Panasonic sees record profit
Japan's Panasonic Holdings Corp on Wednesday said it expects net profit to rise to a record high this year on robust auto battery sales and a hefty tax credit in the United States.
The industrial conglomerate, which supplies batteries to US electric vehicle (EV) leader Tesla Inc, is expanding its energy business just as persistently high inflation rates worldwide dampen consumer sentiment.
Panasonic predicts net profit will grow 32 per cent from a year earlier to a record 350 billion yen ($2.59 billion) as it expects a tax credit for EV battery operations under the U.S. Inflation Reduction Act to boost its bottom line by 100 billion yen.
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