Panasonic to Hand Over Europe & US TV Sales to Skyworth

News update on February 24: According to Nikkei Asia, Japanese electronics giant Panasonic will hand over its TV sales businesses in North America and Europe to China’s major home appliance manufacturer Skyworth Group this April, while focusing solely on domestic sales in Japan and the production of high-end TV models.

Panasonic has signed a comprehensive cooperation agreement with Skyworth covering its TV operations in Europe and North America, including the transfer of sales businesses.

In 2024, Panasonic’s TV sales volume in Japan was roughly on a par with that in Europe, together accounting for 80% to 90% of its total TV sales. Its sales performance in the U.S. market remained sluggish. After previously withdrawing from the U.S. market due to poor plasma TV sales, the company re-entered the market again.

As competition with Chinese manufacturers intensifies, Panasonic’s move to downsize its small and medium-sized TV product lineup in Europe has already led to a recent slump in local sales, IT Home noted. Outsourcing its European and North American TV sales to Skyworth will help cut fixed costs such as advertising and logistics expenses.

An insider commented: “The ability to mitigate operational risks including intensifying competition is a key factor behind this decision.” Panasonic plans to cooperate with Skyworth in R&D and manufacturing to launch high-quality products with competitive cost performance and technological strengths.

Panasonic Holdings plans to lay off around 12,000 employees globally. The handover of its overseas TV sales business to Skyworth will not involve additional staff cuts or facility closures.

The holding company had previously considered shutting down or selling its struggling TV division. In October 2025, its CEO hinted that a restructuring solution would be announced soon. Sources said: “The agreement reached with Skyworth marks a crucial step for Panasonic to gradually exit the traditional overseas TV sales segment.”

Panasonic’s high-end, high-margin TVs are mostly manufactured at its own factories in Taiwan, China and Malaysia. Meanwhile, the company has started restructuring production for low-cost small and medium-sized models and Europe-exclusive TV products, outsourcing manufacturing to Chinese TV makers such as TCL. In the future, Panasonic may also entrust part of its European market product manufacturing to Skyworth.

Panasonic will continue to handle TV sales in Japan, while leaving European and North American sales operations to Skyworth. For other Asian markets, Panasonic intends to roll out localized strategies, including exploring further potential cooperation with Skyworth.

Japanese enterprises are gradually losing their influence in the global TV industry. This January, Sony announced it would outsource its TV business to a TCL-led joint venture. Other Japanese electronics brands including Sharp and Toshiba have also transferred control of their TV businesses to overseas companies.