Panasonic Holdings plans to invest more than $375 million over three years to expand production in China, betting on the country’s long-term potential in the face of coronavirus and other headwinds, reports Nikkei Asia.
The Osaka-based company will bring its first new Chinese appliance factory in 19 years online in 2024. The Zhejiang province plant will have the capacity to ship an annual RMB 2 billion ($290 million) worth of microwave ovens, rice cookers and other small kitchen appliances.