Sony Keeping TVs Like GM’s Oldsmobile Sends Shares Reeling: Tech
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Sony Corp. Chief Executive Officer Kazuo Hirai is treating his TV unit like another Chrysler Group LLC: An ailing business that can be revived with sufficient cash. Investors say it’s more like General Motors Corp.’s Oldsmobile, better shuttered than saved.
Hirai has pledged to make profits at the TV unit by March 2014 after losing 692 billion yen ($8.7 billion) in the past eight years. He cut the number of models and ended a panel-making venture as part of his turnaround plan. Investors say it’s too much effort for too little return.