chrysler, UAW, General Motors, China EV, Ford, EV maker's, Thomson Locations: Manchester, Britain, North America, Stellantis's, China, Bengaluru

☆ Panasonic cuts battery unit's profit outlook, warns on high-end EV sales
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Panasonic lowered its full-year operating profit forecast for the energy unit that makes batteries for Tesla (TSLA.O) and other automakers to 115 billion yen ($769 million) from 135 billion yen. The battery unit's production in Japan suffered from slowing uptake for high-end EVs in North America, Panasonic said in the presentation material, as the U.S. Inflation Reduction Act spurred demand changes among consumers. Panasonic added its production at its North American operations remained steady, and it saw firm sales of vehicles eligible for tax credits. South Korean battery firm LG Energy Solution (373220.KS) last week warned of slowing revenue growth in 2024 due to global economic uncertainties affecting the outlook for EV sales. General Motors (GM.N) is also slowing the launch of several EV models to cut their costs, and pulling back on EV product spending.

Persons: Steve Marcus, Tesla, Elon Musk, Daniel Leussink, Kim Coghill, Miral Organizations: Panasonic, REUTERS, Rights, Panasonic Holdings, Korean, LG Energy, EV, General Motors, Thomson Locations: Las Vegas , Nevada, U.S, Japan, China, Europe, North America, KS

☆ Panasonic Q1 profit jumps, maintains FY forecast
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

Panasonic, whose energy unit makes batteries for Tesla Inc (TSLA.O), said operating profit came to 90.37 billion yen ($637 million) in the three months to end-June, versus the 91.18 billion yen average forecast in a poll of 11 analysts by Refinitiv. Its battery unit, Panasonic Energy, and Subaru (7270.T) said they have started talks to establish a battery supply partnership for electric vehicles that would supply the Japanese automaker with cylindrical lithium-ion batteries. Panasonic, whose products span consumer electronics and delivery robots to sensing cameras and self-checkout systems, maintained its full-year forecast at 430 billion yen. That compared to a 413.96 billion yen average profit forecast in a poll of 20 analysts by Refinitiv. ($1 = 141.9500 yen)Reporting by Daniel Leussink; Editing by David DolanOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Leussink, David Dolan Organizations: Japan's Panasonic Holdings, Panasonic, Tesla Inc, Refinitiv, Panasonic Energy, Subaru, Reuters, Thomson Locations: TOKYO

☆ Panasonic Q1 profit rises 42%, in line with market expectations
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 31 (Reuters) - Japan's Panasonic Holdings (6752.T) on Monday posted a 42% rise in first-quarter profit to 90.37 billion yen ($636 million), largely matching analysts' estimates. Operating profit for the three months to end-June compared with an average estimate of 91.18 billion yen in a poll of 11 analysts by Refinitiv and a 63.7 billion yen operating profit in the same period a year earlier. ($1 = 142.0400 yen)Reporting by Daniel Leussink; editing by David DolanOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Leussink, David Dolan Organizations: Japan's Panasonic Holdings, Refinitiv, Thomson Locations: TOKYO

☆ Panasonic considering providing EV batteries to Subaru -Nikkei
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 28 (Reuters) - Panasonic Holdings (6752.T) has started considering providing electric vehicle batteries to Subaru (7270.T), the Nikkei reported on Friday. The two companies are soon expected to announce the plan to ink a basic supply agreement of EV batteries, the report said. The energy unit of Panasonic Holdings and Mazda Motor 7261.T announced in June they also would start talks to set up a battery supply partnership for electric vehicles (EVs). Panasonic, which supplies almost all of its EV batteries to Tesla (TSLA.O), is seeking to increase global market as Chinese and South Korean competitors grow their presence, the Nikkei said. Reporting by Kaori Kaneko; Edit by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Kaori Kaneko, Tom Hogue Organizations: Panasonic Holdings, Subaru, Nikkei, EV, Mazda, Panasonic, Thomson Locations: TOKYO

☆ Panasonic, Mazda eye for long-term EV battery supply partnership
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: 1 min

TOKYO, June 21 (Reuters) - Japan's Panasonic Energy and Mazda Motor (7261.T) on Wednesday announced they will discuss a lithium-ion battery supply partnership for electric vehicles. Under the partnership, Panasonic Energy, a Panasonic Holdings Corp (6752.T) unit, would supply Mazda with automotive cylindrical lithium-ion batteries manufactured in Japan and North America for Mazda's battery EVs scheduled to be launched in the latter half of the 2020s, the companies said in a statement. Reporting by Kantaro Komiya, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Kantaro Komiya, Louise Heavens Organizations: Panasonic Energy, Mazda, Wednesday, Panasonic Holdings Corp, Thomson Locations: TOKYO, Japan, North America

A Model 3 starts at $40,240 and the price may fall to $25,240 when the $7,500 federal tax credit and another $7,500 from the California tax rebate kick in, depending on income and other requirements. SUPPLY CHAIN TWEAKSAnalysts said Tesla may have tweaked its battery supply chain to meet both battery mineral and battery component requirements for federal subsidy. Tesla used CATL's LFP battery cells for its Model 3 Rear Wheel Drive and nickel-based cells from an unidentified supplier for its Model 3 Long Range, analysts said. CATL and other suppliers like LG Energy Solution (373220.KS) do not have factories to make Tesla cells in the United States. Tesla has also started delivering China-made Model 3s and Model Ys to Canada, freeing up some capacity for U.S.-made models.

