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Panasonic raises profit outlook on AI demand, battery unit profit jumps

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TOKYO, July 30 : Panasonic Holdings raised its full-year operating profit forecast on growing demand tied to AI on Thursday and posted a rise in quarterly profit at its key battery-making energy unit on higher sales of energy storage systems.

The Japanese company raised its group profit forecast for the year ending March 2027 by 40 billion yen, or 7 per cent, to 590 billion yen ($3.6 billion), citing expected demand growth for generative AI server applications in its industry business.

Operating profit at its energy unit, which makes batteries for data centres and electric-vehicle makers including Tesla, rose 28 per cent to 40.9 billion yen in the April-June quarter, also helped by favourable exchange-rate effects.

Panasonic maintained its full-year profit forecast for the energy unit at 171 billion yen.

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It said sales volume at its North American battery plants fell short of plans in the first quarter due to lower utilisation rates, but added it expects a recovery from the current quarter and remains on track to meet its full-year outlook.

U.S. EV sales recovered in the first quarter following a downturn after the termination of tax credits for EV purchases, with the recovery trend continuing, the company said.

($1 = 163.5800 yen)

Source: Reuters

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