Panasonic’s battery unit Q3 operating profit rises 39% from a year earlier

TOKYO (Reuters) – Japan’s Panasonic Holdings said on Thursday the third-quarter operating profit of its energy unit, which supplies batteries to Tesla, rose 39% from a year earlier on improved profitability at its U.S. plant and stronger sales of energy storage systems.

Operating income for the key segment increased to 42 billion yen ($270.46 million) as the better profitability at its U.S. plant helped offset an overall decline in sales in its in-vehicle business, it said in presentation materials.

($1 = 155.2900 yen)

(Reporting by Daniel Leussink; Editing by Christian Schmollinger)