TOKYO — Japan’s Panasonic Holdings reported a record net profit of 443 billion yen ($2.8 billion) for the fiscal year ended in March, on the back of temporary tailwinds including a U.S. government electric vehicle battery subsidy. But the major Tesla supplier is forecasting difficult times ahead as the EV market slows.
The technology company’s bottom line was also boosted by a reduced corporate income tax of 121.3 billion yen from liquidating an LCD panel factory in Japan, the company said in an earnings statement on Thursday. Sales were up by 1%, to 8.4 trillion yen.
