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© george tsartsianidis dreamstime.com Business | August 27, 2015

Panasonic to close Beijing plant; job losses at over 1'000

Japanese electronics giant Panasonic will close a lithium-ion battery factory in China. 1'300 workers at the factory will be laid off.
The Beijing factory - which is said to close its doors at the end of the month - produces batteries for mobile phones and digital cameras. Deteriorating profitability and stiff competition from South Korean rivals, have been cited in several media reports as the main reasons for the decision.

The Osaka-based company aims to focus business on electric car batteries and energy-saving home systems rather than consumer electronics. Here, the company has been investing heavily. A joint project with U.S. electric vehicle maker Tesla Motors Inc. to set up a factory in the United States has received a lot of interest in recent months.

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