TOKYO (Reuters) – Panasonic Corp on Tuesday said it expects its battery business with U.S. electric vehicle maker Tesla to contribute to profit from the second half of its business year, as production of mass-market Model 3 cars picks up pace.
The Japanese firm is the exclusive battery cell supplier for new vehicles made by Tesla, which in June reached a long-elusive target of making 5,000 Model 3 cars per week, albeit amid concern about whether it could sustain that level of production.
“Production at Tesla is gaining momentum,” Panasonic Chief Financial Officer Hirokazu Umeda said at a briefing. “We are ramping up a new (battery production) line now and expect the business to contribute not just to our revenue but also to our profit from the second half (starting in October).”
