Panasonic cuts battery unit’s operating profit forecast by 15% for full financial year

TOKYO : Japan’s Panasonic Holdings on Monday cut the operating profit forecast for its energy unit that makes automotive batteries by 15 per cent, as it warned of slowing demand for high-end electric vehicles in North America.

Panasonic lowered its full-year operating profit forecast for the energy unit that makes batteries for Tesla and other automakers to 115 billion yen ($769 million) from 135 billion yen.

($1 = 149.5400 yen)