EVs replace smartphones as earnings driver for Japan parts makers

Net profit at Kyocera, TDK, other big players set to rise for first time in two years

Workers install an electric-vehicle battery at a Mitsubishi Motors factory in Kurashiki, Japan. © Reuters

YUTA FUKUSHIMA and YUJI OHIRA, Nikkei staff writers

May 16, 2023 02:55 JST

TOKYO/KYOTO, Japan -- As global smartphone sales plateau, many of Japan's biggest electronic parts makers see components for electric vehicles powering profit growth in the new fiscal year.

Combined profits at the top eight players are forecast to rise for the first time in two years. They expect consolidated net profit to grow 8% on the year to a total of 829 billion yen ($6 billion) for the fiscal year ending March 2024.