TOKYO: Japan’s Panasonic Holdings forecast on Thursday a 23% rise in operating profit for its battery-making energy unit in the current business year, after undershooting its estimated operating profit for the year that just ended.

Operating income for the key segment, which makes batteries for Tesla and other automakers, is expected to reach 109 billion yen ($700.11 million) in the year to March 31, 2025, Panasonic said.

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The unit made 88.8 billion yen in the year that ended in March, missing its own 113 billion yen forecast.