Panasonic’s Big Switch: No More Fridges or Washers for Indian Homes

Image Source: Business Standard

Panasonic Holdings has announced a significant strategic shift in India, pulling out of the washing machine and refrigerator segments as part of a global realignment of its consumer electronics business.

Key Highlights:

Panasonic will discontinue the production and sale of washing machines and refrigerators in India, with operations at its Jhajjar, Haryana factory set to cease.
This move is expected to result in some job losses; however, Panasonic has committed to providing support and assistance for affected employees during the transition.
The company will now concentrate its efforts on its more profitable and competitive product lines in India, particularly televisions and air conditioners.
The decision is in line with Panasonic’s global strategy to streamline operations and focus on markets and categories where it holds a stronger position.

Market analysts note that increased competition and changing consumer preferences in India’s home appliance sector have contributed to Panasonic’s exit from these categories.

Panasonic assures existing customers that after-sales service and warranty support for washing machines and refrigerators will continue as per standard policy.

Industry experts expect the vacuum left by Panasonic to be quickly filled by rivals, with brands like Samsung, LG, and Whirlpool likely to strengthen their presence in these segments.

The company reiterates its commitment to the Indian market, promising continued innovation and investment in its remaining product categories.

Source: The Economic Times