Tokyo: Japanese electronics giant Panasonic Corp will stop making lithium-ion batteries at its factory in Beijing this month, cutting 1,300 jobs as it faces stiff competition from South Korean rivals, the Nikkei business daily said on Thursday.
The plant, which produces batteries for mobile phones and cameras mainly for non-Japanese brands, has been struggling to boost profitability, the paper said.
Panasonic will shutter the 15-year-old factory next month and focus on more promising batteries such as those used in cars and industrial equipment, the paper said. The plant is owned by subsidiary Sanyo Electric.
Panasonic, like other domestic peers, has been moving away from consumer electronics products in general, restructuring its business to focus on higher-end goods such as electric car batteries.
Panasonic could not be immediately reached for comment.