Panasonic will slash its global workforce by 10,000

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 Panasonic’s 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 “thoroughly review operational efficiency at each Group company, mainly in sales and indirect departments, and reevaluate the numbers of organizations and personnel actually needed.”

As a result of the shrinking its workforce and revamping its consumer electronics business, Panasonic aims to achieve an adjusted operating ...