Panasonic has officially announced it won’t be making any more plasma TVs, with production stopping in December.
Confirming previous rumours, Panasonic has issued a statement outlining its decision to quit plasma TV production later this year.
“Panasonic Corporation today announced that in order to create a business structure that can respond to changes in the business environment and to accelerate the growth strategy of the company, the company will end the production of plasma display panels (PDP) in December 2013”, reads the official statement.
The Japanese electronics company said the Lehman Brothers contributed towards it decision to cease plasma TV production. Panasonic had already stopped production in one factory and suspended it in another anyway.
“With the rapid development of large-screen LCDs, and facing the severe price competition on the global market brought on by the Lehman Shock in September 2008, the company consolidated production in the Amagasaki P4 Factory, made a shift towards commercial applications and worked to improve the earnings of the business.”
Although production of plasma TVs will stop in December, the company will continue selling units to consumers until March 2014, the end of its financial year.
“Due to rapid, drastic changes in the business environment and a declining demand for PDP in the flat panel display market, it was judged that continuing the business would be difficult and a decision was made to stop production.”
Panasonic added that it will be developing new display market products in the near future, meaning we should see Panasonic OLED TVs on the market soon.
“Panasonic will work to develop and provide appealing products which meet the demands of customers, and will aim towards new development of its visual and display businesses.”
The company unveiled its first OLED prototype at CES 2013 and should start mass production soon.
Next, read our pick of the best TVs of 2013.