Panasonic to cut 10,000 jobs globally in major restructuring drive
What's the story
Japanese electronics manufacturer Panasonic has announced plans to cut its global workforce by 10,000 positions.
The move comes as part of a broader effort to boost profitability by eliminating non-growth operations in the company's sales and indirect departments.
The Osaka-based company aims to optimize personnel structure across all consolidated companies, affecting both domestic and international employees.
Implementation details
Global workforce reduction plan
In its statement, Panasonic revealed that the job cuts will impact 10,000 employees - evenly split between Japan and overseas.
This accounts for roughly 4% of the company's total workforce of nearly 230,000.
The reductions are mostly planned for the financial year ending in March and will be implemented in accordance with "the labor laws, rules, and regulations of each country and region."
Company history
Panasonic's legacy in the electronics industry
Founded in 1918, Panasonic has become a global leader in the electronics industry.
The company is famous for its innovative products, from rice cookers to batteries and video recorders.
Over the years, Panasonic has become a household name across the world, known for pioneering electronic appliances that have transformed everyday life.
Battery supplies
Panasonic also supplies batteries to Tesla
Panasonic is also a key battery supplier for Elon Musk's Tesla, with its energy division, Panasonic Energy, providing lithium-ion cells for electric vehicles.
The two companies share a long-standing partnership, covering supply agreements for the Model S and Model X, as well as joint production of battery cells, modules, and packs at the Gigafactory.
Their collaboration on battery development and manufacturing has spanned many years.