Matsushita: "Optimization of personnel will be implemented within March 2029" is incorrect information.

On May 13th, in response to some reports regarding "the progress of Panasonic Group's business reform", Panasonic Electric Co., Ltd. issued a statement stating that there are incorrect information in some media reports. Panasonic stated that the project business does not include "industrial motors and automotive components", and there is no plan to "exit or sell the project business by the fiscal year 2025". The outlook for motor product business development is promising, and discussions are ongoing regarding increasing investment in research and development, services, and market expansion in the future. Additionally, the information that "personnel optimization will be implemented by March 2029" is not true, as the plan will be carried out between the fiscal years 2025 and 2026.