Panasonic has predicted a rebound for its battery business as its main customer — widely understood to be Tesla — is expected to regain market share thanks to surging petrol prices spurring sales of electric vehicles.
The Japanese manufacturer said it expected demand for its US-made batteries to grow 19 per cent to 46 gigawatt hours in its current financial year, “supported by [our] strategic customer’s recent recovery in market share” despite its forecast for overall EV sales to be flat across the wider US market.
That would help its battery division to increase operating profit to ¥173bn ($1bn) in the 12 months to March 2027, more than double the previous year.
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