Latest news with #PanasonicHoldings
Nikkei Asia
21-05-2025
- Automotive
- Nikkei Asia
Panasonic's US battery plant on course to open after 'toughest' delays
TOKYO -- After numerous delays, production at Tesla supplier Panasonic Holdings's second U.S. battery plant could start as soon as July, though uncertainty over U.S. President Donald Trump's tariffs could continue impacting its operations even after it opens its doors. Setting up a complicated manufacturing facility in a foreign country is rarely easy, but Panasonic's plant in Kansas had a particularly rough start, according to a supplier working with the Japanese company.
Yahoo
13-05-2025
- Business
- Yahoo
Panasonic to lay off 10K workers globally
This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter. Panasonic Holdings plans to lay off 10,000 workers around the globe as part of a corporate restructuring, the electronics maker announced on Friday. The company aims to cut 5,000 workers in its home country of Japan, as well as 5,000 workers at other locations around the world. Panasonic will also shutter some loss-making businesses and sites as part of the cuts. The company currently operates one lithium battery production site in Sparks, Nevada, where it supplies Tesla. Panasonic also has an office in Reno, Nevada and is readying to open a new $4 billion battery factory in De Soto, Kansas this spring. Panasonic will incur roughly $879 million (130 billion yen) in structural reform costs from the job cuts. Layoffs will largely impact sales and "indirect departments," according to the company's announcement. The company is focused on streamlining operations at its headquarters and in its global IT operations, as well as in its consumer electronics segment. The electronics manufacturer is aiming to raise profits by 150 billion compared to the fiscal year ending March 31, 2025. The moves are part of Panasonic's plan to mitigate slowing demand across multiple markets. The company's sales for fiscal year 2025, which ended in March, were down 0.5% year over year to 8.5 trillion yen, with particular slowdowns in its auto segment. For the current fiscal year, Panasonic forecasts a roughly 13% drop in operating profit down to 370 billion yen. The forecast does not take into account any impact from the Trump administration's tariff policies. Recommended Reading Solo Cup maker lays off workers after sudden demand drop Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
NDTV
12-05-2025
- Business
- NDTV
Japan's Panasonic To Cut 10,000 Jobs: Reasons For Layoffs And What's Next For The Tech Giant
Panasonic Layoffs: Panasonic Holdings, a Japanese electronics giant, is cutting around 10,000 jobs globally, with 5,000 positions eliminated in Japan and 5,000 overseas. Panasonic's decision to cut around 10,000 jobs represents about 4% of its global workforce of approximately 230,000 employees. As per the company, this significant restructuring effort aims to boost profitability and streamline operations. The company expects to incur restructuring costs of approximately $896 million but anticipates a profit increase of $1 billion by March 2027 and $2.1 billion by March 2029, as per Reuters. The layoffs will take place between now and March 2026 after reviewing 'operational efficiency,' mainly in sales departments. The cuts will come through consolidation of sales and indirect operations as well as sites, business terminations and employees in Japan taking early retirement, the company said. The company has assured that all layoffs will be carried out in line with labour laws and regulations in each country. What Panasonic Said The decision to cut 10,000 jobs globally is a strategic move to boost profitability and operational efficiency in a highly competitive market. Panasonic Holdings CEO Yuki Kusumi said in an interview with Japan's Nikkei newspaper in April that "layoffs are necessary to achieve better performance than other companies." Mr Kusumi also said he would return roughly 40% of his compensation amid the job cuts. "In terms of management reform, toward transformation into an organisation where individual employees create higher productivity, the Company will thoroughly review operational efficiency at each Group company, mainly in sales and indirect departments, and reevaluate the number of organisations and personnel needed. In addition, the Company will promote the termination of loss-making businesses with no prospects of improving profit, as well as the integration and closing of sites," the company said in a statement. Other Reasons Behind The Layoffs The move also responds to multiple pressures: a sluggish consumer electronics market, where Panasonic's TVS, refrigerators, and microwaves face intense competition from Chinese rivals like Haier and Midea, and shrinking margins. A slowdown in electric vehicle (EV) demand has also hit Panasonic's battery business, a key growth area supplying Tesla, Mazda, and Subaru. Additionally, global economic uncertainties, including potential U.S. trade tariffs, add complexity, though Panasonic's forecasts don't yet account for these. To stay competitive, Panasonic is pivoting resources toward high-growth areas like AI, biometrics (e.g., facial recognition systems for Expo 2025 Osaka), and energy