Due to the presence of Chinese competitors who market their products at low prices, Panasonic will have to stop producing its solar cells and panels from the end of next year and leave the field to Chinese competitors.
According to a report published by the website «NikkeiAsiaDue to the active presence of Chinese competitors in the market for solar cells and panels, the Japanese technology giant is no longer able to compete with them and has to stop its production. Chinese competitors generally produce solar panels at a much lower cost than Panasonic. To the extent that even in the domestic market, Panasonic is not able to compete financially with the Chinese.
According to the report, Panasonic will stop producing its solar cells and panels at its plant in Malaysia and Shiman Province, Japan in early March 2022 (March 1400).
With this move, Panasonic is virtually completely out of the business of producing solar panels. Last year, the company ended its partnership with Tesla in the United States. In September 1995, Tesla and Panasonic reached a formal agreement to produce solar panels for installation in the Buffalo area of New York City and began working together, which finally came to an end last year.
Chinese manufacturers of solar panels managed to reduce their price by about a third in 2012, and with this approach, practically other manufacturers, including Panasonic, could not compete with them, and the Chinese became the only ones in the field.
In recent months, Panasonic’s solar panel manufacturing business has faced many problems, and the company has virtually no demand for solar cells and panels. Panasonic’s market share has plummeted over the past year, and the company has finally decided to leave the solar cell market.