Panasonic pulls the plug on its Beijing unit

Japanese firm to shut lithium battery factory as demand dwindles

Panasonic Corp, the leading Japanese electronics company, is shutting down its lithium battery factory in Beijing amid weakening global demand for smartphones and tablets.

An official at the administrative committee of the Beijing Economic and Technological Development Area in the southeastern part of the city, where Panasonic's plant is based, said on Thursday it has been informed that the Japanese company will close the factory by the end of this month.