Panasonic To Cut Costs To Support Shift Into AI

Panasonic will cut its costs, restructure underperforming units and revamp its workforce as it pivots toward AI data centers and away from its consumer electronics roots, the company said on Tuesday. The Japanese conglomerate aims to boost profits by 300 billion yen ($1.93 billion) by March 2029, partly by consolidating production and logistics operations. Bloomberg reports that CEO Yuki Kusumi has declined to confirm if the company would divest its TV business but said alternatives were being considered. The Tesla battery supplier plans to integrate AI across operations through a partnership with Anthropic, targeting growth in components for data centers.

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