Shulou(Shulou.com)11/24 Report--

CTOnews.com May 11 news, Panasonic Holdings announced at the earnings meeting expected that the 2023 fiscal year (as of March 2024) net profit will increase by 30% year-on-year to 350 billion yen. Panasonic CFO Hirohiro Meida pointed out that this is also the second time that Panasonic's net profit has set a new record since fiscal year 2018. Thanks to the subsidy, Panasonic's net profit will rise by 100 billion yen year-on-year, thanks to the passage of the inflation reduction Act to support companies that produce and manufacture batteries for pure electric vehicles in the United States.

Panasonic expects operating revenue to rise slightly 1 per cent to 8.5 trillion yen in fiscal 2023 (CTOnews.com note: currently about 436.9 billion yuan) and operating profit to rise nearly 50 per cent to 430 billion yen (currently about 22.102 billion yuan). Panasonic's record net profit was in fiscal year 2018, when Panasonic made a net profit of 284.1 billion yen (currently about 14.603 billion yuan), but in terms of operating profit, still did not break Panasonic's record of 575.6 billion yen (currently about 29.586 billion yuan) set in fiscal year 1984.

CTOnews.com learned that according to information provided by Panasonic's financial meeting, Panasonic's net profit was mainly driven by battery superplants in Reno County, Nevada, and de Soto, Kansas, which mainly supplied Tesla. Panasonic CFO pointed out at the financial meeting that under the US inflation reduction Act, Panasonic will receive federal government subsidies in fiscal year 2023, making it the biggest driver of profit growth. At the same time, Panasonic expects the de Soto battery plant to officially enter mass production in fiscal year 2024.

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