Panasonic shares plunge 9% due to issues faced by Tesla during past few weeks
Over the last few weeks, US electric carmaker Tesla Motors has been in the news for wrong reasons, and that has apparently taken a toll on the shares of the company’s sole battery supplier, Japan-based Panasonic Corporation.
There has been a 9 percent plunge in Panasonic’s shares, after reports about another fatal crash involving a Tesla vehicle, as well as Tesla’s inability to achieve the production targets for its mass-market Model 3. Moreover, another recent bad-news story linked to Tesla is that Moody's Investors Service has downgraded its rating for the company on account of liquidity concerns.
Due to the issues being faced by Tesla of late, the Panasonic stock has tumbled. In addition, there has also been a sharp rise in the cost to insure Panasonic's five-year debt.
Panasonic’s efforts are presently focused on the auto industry. The company has solid battery technology, and is heavily dependent on Tesla and the broader electric-vehicle industry. In March 2018, Panasonic commenced the production of batteries for hybrid cars in the north-eastern city of Dalian.
Prior to that, in February, Panasonic had made a downward revision to its sales and operating profit estimates for rechargeable batteries for the full fiscal year. The company said that the reason behind the move was that its sales plans in North America had to be pushed out to “future periods.”
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