Japanese electronics giant Panasonic, which supplies batteries to Tesla, said Friday it will target 10,000 job cuts worldwide as part of efforts to boost profitability. The cuts, which represent around four percent of the group's workforce of nearly 230,000, will be implemented mainly in the current financial year to March, it said.
Panasonic said it would "thoroughly review operational efficiency at each group company, mainly in sales and indirect departments". It will "reevaluate the numbers of organisations and personnel actually needed", a statement said. "This measure targets 10,000 employees (5,000 in Japan and 5,000 overseas) at consolidated companies," and will be executed "in accordance with the labour laws, rules, and regulations of each country and region". Panasonic became a global household name in the latter half of the 20th century,…