Japan’s Panasonic lifted its outlook for earnings this year after reporting a 23 percent jump in third-quarter operating profit on healthy sales of car components and factory automation equipment.
The strong result underscores Panasonic’s shift away from the price competition of smartphones and other lower-margin consumer products, reinventing itself as a provider of automotive batteries and components, as well as automation equipment.
Panasonic, the exclusive battery cell supplier for Tesla‘s mass-market Model 3 sedan, raised its profit forecast for the year ending March to JPY 350 billion (roughly Rs. 20,500 crores) from JPY 335 billion (roughly Rs. 19,500 crores), in line with market estimates.
This article was sourced from Gadgets360