Panasonic Plans To Shift Rice Cooker Production From Japan To China: Report

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• Panasonic Holdings Corporation (OTC: PCRFY) is planning to end the production of its famous rice cookers in Japan.

• The industrial devices manufacturer is taking the step after a decline in demand and high production cost, reported Bloomberg.

• The company will shift the rice cooker production to Hangzhou, China, by June 2023.

• Also Read: Lucid Group Signs Battery Supply Agreement With Panasonic Energy

• The report noted that the aging population of Japan, along with change in lifestyle among the younger generation has led to rice consumption halve since mid-1960s.

• Panasonic aims to enhance efficiency and profitability with the production shifting to China.

• Price Action: PCRFY shares closed higher by 0.24% at $8.37 on Tuesday.

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