storage, while exiting low-margin or loss-making segments. The Restructuring Plan Panasonic's restructuring plan involves consolidating and streamlining indirect functions, technology projects, and departments to boost profitability. In its consumer electronics business, the company aims to improve profitability by building "global-standard cost capabilities" and consolidating certain departments. Panasonic will also optimise its IT investments. These measures are expected to yield a minimum profit improvement of $1 billion, with $483 million of that coming from the job cuts. However, the company notes that actual results may vary depending on the number of employees affected and other factors. Why The Layoffs Matter? Panasonic's restructuring move aligns with industry trends, as other tech and industrial giants also implement significant measures to adapt to changing consumer demands, supply chain challenges, and the shift towards sustainable energy solutions. 1. Industry Shift: Panasonic's job cuts reflect the broader industry trend of restructuring to adapt to changing consumer demands, technological advancements, and sustainability requirements. 2. Economic Impact: With 10,000 jobs at stake, the layoffs will have significant economic implications for affected employees, their families, and local communities. 3. Company Restructuring: The move indicates Panasonic's efforts to streamline operations, reduce costs, and focus on high-growth areas like electric vehicle batteries and artificial intelligence. 4. Market Competitiveness: The layoffs demonstrate Panasonic's attempt to stay competitive in a rapidly evolving market, where companies must innovate and optimise to survive. 5. Global Workforce Trends: Panasonic's decision contributes to the growing trend of layoffs and restructuring in the tech and industrial sectors, highlighting the challenges companies face in adapting to changing market conditions. Pioneering electronic appliances from rice cookers to batteries to video recorders, the brand became a global household behemoth in the latter half of the 20th century.
India.com
11-05-2025
- Business
- India.com
Bad news for employees of this company as it sacks 10000 employees, not Narayana Murthy's Infosys, Ratan Tata's TCS, Wipro, IBM, name is...
Narayana Murthy, Late Ratan Tata and Azim Premji- File image (Left to right) Panasonic layoff update: In a significant update amid the Indo-Pakistan tensions, a global giant has declared a massive layoff affecting hundreds of employees. In the recent development, Japanese electronics giant Panasonic, which supplies batteries to Tesla announced layoffs of 10,000 employees across Japan and worldwide. Here are all the details you need to know about the recent Panasonic layoff move. The company has decided to layoff four percent of its employees working in the company, which is a massive numbers approximately 230,000 employees. The company has taken this decision keeping profit in mind. Reason behind massive layoff 'Layoffs are necessary to achieve better performance than other companies', Panasonic Holdings CEO Yuki Kusumi said in an interview with Japan's Nikkei newspaper in April. Panasonic reveals future plans The move is part of the company's management reform aimed at responding to the dramatic changes in the global business environment, as per a report carried by CCTV. In addition to workforce reductions, Panasonic also plans to withdraw or shut down loss-making businesses, and streamline and consolidate indirect functions, the report said. According to its fiscal 2024 earnings report released the same day, Panasonic reported a revenue of 8.46 trillion yen (about 54 billion U.S. dollars), down 0.5 percent from the previous fiscal year, while its net profit dropped 17.5 percent year on year to 366.2 billion yen (about 2.53 billion U.S. dollars). (With inputs from agencies)
NHK
09-05-2025
- Business
- NHK
Panasonic Holdings to cut about 10,000 jobs
Japanese electronics giant Panasonic Holdings plans to shed about 10,000 jobs, or about 5 percent of its global workforce. The move is part of a drastic overhaul focusing on unprofitable businesses. Officials say about 5,000 jobs will be slashed both domestically and overseas this fiscal year through measures such as an early retirement program. The cuts will mainly be in sales and administration. Panasonic aims to put more resources into AI-based services for corporate customers. The firm is considering selling its TV business and breaking up a unit that specializes in home appliances, air conditioners and lighting. Speaking on Friday, CEO Kusumi Yuki said he wants to improve profits by more than a billion dollars through fiscal 2026. Kusumi said he wants to make the company "leaner, more efficient and more resilient" to the rapidly changing business environment. And he said he will give up about 40 percent of his annual compensation this fiscal year. Panasonic also announced its earnings forecast for the current fiscal year. Sales are expected to fall by more than 7 percent to about 53.7 billion dollars. Net profit will fall over 15 percent to 2.1 billion dollars. Officials say the figures do not take into account the potential impact of sweeping tariffs imposed by US President Donald Trump.
