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

Panasonic Holdings Corporation 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.
The rice cooker has been produced by Panasonic in Japan since 1956.
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.