After a extremely difficult second quarter of 2020, the third quarter turned out to be comparatively good for Panasonic. Regardless of the corporate noting a noticeable 15% lower of revenues, earnings and internet earnings improved year-over-year.
To us, an important factor is that the EV battery enterprise is increasing and delivers earnings.
Let’s check out the overall outcomes first:
- Gross sales: 1,667 billion yen ($16.0 billion) – down 15% year-over-year
- Working revenue: 92.8 billion yen ($890 million) – up 11% year-over-year
- Internet loss: 58.7 billion yen ($560 million) – up 15% year-over-year
Our focus is on the Automotive class, which incorporates lithium-ion batteries for xEVs. The general consequence was 3% decrease than a yr in the past, however the gross sales of automotive batteries elevated and the section was worthwhile.
- Gross sales: 358.5 billion yen ($3.44 billion) – down 3% year-over-year
- Working revenue: 5.1 billion yen ($49 million); working margin of 1.4%
The Automotive Batteries subcategory exhibits elevated gross sales, lowered prices and general profitability of cylindrical battery enterprise (each on the Tesla Gigafactory in Nevada and in Japan).
Panasonic provides Tesla with:
- 21700 cylindrical cell kind for the Model 3/Model Y (produced on the Gigafactory 3 in Nevada)
- 18650 cylindrical cell kind for the Model S/Model X (imported from Japan to the U.S.)
Sadly, as normal, there are not any particulars in regards to the xEV battery enterprise unit, however we’re optimistic about the way forward for electrification.