Panasonic posts higher profit on cost cuts, improved battery business with Tesla
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TOKYO (Reuters) - Panasonic Corp on Monday reported a 3% rise in third-quarter operating profit, beating analyst estimates, aided by cost cuts and an improvement at the joint battery business with Tesla Inc . Panasonic, which supplies battery cells for electric vehicles (EVs) made by Tesla, posted a profit of 100.4 billion yen (£696.30 million) for the October-December period, versus 97.6 billion yen a year earlier.The result compared with an average estimate of 67.36 billion yen from eight..