Feed: Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics
Feed Link: https://www.engadget.com/
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Title: Panasonic will slash its global workforce by 10,000

Date: Fri, 09 May 2025 15:17:46 +0000
Link: https://www.engadget.com/big-tech/panasonic-w...

Panasonic is cutting 10,000 jobs globally in an effort to boost efficiency.
Citing slowdown in EV growth and deteriorating profits in the air-
conditioning sector as two of the challenges it is currently facing, the
Japanese company will make the staff cuts in the current financial year,
which ends in March 2026.

In a statement released today, it was revealed that the structural reform
will target 5,000 employees in PanasonicΓÇÖs native country and 5,000
overseas. The company says it expects to incur costs of 130 billion yen
(around $900 million) as a consequence of the cuts. Panasonic said it will
ΓÇ£thoroughly review operational efficiency at each Group company, mainly in
sales and indirect departments, and reevaluate the numbers of organizations
and personnel actually needed.ΓÇ¥

As a result of the shrinking its workforce and revamping its consumer
electronics business, Panasonic aims to achieve an adjusted operating profit
of at least 600 billion yen ($4 billion) in the financial year ending March
31 2027, but that doesnΓÇÖt take into consideration any potential impact from
the Trump tariffs.

Panasonic makes a variety of products, from EV batteries it supplies to
Tesla, to its consumer-focused cameras and TVs. Panasonic TVs made a return
to the US last year after a 10-year absence, but the company has reportedly
indicated that it would be willing to leave the sector altogether if it
continues to underperform.

This article originally appeared on Engadget at https://www.engadget.com/big-
tech/panasonic-will-slash-its-global-workforce-by-10000-
151746678.html?src=rss

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