Young Journalists Club | Latest news of Iran and world

News ID: 35067
Publish Date: 10:01 - 05 February 2019
TEHRAN, Feb 05 -Panasonic Corp shares fell almost 6.5 percent on Tuesday after the electric vehicle (EV) battery maker reported a drop in quarterly earnings and cut its full-year outlook, just as EV partner Tesla Inc branched out in battery tech.

Panasonic shares plunge after profit warning, Tesla's Maxwell dealTEHRAN, Young Journalists Club (YJC) -The Japanese firm on Monday chopped 9 percent from its operating profit outlook after booking a 19 percent drop in October-December, blaming weak demand for auto components and factory equipment in China, where the economy is slowing.

Both figures were far below analyst estimates.

Later on Monday, EV maker Tesla said it had agreed to buy U.S. energy storage company Maxwell Technologies Inc.

Maxwell sells ultracapacitor cells to General Motors Co and Volkswagen AG subsidiary Lamborghini, its website showed. Ultracapacitors store electricity and complement battery cells.

Panasonic is the exclusive battery cell supplier for Tesla, which in turn is Panasonic’s biggest EV battery client. The Japanese electronics firm also makes types of ultracapacitors.

Industry analysts in Japan pointed to Panasonic’s outlook as the main source of investor concern on Tuesday, saying the Maxwell deal’s impact on Panasonic was as yet unclear.

Source:Reuters

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