Nidec Plunges Most Since 2011 After EV Malaise Hits Profit
- Japanese supplier to EV industry dives more than 10%
- Motors and machinery linchpin is grappling with anemic sales
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Nidec Corp. slumped the most in more than 12 years after reporting quarterly earnings that missed estimates, underscoring weakness across the global electric vehicle and electronics arenas.
The Japanese firm’s shares fell as much as 11% Tuesday in Tokyo, its biggest drop since March 2011 intraday. Nidec, a key supplier to EV and electronics makers from Tesla Inc. to Apple Inc., reported a less-than-projected 7.6% rise in September quarter operating income. Revenue barely grew during the period.