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Japan-Update

Panasonic expects robust profit despite Tesla battery woes

Electronics maker lifts full-year forecast on stability in core businesses

Production delays in Tesla's Model 3 sedan have impacted Panasonic, which supplies the U.S. company with rechargeable batteries.

OSAKA -- Panasonic sees net profit reaching a 10-year high in the year through March, it said Monday, as healthy sales in factory automation and home electronics offset troubles in its nascent battery business related to production setbacks at U.S. electric vehicle maker Tesla.

The Osaka-based electronics manufacturer now expects net profit to rise 41% to 210 billion yen ($1.91 billion), up from its previous guidance of 160 billion yen. Panasonic last posted a full-year net profit above 200 billion yen in the year through March 2008, and has already cleared that threshold in the first three quarters of this fiscal year. The company follows international accounting rules.

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