Original source: Japanese electronics firm Pioneer announced on Thursday that it will slash 10,000 jobs worldwide to cope with sinking sales of car audio equipment and flat-screen TVs.

It will also withdraw from its money-losing plasma display business.

The massive job cuts are the latest in a slew of lay-offs by Japanese corporate giants, which are shedding workers, reducing production and forecasting annual losses.

Eight thousand workers at Sony face the chop, while Nissan and NEC are each cutting 20,000.

Pioneer spokeswoman Michiko Kadoi said: ‘Since the US financial crisis and ensuing global downturn, our sales of car electronics products and flat-screen TVs plunged worldwide. We were severely hit by battered consumer sentiment.’

Pioneer also said that it has decided to close down two plasma display assembly plants, one in California and the other in Britain, by April.