Panasonic will slash its global workforce by 10,000

Panasonic is planning to cut 10,000 jobs worldwide to improve its operational efficiency. The job cuts are attributed to a slowdown in electric vehicle growth and declining profits in the air-conditioning segment. The restructuring will affect 5,000 employees in Japan and 5,000 internationally. Panasonic anticipates incurring costs of approximately $900 million related to these job cuts. The company will focus on enhancing efficiency across its group companies, particularly in sales and indirect departments. Panasonic aims to achieve an adjusted operating profit of at least $4 billion by March 2027 through this restructuring. This target excludes potential impacts from tariffs. Panasonic manufactures various products, including EV batteries and consumer electronics like TVs. The company is willing to exit underperforming sectors, such as the TV market, if necessary.