Persons: Tesla, Biden, Caspar Rawles, CATL, Morgan Stanley, Adam Jonas, Hyunjoo Jin, David Shepardson, Zoey Zhang, Mark Porter Organizations: FRANCISCO, Toyota, Panasonic, U.S, Mineral Intelligence, BMI, LG Energy, Panasonic Holdings, Tesla, Thomson Locations: WASHINGTON, California, Nevada, KS, United States, North America, U.S, China, Canada, Shanghai

☆ Panasonic to boost battery output at Tesla's Nevada Gigafactory - Nikkei
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

The company's unit, Panasonic Energy, will install a 15th production line at Gigafactory Nevada, the report said. The report comes after Panasonic said last month it plans to build at least two new factories for the production of Tesla 4680 battery cells in North America by 2030. At the time, Panasonic had not disclosed where in North America it would add the production capacity. Tesla recently told Panasonic it would "buy as much as can make", according to an executive at the Japanese manufacturer, the report added. Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, while Tesla is already producing the 4680 battery cells, which Musk has touted as being key to making cheaper and compelling electric cars.

Persons: Tesla, Musk, Samrhitha, Pooja Desai Organizations: Japan's Panasonic Holdings Corp, Tesla Inc, Nikkei, Panasonic Energy, Panasonic, Tesla, Thomson Locations: Nevada, Gigafactory Nevada, North America, Wakayama, Japan, Bengaluru

☆ Panasonic to boost battery output at Tesla's Nevada Gigafactory by 10%
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

The comments followed a Nikkei Asia report on Monday that said unit Panasonic Energy would install a 15th production line at Gigafactory Nevada. Panasonic Energy announced the plan to increase the Nevada factory's production capacity by 10% by March 2026 at a business strategy meeting last week, a Panasonic Group spokesperson said, declining to comment further. Panasonic said last month it planned to build at least two new factories for the production of Tesla 4680 battery cells in North America by 2030. At the time, Panasonic had not disclosed where in North America it would add the production capacity. Tesla recently told Panasonic it would "buy as much as (Panasonic) can make", according to an executive at the Japanese manufacturer, the Nikkei report said.

Persons: Tesla, Musk, Samrhitha, Daniel Leussink, Pooja Desai, Jamie Freed Organizations: Panasonic Holdings, Tesla, Nikkei, Panasonic Energy, Panasonic, Thomson Locations: Nevada, Nikkei Asia, Gigafactory Nevada, North America, Wakayama, Japan, Bengaluru, Tokyo

☆ Panasonic plans multiple new battery factories in North America by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

TOKYO, May 18 (Reuters) - Japan's Panasonic Holdings Corp (6752.T) aims to ramp up production of battery cells used in electric vehicles by building at least two new factories in North America, it said on Thursday. Panasonic plans to build at least two new factories for 4680 battery production in North America by 2030, a spokesperson confirmed to Reuters. Panasonic has yet to decide where in North America it will add the production capacity, said the company's Group Chief Executive Officer Yuki Kusumi. Panasonic and trading house Marubeni Corp (8002.T) will build out a delivery network in Japan that will use small electric vans, the Nikkei newspaper said later on Thursday. Panasonic will also set up two other new sites to deepen its battery know-how in Japan over the next two years.

☆ Panasonic plans two or more new battery factories in North America by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 18 (Reuters) - Japan's Panasonic Holdings Corp (6752.T) aims to ramp up its production capacity for 4680 battery cells by 2030 by building two or more new factories in North America, it said on Thursday, as it seeks to supply the growing electric vehicle (EV) market. Panasonic plans to build at least two new factories for 4680 battery production in North America, a spokesperson confirmed to Reuters. Panasonic has yet to decide where in North America it will add the production capacity, said the company's Group Chief Executive Officer Yuki Kusumi. Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, while Tesla is already producing the 4680 battery cells, which Tesla CEO Elon Musk has touted as being key to making cheaper and compelling electric cars. Panasonic will also set up two other new sites to deepen its battery know-how in Japan over the next two years.

☆ Panasonic sees record profit on robust battery demand, U.S. tax credit
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

The net profit outlook would be up 23% from the prior record for net profit of 284.1 billion yen, set in the year ending in March 2019. The company sees operating profit of 430 billion yen for the year through March 2024, versus 288.6 billion yen a year earlier. That beats the 383.96 billion yen average of 20 analyst estimates compiled by Refinitiv. For the fourth quarter of the year ended March 31, Panasonic posted operating profit of 54.4 billion yen. That compared with 83.4 billion yen a year prior and the 59.49 billion yen average of 12 analyst estimates.

