GS Yuasa books $30M in extraordinary losses for faulty batteries in Mitsubishi PEVs
02 August 2013
The Nikkei reported that GS Yuasa Corp. set aside ¥3 billion (US$30 million) for the April-June quarter as extraordinary losses associated with Mitsubishi Motors Corp.’s recall of defective batteries used in its plug-in hybrids and electric cars (PEVs). (Earlier post.)
The batteries were made by Lithium Energy Japan, in which GS Yuasa holds a 51% stake. Mitsubishi Motors in June issued the recall, which incurs collection and replacement costs for GS Yuasa.
Although GS Yuasa is also the supplier of the troubled Li-ion battery for the Boeing 787, there is no impact at this point on earnings, the company said. Replacement and maintenance demand for the aircraft batteries is expected to get into full swing in fiscal 2016 and beyond.
GS Yuasa also unveiled a new three-year business plan through fiscal 2015, calling for a 12 billion yen [US$120 million] investment in expanding lithium ion battery production.
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