Panasonic shares plunge after profit warning | 2019-02-06 |

Panasonic shares plunge after profit warning

5th February, 2019 11:54:52 printer

TOKYO: Panasonic Corp shares fell almost 6.5 percent on Tuesday after the electric vehicle (EV) battery maker reported a drop in quarterly earnings and cut its full-year outlook, just as EV partner Tesla Inc branched out in battery tech.

The Japanese firm on Monday chopped 9 percent from its operating profit outlook after booking a 19 percent drop in October-December, blaming weak demand for auto components and factory equipment in China, where the economy is slowing, report agencies.

Both figures were far below analyst estimates.

Later on Monday, EV maker Tesla said it had agreed to buy U.S. energy storage company Maxwell Technologies Inc.

Maxwell sells ultracapacitor cells to General Motors Co and Volkswagen AG subsidiary Lamborghini, its website showed.