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Tesla Cheats with New Battery Supplier, Panasonic Forecast Plunges

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Panasonic wasted no time lowering its guidance after its bread-and-butter customer, Tesla, announced it was buying another battery supplier to power its electric vehicles. The lucky company Tesla chose to replace Japan-based Panasonic is California-based Maxwell Technologies. On the news, Panasonic lowered its profit expectations by 9%. The possible loss of Tesla isn’t the only culprit that led to the lowered guidance. The struggling tech player revealed it was also being hurt by weak demand in China for auto components and factory equipment. China’s slowing economy and the overhang of trade wars have weighed on countries and tech companies all

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