© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the Combined Exhibition of Advanced Technologies at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo
(Reuters) – Panasonic (OTC:) Corp said on Wednesday it expected global car production to recover this fiscal year, but that the two-year long chip shortage will continue.
The Japanese conglomerate, which makes batteries for Tesla (NASDAQ:) Inc, said last month it expected no growth in profits this business year, due to component shortages caused by COVID-19 lockdowns in China and rising material costs following Russia’s invasion of Ukraine.
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