Tesla’s Battery Supplier Forecasts Drop in Earnings, Sales
A Tesla Co. Model X electric automobile, fitted with Panasonic batteries.
Photographer: Krisztian Bocsi/Bloomberg
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Panasonic Corp., the Japanese company that makes the batteries that power Tesla Inc.’s electric vehicles, predicted falling annual earnings on restructuring expenses and higher costs at its automotive business and other units.
The Japanese company said Thursday that full-year sales, operating income and net income will all decline. The company also cited falling sales at its industrial solutions business in China.