Panasonic EV Batteries Tumble to Loss on Tempered Tesla Demand
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Panasonic Holdings Corp.’s automotive batteries operations fell to their first loss in three quarters on lackluster demand for Tesla Inc.’s Model S and Model X cars.
Demand shifted to Tesla models priced below the $80,000 threshold eligible for tax incentives, hurting the Japanese supplier’s profitability in the September quarter, Chief Financial Officer Hirokazu Umeda said on an earnings call Monday.