Japanese giant retreats: Panasonic will transfer European and American TV sales business to Skyworth

Panasonic has signed a comprehensive cooperation agreement with Skyworth covering European and American television businesses, including the transfer of sales operations.

In 2024, Panasonic's TV sales in Japan and Europe are roughly equal, accounting for 80% to 90% of total sales. Its sales in the US market remain sluggish, and the company returned to this market after withdrawing from the US market due to poor sales of plasma TVs.
IT Home has noticed that with the increasingly fierce competition with Chinese manufacturers, Panasonic's measures to reduce small and medium-sized TV products in Europe have led to a recent decline in local sales. Handing over the sales business in the European and American markets to Skyworth can reduce fixed costs such as advertising and logistics.
A source familiar with the matter said, "The ability to reduce operational risks such as intensified competition is an important factor in this decision." Panasonic plans to cooperate with Skyworth in research and development as well as production, launching high-quality products that are both cost-effective and technologically competitive.
Panasonic's parent company is planning to lay off approximately 12000 employees worldwide. Transferring the television sales business to Skyworth will not result in additional personnel or facility reductions.
The holding company had previously considered shutting down or selling its struggling television business. In October 2025, its CEO hinted that a solution was about to be announced. It is reported that the agreement reached with Skyworth is the key to Panasonic's exit from this business segment
Panasonic's high-end and high profit televisions are mostly produced by its own factories in Taiwan, China, China and Malaysia. At the same time, the company has begun to reorganize the production of low-cost small and medium-sized models and models specially provided for the European market, and outsource them to Chinese TV manufacturers such as TCL. In the future, Panasonic may entrust the production of some European market products to Skyworth.
Panasonic will continue to be responsible for TV sales in the Japanese domestic market, while sales in the European and American markets will be operated by Skyworth. In other Asian markets, Panasonic plans to develop locally adapted strategies, including potential collaborations with Skyworth.
The influence of Japanese companies in the television industry is gradually diminishing. Sony announced in January this year that it would outsource its television business to a joint venture led by TCL. Sharp, Toshiba and other Japanese electronics manufacturers have also transferred control of their television business to overseas companies.
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