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Panasonic to invest over $375m in China with eye on post-COVID growth

Company plans first new Chinese appliance factory in 19 years to keep up with consumers

Panasonic is among the Japanese manufacturers bucking a trend of relying less on China. (Photo by Tomoki Mera)

OSAKA -- Panasonic Holdings plans to invest more than 50 billion yen ($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.

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 2 billion yuan ($290 million) worth of microwave ovens, rice cookers and other small kitchen appliances.

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