TOKYO (Reuters) -Panasonic on Wednesday said operating profit at its battery-making energy unit grew strongly in the first-quarter due to the AI investment boom, offsetting negative impact from U.S. tariffs and the termination of EV tax credits.
The profit for the key unit, which makes batteries for Tesla and other electric vehicle makers, posted a 47% year-on-year rise at 31.9 billion yen ($215.63 million).
“Concerns remain over further slowdown in EV demand due to U.S. tariff policies and termination of IRA 30D tax credit” but demand for data centre-bound energy storage systems is “growing more than anticipated”, Panasonic said in a presentation slide.
($1 = 147.9400 yen)
(Reporting by Kantaro Komiya; Writing by Daniel Leussink; Editing by Christopher Cushing)
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