Panasonic will slash its global workforce by 10,000

Panasonic is laying off 10,000 employees globally to improve efficiency amid slowing electric vehicle growth and declining profits in its air conditioning sector. The company announced plans to cut jobs this financial year, affecting 5,000 workers domestically and another 5,000 overseas. It anticipates $900 million in costs from the layoffs and aims to boost operational efficiency while targeting a $4 billion profit by March 2027. Panasonic, known for products like EV batteries and TVs, recently returned to the U.S. TV market but may consider divesting if performance doesn’t improve.