Japanese electronics company Panasonic Corporation plans to outsource the production of small and medium-sized TVs to TCL, according to a report in the Japanese national daily newspaper Yomiuri Shimbun.

Panasonic has entered into a business partnership with Chinese electronics giant TCL in the TV business and is finalizing arrangements to start outsourcing production, mainly of small and medium-sized models, by the end of this fiscal year.

The agreement is expected to be reached in May, and Panasonic expects to reduce its own production to about 3.5 million units a year by fiscal 2024, a 30-40% reduction from current levels.

The report also said the company will end TV production in India and Vietnam as early as this fiscal year.

Source: https://www.yomiuri.co.jp/economy/20210429-OYT1T50213/