Panasonic plans to focus more on the automotive industry image

As many other electronic giant companies, Panasonic is also very interested in the massive profits that could be generated from the automotive industry.

Many leaders in consumer electronics plan to intensify their efforts and become more involved in the automotive market, as their business in the segment it is not growing further because the market seems to have reached its zenith. Panasonic plans to move its focus point from home electronics to automotive components, relocating some 400 employees into the new targeted direction. The company is already a key player in the auto industry, providing batteries for hybrid and electric vehicles, but plans to boost the income from the segment to 62 percent by 2019. Panasonic also foresees that by then 21 percent of its global sales will generated by the car business, from 16 percent in the fiscal year that ended on March 31 last year. “The automotive business will continue to lead growth,” Masahisa Shibata, president of Panasonic’s global automotive business, said one month ago. “How to utilize these core competencies in the automotive areas is the main focus.”

He admits Panasonic is behind other companies when it comes to safety-related technologies, but the plan is to gain some ground with the opening of a new autonomous driving and advanced driver-assist safety systems test course this month. Part of a 50 million-dollar investment, the site will help the company to further develop safety and self-driving driving technologies. Other electronics giants like Apple or LG are involved in the automobile business as well, while Samsung has announced recently it will also focus on autonomous driving, information and entertainment components for cars to increase sales in the auto parts business.

Via Automotive News