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Panasonic, Tesla to build giant battery plant in US
by Staff Writers
Tokyo (AFP) July 31, 2014


VW reports profits jump on China growth, luxury brands
Frankfurt (AFP) July 31, 2014 - Volkswagen, Europe's biggest auto group, on Thursday posted a robust quarterly net profit thanks to growth in China and higher profits at its luxury car divisions Audi and Porsche.

In the quarter from April to June, the German group's net profit surged 12.5 percent to 3.2 billion euros ($4.3 billion).

But the strong euro weighed on group sales, which declined two percent to around 51 billion euros, while operating profit dropped three percent to 3.3 billion euros.

The VW brand itself saw operating profit fall to 1.01 billion euros during the first six months of the year from 1.49 billion euros a year ago.

"We have delivered a good financial performance in the first half of the year despite headwinds," chief executive Martin Winterkorn said in a statement, citing weakening emerging markets and the cost of investing in new technologies.

However strong demand in China offset negative results in other key regions, as did profit growth at its Audi and Porsche divisions.

The strong sales figures put it within striking distance of its Japanese rival Toyota, the global market leader.

VW sold 5.07 million units in the first half of the year, up 5.6 percent compared to last year. Toyota moved 5.09 million units in the same period.

Japanese electronics giant Panasonic and US electric vehicle maker Tesla Motors said Thursday they will jointly build and operate a huge lithium ion battery plant known as the Gigafactory.

Under the deal, Tesla will run the operations at the proposed US-based plant, while its Japanese partner will make battery cells destined for the plant and invest in equipment and machinery, according to a joint statement.

The companies did not disclose financial details, a location or other terms of the agreement.

Japanese media previously reported that Panasonic would invest as much as 30 billion yen ($290 million) in the multi-billion-dollar plant.

The pair said the large-scale plant should drive down the cost of batteries and eventually help popularise electric vehicles.

The Gigafactory will produce battery cells, modules and packs for Tesla's electric vehicles.

Some 6,500 people are expected to work at the facility.

"The Gigafactory is being created to enable a continuous reduction in the cost of long range battery packs in parallel with manufacturing at the volumes required to enable Tesla to meet its goal of advancing mass market electric vehicles," the joint statement said.

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