Key facts
- Panasonic's energy unit operating profit surged to 55.6 billion yen in Q2.
- This is up from 1.2 billion yen in the prior year's second quarter.
- Higher sales of EV batteries in North America and data center energy storage systems boosted profit.
- Demand for in-vehicle batteries from strategic customers significantly outperformed the market.
- Full-year profit forecast for the energy unit was raised by 16% to 198 billion yen.
- Group operating profit forecast was lifted by 20% to 710 billion yen.
Panasonic Holdings reported a significant surge in operating profit for its energy unit in the second quarter, reaching 55.6 billion yen ($352 million) compared to 1.2 billion yen a year ago. The company attributed the growth to increased sales of in-vehicle batteries for electric vehicles and energy storage systems for data centers. Demand from key customers for EV batteries notably outpaced the overall market. As a result, Panasonic raised its full-year profit forecast for the energy unit by 16% to 198 billion yen and increased its group operating profit forecast by 20% to 710 billion yen, partly due to strong performance in its AI-related businesses.