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Pioneer seeks lifeline with tie-up

Jiji Press TOKYO (Jiji Press) — Struggling car electronics maker Pioneer Corp. said Thursday it is in talks with companies including automotive parts maker Calsonic Kansei Corp. to seek a tie-up.

Pioneer made the comment after media reports said it has approached Calsonic Kansei and others in hopes of forming a capital and business alliance to secure product development funds and rebuild its operations.

Informed sources have said Pioneer aims to choose a partner by autumn.

Pioneer posted a group net loss for the second straight year in fiscal 2017, as it suffered ballooning product development costs to deal with a change in the market environment for car audio and navigation systems following the spread of smartphones.

Announcing its business results for April-June this year on Monday, Pioneer noted “uncertainties” about its ability to continue as a going concern.

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