Panasonic Holdings Corp. seeks to lower fixed costs and shift to more lucrative areas like AI. The Japanese company is thinking of cutting costs through overhauling personnel and trimming underperforming businesses.
Panasonic aims to boost profit by over $966 million by March 2027 through cost cuts and its new employment structure. By 2029, the company seeks to see another $966 million boost in profit.
Panasonic has many products in different sectors, from home appliances to lithium-ion batteries for EVs like Tesla. The Osaka-based company wants to streamline its businesses with low growth potential, such as its TV operations. It also plans to change its employment structure.
“There may be other options besides a sale. A part of me can’t help but get sentimental about our TVs,” commented Chief Executive Officer Yuki Kusumi.
Kusumi wants to see more significant changes made in Panasonic. In a recent interview, the CEO of Panasonic noted that the company plans to integrate AI tech across operations with help from Anthropic to boost AI-related revenue. For instance, Panasonic has focused on AI data centers to increase profit.
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