Panasonic Holdings President Yuki Kusumi recently accepted an interview with the Japanese Economic News (Chinese version: Nikkei Chinese) in Shanghai. “If you flee the Chinese market, it means you withdraw from the world,” he said, indicating that he will continue to invest in China as one of the most important regions.
Panasonic’s China business accounts for about 30% of its earnings. Among its businesses, the company expects growth in its residential space business, which provides residential equipment and home appliances. Kusumi said, Although the scale of the business is still relatively small, the growth rate is worth looking forward to. It will also serve as a reference for business in Japan.” Panasonic will promote its business in more than 30 properties, led by senior residences that have already begun to be occupied.
Regarding the impact of the confrontation between China and the United States, Kusumi said that “there is an impact on the battery supply chain,” explaining that “we are developing supply chains that are not solely dependent on China.”
Kusumi attended the China International Import Expo, which is being held in Shanghai. In his speech at the Expo, Kusumi emphasized the policy of building on environmental technology in China and focusing on residential space business, new energy vehicle parts and factory automation as key business areas.
Mr Kusumi said Panasonic was investing to increase production, including the recent opening of a cooking appliance plant and plans to expand capacity at its Suzhou electronic parts plant by 2025. A total of 17 new plants have been built or decided to be built in the past three years.