Panasonic Holdings announced its plan to lay off 10,000 employees, with a structural reform cost projected at around $89.6 million for this fiscal year as part of ongoing management changes.
Most of the staff reductions will occur within consolidated companies, and interestingly, half of these cuts will be made outside Japan, while the rest will be within the country.
The company intends to reassess the operational efficiency of its various group businesses, focusing specifically on its sales and administrative sectors.
Additionally, Panasonic foresees a significant boost in operating profit for its battery manufacturing division, predicting a 39% increase by the end of March 2026. This growth is linked to enhanced sales of batteries and energy storage systems, with a target of $1.14 billion.
In the last fiscal year, the segment that provides batteries for companies like Tesla reported earnings of approximately $827 million, which fell short of its own $853 million forecast.
