Japanese group is up against unprecedented competition from Chinese battery manufacturers
Japanese stocks have more than doubled from their 2020 low. In a record-breaking rally, an easy pick would surely be a company that is a key Tesla battery supplier and usually a foreign investor favourite. But Panasonic has instead been one of the worst-performing companies in the electronics sector in the past year. That power down looks set to last. Panasonic is down more than a fifth over the past year despite a record net profit of Y443bn for the year to March.
It has said it is no longer aiming to triple revenue and quadruple production capacity of EV batteries by fiscal 2030 as it had previously pledged. But the bigger let-down has been Europe. In Germany, the government cut heat pump subsidies last year, resulting in a sharp slowdown in new heat pump sales. Heat pump sales in 14 European countries fell last year, reversing a decade-long trend of rapid growth.
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