- Panasonic Holdings Corporation PCRFY will slow down the production of its 4680 battery cells endorsed by Tesla Inc TSLA CEO Elon Musk.
- The production delay is to improve the performance, reported Reuters. Panasonic has a pilot 4680 production line at its Wakayama factory in Japan.
- The commercial production of the batteries will happen later than previously anticipated, during April-September in 2024.
- The report noted that Panasonic had previously thought of starting production between April 2023 and March 2024.
- "Mass production rescheduled to begin during 1H FY3/25 to introduce performance improvement measures that will further enhance competitiveness," the company said.
- Tesla has touted 4680 battery cells, saying it is important to make cheaper and compelling electric cars.
- The Tesla supplier has posted a 113% year-on-year increase in FY23 revenue to ¥8.3 trillion with an operating profit of ¥288 billion.
- Panasonic sees FY24 revenue of ¥8.5 trillion with an operating profit of ¥430 billion.
- Price Action: PCRFY shares closed higher by 3.28% at $10.08 on Wednesday.
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