☆ Panasonic sees higher profit this year on robust battery demand
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 10 (Reuters) - Japanese electric vehicle (EV) battery maker Panasonic Holdings Corp (6752.T) on Wednesday forecast a higher operating profit this year as it expects robust auto battery sales in the United States. Panasonic expects operating profit of 430 billion yen ($3.18 billion) for the year through March 2024, versus 288.6 billion yen a year earlier. That would compare to the 383.96 billion yen average of 20 analyst estimates compiled by Refinitiv. For the fourth quarter of the year ended March 31, Panasonic posted operating profit of 54.4 billion yen. That compared with 83.4 billion yen a year prior and the 59.49 billion yen average of 12 analyst estimates.

☆ Panasonic says it may build EV battery plant in Oklahoma
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 16 (Reuters) - Japan's Panasonic Holdings (6752.T), a battery supplier to electric vehicle maker Tesla Inc (TSLA.O), said on Sunday that it is considering building a battery plant in Oklahoma, its third in the United States. Panasonic's decision to consider Oklahoma, which was reported earlier by Kyodo news agency, comes amid surging sales for electric vehicles, and other EV makers besides longtime customer Tesla are looking to the Japanese conglomerate as a possible battery supplier. Panasonic is in talks with other Stellantis (STLAM.MI) and BMW (BMWG.DE) about building a new EV plant in North America, the Wall Street journal reported this month. The Japanese company in July rejected Oklahoma as the site for its second EV battery plant, picking Kansas instead to make batteries for Tesla. State officials there said that investment of up to $4 billion will create up to 4,000 jobs.

☆ Panasonic may build third EV battery plant in Oklahoma -Kyodo
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: 1 min

TOKYO, April 16 (Reuters) - Japan's Panasonic Holdings (6752.T), a battery supplier to electric vehicle maker Tesla Inc (TSLA.O), is considering building a battery plant in Oklahoma, it third in the United States, Kyodo news service reported on Sunday. Reporting by Tim Kelly; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Stellantis NV and Bayerische Motoren Werke AG are talking to Panasonic Holdings Corp. about teaming up to build electric-vehicle battery plants in North America, people familiar with the talks said. Panasonic specializes in cylindrical batteries, which resemble an oversize version of the AA batteries commonly used in consumer devices. Over the past decade, Japan-based Panasonic has churned out billions of cylindrical cells for its main car-making customer, Tesla Inc.

☆ 'Avoided Emissions' are key to helping society reach net zero CO2 emissions by 2050
▼ + stars: | 2023-03-31 | by ( Sponsor Post | Created Panasonic With Insider Studios | ) www.businessinsider.com time to read: +5 min

Its CO2 emissions, including its value chain, are estimated to be as much as 110 megatons. To address this, Panasonic unveiled its "Panasonic GREEN IMPACT" initiative in January 2022. This aims for a reduction impact of "around 1% (approximately 300 million tons)" of current total global CO2 emissions by 2050. Panasonic has clearly defined them in Panasonic GREEN IMPACT," said Shimono. ***Avoided Emissions refers to CO2 emissions cut using a company's products or technologies.

☆ First Big U.S. EV-Battery Plant Offers Lessons as Industry Springs Up
▼ + stars: | 2023-02-25 | by ( River Davis | ) www.wsj.com time to read: 1 min

SPARKS, Nev.—A pioneer in making electric-vehicle batteries in the U.S. has a message for newcomers: It takes time to power up. Japan’s Panasonic Holdings Corp. started building what would become America’s first large-scale EV-battery plant in 2015, at a site owned by Tesla Inc. in the rolling hills outside of Reno, Nev.

☆ Panasonic cuts full-year outlook as costly raw materials weigh
▼ + stars: | 2023-02-02 | by ( Daniel Leussink | ) www.reuters.com time to read: +2 min

TOKYO, Feb 2 (Reuters) - Japan's Panasonic Holdings Corp (6752.T) cut its annual operating profit forecast by 12.5% on Thursday after lower-than-expected third-quarter earnings, hit by headwinds from a slowing global economy and persistently high raw materials prices. The conglomerate slashed its operating profit forecast to 280 billion yen ($2.18 billion) for the financial year to Mar. 31, from 320 billion yen, in part due to a less rosy outlook for its industry segment this quarter. Panasonic's third-quarter result, with its operating profit rising 16% to 84.4 billion yen in the three months ended Dec. 31, fell short of a mean estimate of 95.31 billion yen profit from nine analysts. Most investors were focused on more clarity and details about U.S. Inflation Reduction Act benefits for Panasonic's EV battery cell production, such as the size and sustainability of subsidies, the analysts added.

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