Panasonic’s battery unit profit grows 47% y/y in Q1 on AI boom

Panasonic on Wednesday said operating profit at its battery-making energy unit grew strongly in the first quarter due to the AI investment boom, offsetting negative impacts from US tariffs and the termination of electric vehicle tax credits.

Profit for the key unit, which makes batteries for Tesla and other EV makers, rose 47% year-on-year to 31.9 billion yen ($215.6 million).