Panasonic Holdings to Boost Business Base With Expansion Plan for Auto Batteries Segment, S&P Says

MT Newswires Live09-09

Panasonic Holdings' (TYO:6752) plan to grow and improve its production capacity of automotive batteries in Japan will strengthen its business profile, S&P Global Ratings said in a Friday note.

The plan involves the supply of batteries to Japanese automakers Subaru (TYO:7270) and Mazda Motor (TYO:7261).

S&P expects the plan to help stabilize Panasonic's automotive batteries business by diversifying the sales, which are mainly concentrated on US electric vehicle maker Tesla, through its cooperation with the Japanese automakers.

However, the rating agency does not expect the plan to boost the segment's profitability in the short term since the supply of batteries to the Japanese automakers will only begin in fiscal year 2027.

S&P believes Panasonic will be able to manage the pressure brought by the business expansion plan given the shared investments with Subaru and Mazda as well as government subsidies.

The rating agency also views the company as having ample financial cushion and a prudent policy to support growth investments in the next one to two years.

Price (JPY): $1226.00, Change: $-3.5, Percent Change: -0.28%

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