Japanese electronics giant Panasonic Corp (6752.T) on Thursday said it will stop making lithium-ion batteries at its factory in Beijing this month, cutting 1,300 jobs as part of a move to focus on higher-margin products such as electric car batteries, Reuters reported.
"The global market for these products has been shrinking," Panasonic spokeswoman Yayoi Watanabe said, adding the closure was more about global technology trends rather than the recent turmoil that has battered Chinese markets. Employees were informed of the closure in late July, she said.
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