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Panasonic Boosts Battery Unit Outlook, Unveils Profitability Reform Plan

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Panasonic Holdings has raised its full-year earnings forecast for its energy division, which supplies batteries to Tesla, citing strong sales of energy storage systems and improved profitability at its U.S. battery plant. The revised outlook increases the segment’s expected earnings by 14% to 124 billion yen ($798.35 million), following a 39% rise in operating profit during the third quarter.

The company also announced a new management reform plan, aiming to boost group profitability by over 300 billion yen ($1.93 billion) and achieve a return on equity above 10% by the fiscal year ending March 2029. It plans to improve profitability by 150 billion yen by fiscal 2026 and another 150 billion yen by fiscal 2028.

Panasonic’s energy unit benefited from higher sales of energy storage systems and lower material costs, offsetting an overall decline in automotive battery sales. Reduced production in Japan and increased costs related to a new U.S. battery plant and a renovated facility in Japan’s Wakayama prefecture impacted operations.

Expanding its North American footprint, Panasonic Energy currently operates a battery plant in Nevada supplying Tesla and is set to open a second U.S. facility in Kansas this year. The segment reported third-quarter operating income of 42 billion yen ($270.46 million).

Despite industry-wide concerns over slowing EV demand, Panasonic has retained its full-year profit forecast of 380 billion yen for the entire group. It continues to compete with major Asian battery makers, including China’s CATL and South Korea’s LG Energy Solution, the latter of which recently announced plans to cut capital expenditure by up to 30% due to weakening EV demand.

 

Northvolt Sells Novo Energy Stake to Volvo, Eyes North American Expansion

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Swedish battery manufacturer Northvolt has agreed to sell its stake in Novo Energy, its joint battery venture with Volvo Cars, as part of a broader cost-cutting strategy. The company will now explore new supply opportunities in North America while Volvo takes full control of Novo’s operations.

Key Details:

  • Stake Sale to Volvo: Northvolt, facing financial difficulties and under U.S. bankruptcy protection, ceased funding for joint ventures in 2024. As a result, Volvo declared a contract breach in October and moved to acquire Northvolt’s stake in Novo Energy.
  • Bankruptcy Court Approval Needed: A U.S. bankruptcy court must approve the sale. Financial terms were not disclosed.
  • Focus on Core Business: Northvolt is divesting projects in Poland and Norway to sustain its battery production, with key gigafactories planned in Sweden, Germany, and Canada—though some are facing delays.
  • Volvo Seeking a New Partner: Volvo has not yet announced a new partner for Novo but remains committed to launching battery production at its Gothenburg factory by 2026.
  • North American Expansion: Despite losing its planned battery orders from Volvo, Northvolt sees potential for new supply agreements in North America, particularly at its upcoming Northvolt Six plant in Montreal.

Stellantis and CATL to Build $4.33 Billion EV Battery Factory in Spain

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Stellantis and Chinese battery manufacturer CATL have announced a joint investment of €4.1 billion ($4.33 billion) to establish a new electric vehicle (EV) battery factory in Zaragoza, Spain. The two companies will form a 50-50 joint venture and aim to start production by the end of 2026. The plant could have a production capacity of up to 50 gigawatt hours, depending on market growth and regulatory support.

Boost to European EV Battery Production

The collaboration between Stellantis and CATL is part of Europe’s efforts to reduce its reliance on Asia for EV batteries and increase its competitiveness against the United States in the race for green subsidies. The move comes as the region continues to attract battery manufacturers despite challenges such as regulatory delays, production issues, and slower-than-expected demand for electric vehicles.

In recent months, European battery makers have faced significant setbacks, with Sweden’s Northvolt filing for Chapter 11 bankruptcy after losing a major customer. However, the new Zaragoza plant represents a step forward for both companies, leveraging the region’s clean energy initiatives.

CATL’s Expansion in Europe

The Zaragoza factory will be CATL’s third European plant, following its existing facilities in Germany and Hungary. The German plant, established six years ago, has an investment of €1.8 billion, with a planned capacity of 14 gigawatt hours. The Hungarian plant, under construction, will see a €7.3 billion investment and target a much larger capacity of 100 gigawatt hours.

Stellantis’ Broader EV Strategy

Alongside its partnership with CATL, Stellantis is a major investor in the ACC battery joint venture, which also includes Mercedes and TotalEnergies. ACC has begun production in France, although the development of additional plants in Italy and Germany has faced delays due to a dip in EV demand.