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Panasonic Quits Consumer Smartphone Business in Japan

Panasonic is shifting gears in its struggle for survival. It is shying away from manufacturing standard consumer smartphones in Japan, according to President. Losses have made the company flounder on the shores of economic failure.

Sep 4 2013, 8:32am CDT | by

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Panasonic Quits Consumer Smartphone Business in Japan
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Panasonic Quits Consumer Smartphone Business in Japan

Panasonic Quits Consumer Smartphone Business in Japan
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The President of Panasonic, Kazuhiro Tsuga has spoken of how his company is facing dire straits. That is why a change in strategy and policy is of the essence for now. The smart phone market was where Panasonic had faced losses and now it was beating a quick retreat from this area. 

The electronics company hailing from Japan was hit hard by $15 billion in losses. And this had gone on and on during the previous two years. Making the transformation from manufacturing to supplying will be quite a challenge for Panasonic. As for the loss upon loss it has incurred, it is a tragedy that needs to be turned around. 

President Tsuga has set some tough goals which he wants to meet no matter what. For once Panasonic will be following a strict schedule of hard work. His no-nonsense approach might just see the company through the precarious times that lie ahead. Not all is lost and it is high time that a reversal of fortune take place at the Japanese plant of the humongous conglomerate. 

Apple and Samsung have been two very cruel competitors. There was a time when Panasonic was on top of the world. This was the year 2001. Back then it was the second biggest handset maker in the Land of Cherry Blossoms. Unfortunately, all that is so much water under the bridge and now it is up to Tsuga to lead Panasonic on an uphill journey to the empyrean heights. 

Source: Reuters via Engadget

 

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