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Slow high-end EV demand lowers Panasonic’s battery capacity utilization rate

Panasonic Group saw its net income hit a record high in the first half of the fiscal year 2023, thanks to the battery subsidies offered by the US Inflation Reduction Act (IRA). However, the company’s battery business diminished when deducting the incentives because the demand for high-priced EVs, including some Tesla models, was sluggish.