Panasonic cuts battery unit’s profit outlook, warns on high-end EV sales

Panasonic Holdings, which supplies batteries for Tesla, said on Monday it had cut automotive battery production in Japan in the September quarter and shrank the division’s annual profit forecast by 15%, underscoring a global slowdown in EV sales.

The company’s less positive outlook for its battery segment follows similar warnings by several automakers and suppliers, as major economies, including China and Europe, see weaker growth.