Scoop: Panasonic Slashes 10,000 Jobs Globally — Here's Why!
Panasonic reveals extensive layoffs planned
Facebook | Twitter | Whatsapp | E-Mail | Print | Copy Link
Get ready for some significant changes in the world of Panasonic! The corporate behemoth behind the Japanese electronics powerhouse is set to trim its workforce by a whopping 10,000 jobs. That's around 4% of their total workforce, folks!
The company's holding unit, Panasonic Holdings, made the announcement on a busy Friday, detailing that the majority of these jobs will vaporize within their consolidated companies—principally in the current fiscal year that ends in March.
Out of the 10,000 jobs on the chopping block, half of them will be vanishing right here in Japan, with the remaining half making their exit overseas. And get this—the restructuring costs for the fiscal year have been estimated to reach a whopping 130 billion yen (796 million euros)!
On a brighter note, Panasonic is anticipating an impressive 39% surge in operating profit in its energy division, which cranks out batteries for electric vehicle titans like Tesla, and other automakers. The division is set to rake in a mind-boggling 167 billion yen in operating profit during the current fiscal year. What's causing all the buzz, you ask? The soaring demand for batteries and energy storage systems!
The management openly acknowledges that these booming markets are where it's all heading, and that's where they're pouring their precious resources. So while the job losses are unfortunate, it seems like Panasonic is taking a strategic leap forward towards the future of electric mobility and energy storage!
[1] Reuters
[2] Nikkei Asia
[3] Forbes
[4] CNN Business
- In light of Panasonic's decision to slash 10,000 jobs, the future of the company's business, technology, and finance sectors in the United Kingdom remains uncertain, as the Commission has not yet adopted a decision regarding this matter.
- Despite the restructuring plan and job cuts by Panasonic, there is a promising outlook for the company's energy division, with an expected 39% surge in operating profit, likely to generate 167 billion yen this fiscal year.
- As Panasonic takes a strategic leap in the electric mobility and energy storage industries, it is essential for Japanese and overseas businesses to closely observe the company's actions and review their investment plans accordingly.
- With restructuring costs expected to nearly double the yen value of a billion euros (130 billion yen) and job cuts affecting both Japan and foreign locations, it is essential for Panasonic to consider the yen's exchange rate and its impact on the company's 2026 financial situation.
