Japan's Panasonic Corp posted on Monday a 29% drop in annual operating profit amid the coronavirus outbreak but said its battery cells joint venture with major customer Tesla Inc logged a second straight quarterly profit.
Operating profit for the year ended in March came in at 293.75 billion yen , in line with an average estimate of 295.3 billion yen profit drawn from 17 analysts polled by Refinitiv.The coronavirus outbreak has forced Panasonic to close many plants globally and disrupted supply chains for laptops, washing machines, automotive components and factory equipment.
The outbreak has hit Panasonic at a time when the Japanese company is struggling to find new ways to grow as its strategic shift to components from consumer electronics has failed to drive profit growth. The automotive business sank deeper into a loss, but its venture with Tesla in Nevada logged a quarterly profit in January-March, the company said, without giving numbers.
The company is cautious about expanding the partnership with Tesla, as its $1.6 billion bet on the Nevada factory has long failed to produce solid returns following several years of production troubles and delays at the U.S. partner.It has also lost its status as Tesla’s exclusive battery supplier as it chose not to build a new battery plant for Tesla in China. The U.S.
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