Japanese electronics giant Panasonic Holdings Corp. said Wednesday that its consolidated net profit for fiscal 2023 is expected to rise 31.8 pct from the previous year to a record 350 billion yen ($2.6 billion).
The bottom line will be pushed up by 100 billion yen in the year ending in March 2024 because the company's electric vehicle battery plant in the U.S. state of Nevada is set to receive subsidies under the U.S. Inflation Reduction Act.
Panasonic's EV battery plant being constructed in the state of Kansas is also expected to receive subsidies. The facility is expected to start operations in fiscal 2024.
For the year that ended in March, Panasonic reported 8,378.9 billion yen ($62.3 billion) in sales, up 13.4 pct. Its net profit grew 4.0 pct to 265.5 billion yen ($1.97 billion), Nippon reports.
