Panasonic Holdings, which supplies batteries to Tesla, said it cut production of car batteries in Japan in the September quarter and cut the division's forecast and annual profit by 15 percent, highlighting a global slowdown in electric car sales.

The less positive outlook for the company and its battery segment follows similar warnings from several automakers and suppliers as growth slows in major economies, including China and Europe.

Panasonic lowered its full-year operating profit forecast for the energy unit and other automakers to 115 billion yen ($769 million) from 135 billion yen.

The company adjusted production of car batteries in Japan in the three months to the end of September to meet rapidly weakening demand.

Panasonic and the Group CFO will hold a second quarter results press conference earlier this week. The battery and Japanese production were hurt by a slowdown in the adoption of advanced electric cars in North America, Panasonic said in presentation materials, as a US anti-inflation law fueled a shift in consumer demand.

Panasonic increased production in its North American operations, remained stable and saw solid growth in tax-deductible vehicles.

Last week, South Korean battery company LG Energy Solution warned of a slowdown in revenue growth in 2024 as global economic uncertainty affects the outlook for electric car sales.

Also this month, Tesla took a cautious stance on expanding electric car production capacity, with CEO Elon Musk saying he was concerned that higher borrowing costs would prevent potential customers from paying for their vehicles despite prices.

General Motors is also slowing down the launch of several electric car models to cut costs and reduce production spending on electric cars.