Panasonic will continue to manufacture televisions, the company has announced, following rumours it was ready to through in the towel.

The Japanese giant has revealed a three year plan which it believes can make it competitive in the television market once again, despite crippling competition from Samsung and LG.

The company is planning to cut back on its unfruitful consumer electronics ventures, but said it would only ditch TVs as a last resort.

Panasonic President Kazuhiro Tsuga said: "To get out would be the final resort. That possibility is not zero.''

Streamlining

In moving away from its unsuccessful consumer tech products the company will focus on in-car tech, including entertainment systems and batteries.

It'll also put more energy, so to speak, into its environmentally friendly housing initiative.

The company plans streamline its business units from 88 to 49, all of which would come under four divisions.

The company did not say whether job losses were in the offing as a result of the restructuring.

Via Engadget