Panasonic targets AI growth as EV battery earnings fall
Panasonic aims for 750 billion yen in profit by 2029 by focusing on AI infrastructure. This comes as its electric vehicle battery unit missed annual targets.
PANASONIC HOLDINGS CORP targets 750 billion yen in adjusted operating profit by March 2029, fueled by AI infrastructure growth. The goal includes a 130-billion-yen boost from AI, offsetting recent weakness in its electric-vehicle battery division. Investors are weighing the pivot toward data centers as EV demand volatility impacts its primary supply deal with TESLA INC.
Most AI-linked profit will come from the energy and industry segments, the group said in strategy materials released midday Tuesday. Panasonic Energy has started shipping battery cells for data centers in Japan and decided to introduce a dedicated production line for these cells at its plant in Kansas.
