From Yahoo Finance: 2025-05-09 03:52:00

Panasonic Holdings plans to cut 10,000 jobs and expects $896.06 million in restructuring costs this year. Half the cuts will be in Japan and half overseas. The goal is to improve profitability and achieve a 10% return on equity by March 2029.

The company will streamline operations, consolidate sites, and offer early retirement to employees. Panasonic aims for a group adjusted operating profit of at least 600 billion yen by March 2027. It will focus on restructuring its consumer electronics business and improving IT investments.

Panasonic will review operational efficiency in sales and back-office divisions. The majority of restructuring costs will be in its Lifestyle business, with a 39% increase in operating profit forecast for its electric vehicle battery-making energy business this fiscal year. Overall, a 13% decline in operating profit is expected.

The energy business, which supplies batteries to Tesla and other automakers, missed its forecast but is expected to see higher sales this year. Panasonic aims to revamp its operations to achieve long-term profitability and growth.

Read more: Panasonic to cut 10,000 jobs, expects $900 million in restructuring costs