Panasonic announced plans to expand its smartphone business across the globe less than a year ago. It reentered the European market earlier this year but has faced sluggish sales partly in part due to Apple and Samsung’s dominance. It now appears that instead of continued global expansion, it will once again exit the European market within the next few months.
With domestic handset sales also not meeting targets, Panasonic is reportedly considering either selling its mobile phone business or forming a partnership with another company.
Panasonic has already stopped production at its Japanese factory and shifted production to Malaysia.
While Panasonic may limp along a bit longer, it looks like the cutthroat smartphone business has claimed another victim.
Read more: Reuters