Panasonic to Slash 10,000 Jobs in Shift to Data, Energy Storage

Panasonic Holdings Corp. is slashing headcount by 10,000, or more than 4%, part of a push to cull non-growth operations and boost profitability.

The supplier of lithium-ion batteries to Tesla Inc. said the job cuts target 5,000 employees in Japan and 5,000 overseas and would take place mostly in the current fiscal year. The company expects about ¥130 billion ($895 million) in restructuring charges in the year to March.