Panasonic to Cut 10,000 Employees, Expects to Book $900 Million Reform Costs

Reuters

17:43 JST, May 9, 2025

TOKYO, May 9 (Reuters) – Japan’s Panasonic Holdings said on Friday it will cut 10,000 employees and expected to book structural reform costs of 130 billion yen ($896.06 million) this business year as part of a continuing management reform push of its group.

The company will make the headcount reduction at consolidated companies mainly in the current business year, with half of the cuts planned for Japan and the other half for overseas, it said in a statement.

Panasonic will review the operational efficiency of its group companies, particularly in the sales and back-office divisions, it said.

The company also forecast a 39% operating profit jump for its electric vehicle battery-making energy unit this fiscal year to March 31,2026, upgrading it to 167 billion yen on expected higher battery and energy storage system sales.

The energy segment, which makes batteries for Tesla and other automakers, made 120.2 billion yen in the year that ended in March, missing its own 124 billion yen forecast.