Panasonic expanding China footprint

Japanese electronics giant Panasonic Corp is increasing its investment in China by expanding new factories, and hopes to introduce its innovative business and model in the Chinese market to the global stage.

Tetsuro Homma, executive vice-president of Panasonic, said China is one of the most important overseas markets in the company's global layout. It has built 8 new factories in the Chinese market since the outbreak of COVID-19 to better cater to growing demand from Chinese consumers.

Homma said the company's business in China accounts for about 26 percent of Panasonic's global business scale, and its revenue achieved double-digit growth in the Chinese market in the third quarter of this year.

Panasonic mainly focuses on the elderly care and fresh food supply chain in China. Following a new kitchen appliance factory in Jiaxing, Zhejiang province, the company has expanded its investment in Suzhou, Jiangsu province, Guangzhou, Shunde and Zhuhai in Guangdong province and Dalian in Liaoning province.

In addition, Panasonic has announced it will establish a joint venture with NavInfo Co Ltd, a Chinese location service and smart mobility solution provider, to offer solutions for new energy vehicles in China.

Homma said the investment showed Panasonic has full confidence and is upbeat about its development prospects in the Chinese market.

Panasonic will showcase its latest efforts in carbon neutrality and environmental protection with a pure hydrogen fuel cell generator, robots and water purification technology during the fourth China International Import Expo.