Japanese battery manufacturer Panasonic Group expects growth in automotive battery sales at its North American factories to slow, reflecting broader policy changes.
The company expects to lower its sales forecast from an initial estimate laid out in May of 46GWh for the year ending 31 March 2026.
Although Panasonic still projects higher sales volumes for that period than in the previous year, it did not provide new specifics for its sales forecast.
Panasonic sold 38.1GWh of batteries in the year ending 31 March.
Panasonic said its competitive position is strengthened by a US-based, Inflation Reduction Act (IRA)-compliant supply chain and some expansion in capacity at its Kansas factory.
Mass production of 2,170 cells began at the Kansas facility in July, with a target capacity of 32 GWh/yr.
Panasonic's Nevada facility achieved capacity of 41 GWh/yr after the addition of a new production line. Ongoing enhancements should increase capacity to 44 GWh/yr by 2031.
Sales of its energy storage systems for data centers increased, driven in part by the expansion of the generative artificial intelligence market.
Operating profit from its energy segment rose by 48pc in the quarter ending in June, reaching ¥32bn ($221mn), driven by higher sales at its Nevada plant and increased benefits from IRA tax credits.
Panasonic expects sales for data center applications to rise by about 50pc to over ¥200bn/yr.
