Panasonic Corp has stopped making TVs in China and plans to liquidate its joint venture in Shandong, a company source said on Saturday, the latest in a string of Japanese electronics companies exiting overseas TV markets amid strong pricing pressure.
The source, who did not want to be identified because the move had not yet been announced to the roughly 300 workers at the Shandong plant, said Panasonic ended production there on Friday.
The Nikkei earlier reported that Panasonic would withdraw from TV production in China and Mexico. The report said the company was expected to sell the Mexican plant, which has produced about 500,000 units a year, most of which were shipped to the United States.
Reuters could not confirm the company's plans to exit Mexico. It currently has two plants in that country, part of the company's nine TV manufacturing plants, excluding Shandong.