Foreign media: Skyworth will take over Panasonic’s European and American TV sales business

According to reports on February 24, Nikkei Asia reported that Japanese electronics giant Panasonic will transfer its TV sales business in North America and Europe to Chinese large home appliance manufacturer Skyworth Group in April this year, while it will focus on sales in the Japanese local market and production of high-end models.

Panasonic has signed a comprehensive cooperation agreement with Skyworth covering European and American TV businesses, including the handover of sales operations.

In 2024, Panasonic’s TV sales in Japan and Europe will be roughly equal, with the two together accounting for 80% to 90% of total sales. Its sales in the U.S. market are still sluggish, and the company has returned to the market after exiting the U.S. market due to poor sales of plasma TVs.

There are reports that as competition with Chinese manufacturers becomes increasingly fierce, Panasonic's move to reduce its small and medium-sized TV products in Europe has led to a recent decline in local sales. Handing over the European and American market sales business to Skyworth can reduce fixed costs such as advertising and logistics.

An insider said: "The ability to reduce operating risks such as intensified competition is an important factor in this decision." Panasonic plans to cooperate with Skyworth in the field of R&D and production to launch high-quality products that are both cost- and technologically competitive.

The holding company has previously considered shutting down or selling off its troubled television business. In October 2025, its CEO hinted that a solution was on the horizon. Sources say: "This agreement with Skyworth is the key to Panasonic's exit from this business segment."

Panasonic's high-end, high-profit TVs are mostly produced by its own factories in Taiwan and Malaysia. At the same time, the company has begun to reorganize the production of low-priced small and medium-sized models and models exclusively for the European market, outsourcing them to Chinese TV manufacturer TCL and other companies. In the future, Panasonic may entrust the production of some European market products to Skyworth.

Panasonic will continue to be responsible for TV sales in the Japanese local market, while sales in the European and American markets will be operated by Skyworth. In other Asian markets, Panasonic plans to develop local strategies, including more potential cooperation with Skyworth.

The influence of Japanese companies in television is gradually fading. Sony announced in January this year that it would outsource its TV business to a joint venture led by TCL. Other Japanese electronics manufacturers such as Sharp and Toshiba have also transferred control of their television business to overseas companies.