Panasonic's 1st-Half Sales Top 4 T. Yen; Hitachi, Sony Log Record Profits

Economy

Tokyo, Nov. 1 (Jiji Press)--Japanese electronics titan Panasonic Corp. <6752> has earned more than 4 trillion yen in fiscal first-half group sales for the first time in seven years, while rivals Hitachi Ltd. <6501> and Sony Corp. <6758> posted record operating and net profits on a consolidated basis, according to their earnings reports.

Panasonic's sales in the April-September first half of fiscal 2018 grew 3.9 pct from a year before to 4,008.1 billion yen.

The result reflected increased sales of vehicle batteries, a pillar for its growth, with U.S. electric vehicle maker Tesla Inc. having launched full-fledged production of new vehicle models.

"Mass production of our batteries for Tesla vehicles is finally getting on track," Panasonic President Kazuhiro Tsuga told a news conference in Tokyo on Wednesday.

Improving profitability of the battery business is a challenge for Panasonic because the rate of defective products is still high shortly after the start of mass production, industry sources said.

[Copyright The Jiji Press, Ltd.]

Jiji Press