The Traderszone Network

Published in TZ Latest News 26 August, 2015 by The TZ Newswire Staff

Panasonic to shut battery factory in Beijing, cut 1,300 jobs

Japanese electronics giant Panasonic Corp on Thursday said it will stop making lithium-ion batteries at its factory in Beijing this month, cutting 1,300 jobs as part of a move to focus on higher-margin products such as electric car batteries. “The global market for these products has been shrinking,” Panasonic spokeswoman Yayoi Watanabe said, adding the closure was more about global technology trends rather than the recent turmoil that has battered Chinese markets.

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