WEBVTT - Panasonic NA CEO on Consumer Electronics Show

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser from Bloomberg Radio.

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<v Speaker 1>But the Consumer Electronics Show getting underway virtually like so

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<v Speaker 1>many other conferences in the past year because of the

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<v Speaker 1>health pandemic, it is the first all digital ce S

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<v Speaker 1>which they're gonna be showing off a lot of things,

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<v Speaker 1>but of course in a different way. Let's find out

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<v Speaker 1>what the Panasonic Corporation is up to. Panasonic Corporation of

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<v Speaker 1>North America Chairman and CEO Michael Moscow outs Moscow wits

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<v Speaker 1>excuse me, is with us. He was named to that

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<v Speaker 1>position in August of nineteen. He joins us on the

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<v Speaker 1>phone in Toronto. Michael, nice to have you here on Bloomberg.

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<v Speaker 1>How are you? Um? Interesting time. I know you've been

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<v Speaker 1>with the company for a while, but to be put

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<v Speaker 1>in that top position position just ahead of the pandemic.

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<v Speaker 1>So what's your world been like? Hey, Carol, Um, it's

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<v Speaker 1>been a very unique environment. I'll tell you what I mean.

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<v Speaker 1>You know, we we have a long history in in electronics.

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<v Speaker 1>I mean, we're a hundred year old, hundred plus year

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<v Speaker 1>old company, right that has dramatically transformed ourselves from you know,

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<v Speaker 1>typical kind of hardware products and consumer electroducts to hardware

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<v Speaker 1>plus software and services. So we've really we've really created

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<v Speaker 1>a whole new economy for ourselves and and changed significantly.

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<v Speaker 1>We're kind of like the you know, often the one

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<v Speaker 1>behind the scenes, but I'll tell you there's been nothing

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<v Speaker 1>really like how we've been pivoting towards, you know, through

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<v Speaker 1>this pandemic. How we've changed, and you know, it's it's

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<v Speaker 1>significantly moved our company is no question, all right. So

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<v Speaker 1>that that totally I want to know more, So tell

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<v Speaker 1>me what you know, the new economy that's been created

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<v Speaker 1>for you guys, what specifically what do you mean? Well,

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<v Speaker 1>I mean there's a couple of things that are happening,

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<v Speaker 1>you know, first of all, just from a you know,

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<v Speaker 1>a CS perspective, we're we're continuing and now it's really

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<v Speaker 1>amazing things. I mean, you know, we're a significant player

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<v Speaker 1>in the automotive space, developing next generation of augmented reality

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<v Speaker 1>and head displays that we're launching. We've got we've got

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<v Speaker 1>new new audio technology, uh in partnership, in partnership with

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<v Speaker 1>clips and and Dobe around Dobie outmost so just to

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<v Speaker 1>think about that experience from your car and there's so

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<v Speaker 1>many people that are driving now versus taking all types

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<v Speaker 1>of other transit. So it's kind of your you know,

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<v Speaker 1>it's it's a new dimension and experience, so what works.

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<v Speaker 1>We're exploring that and really enhancing that environment. You know.

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<v Speaker 1>The other thing is that that that's happened is you know,

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<v Speaker 1>people are working from home is and and pivoted to

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<v Speaker 1>home offices. I mean not everybody has that opportunity, but

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<v Speaker 1>many are working from from from home these days. So

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<v Speaker 1>from an entertainment perspective, we think about things like gaming, right,

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<v Speaker 1>I mean, we've just we've enhanced our game. We launched,

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<v Speaker 1>you know, as product called sound Slayer, which is in

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<v Speaker 1>partnership with a company called the Square Annex, and the

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<v Speaker 1>final Fantasy fourteen online game. So that's really exciting. And

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<v Speaker 1>then well I want can I can I slet out

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<v Speaker 1>for a second. Let's go back to you, um, because

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<v Speaker 1>I feel like there's so many different things we can

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<v Speaker 1>unpack here, um to use an overused word unpack, But

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<v Speaker 1>cars specifically, I feel like, tell me what you guys

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<v Speaker 1>are seeing Specifically you are involved, uh in cars in

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<v Speaker 1>a big way, whether it's battery development and other areas.

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<v Speaker 1>But I mean with Apple the Apple News late last year.

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<v Speaker 1>I feel like we all were like, we all kind

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<v Speaker 1>of kind of stood up a little bit straighter, right

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<v Speaker 1>because of that, We're already kind of standing up straight,

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<v Speaker 1>you know, straighter because of Tesla specifically. But how do

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<v Speaker 1>you see that? How do you what do you see

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<v Speaker 1>when it comes to cars autonomous vehicles this year and

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<v Speaker 1>and your role in it, and we and we're we're

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<v Speaker 1>we're Tier one suppliers, so we're creating many of those

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<v Speaker 1>unique experiences in the car and we're either delete in

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<v Speaker 1>partnership with our automotive partners, or we're developing things for others.

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<v Speaker 1>But I'll give you a great example, you know, in

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<v Speaker 1>terms of how the industry is shifting, and we're really

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<v Speaker 1>leveraging our technical talent and our and our i P

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<v Speaker 1>around you know, standard platform so you know, for example, um,

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<v Speaker 1>you know, Android is is a platform that has been

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<v Speaker 1>developed for automobiles, which have have typically developed our entertainment

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<v Speaker 1>systems around our own platforms, our own development the hardware,

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<v Speaker 1>and we've completely changed and now we are a very

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<v Speaker 1>significant developer around the Android platforms and developing products and

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<v Speaker 1>services and experiences on other platforms. But it's giving the

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<v Speaker 1>specific and uniqueness to the automotive partner that that that

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<v Speaker 1>that they that they want and you know, for that,

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<v Speaker 1>we've you know where it's the fourth year that we've

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<v Speaker 1>support the Google and Where platform or a reference partner.

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<v Speaker 1>We're doing some really awesome things in the car as

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<v Speaker 1>you know, as as individuals moved from their living room

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<v Speaker 1>and their homes and their offices, you think about the

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<v Speaker 1>you know, the car and it's it's the it's the

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<v Speaker 1>next almost untouched experience, which we're trying to enhance. We're

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<v Speaker 1>doing that with a bunch of partnerships. But is there

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<v Speaker 1>something like when it comes to cars that you think

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<v Speaker 1>we're not talking about that we should. We just got

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<v Speaker 1>about forty seconds and we'll come back and talk some more. Listen.

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<v Speaker 1>I think I think that the whole autonomous driving is

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<v Speaker 1>is is a very unique environment and you know, and

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<v Speaker 1>and this work that we're doing in terms of heads

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<v Speaker 1>up and how that impacts not only the driver itself,

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<v Speaker 1>but in the future it will give you this experience

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<v Speaker 1>when you're not driving the car as well and give

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<v Speaker 1>you that comfort less anxiety about knowing what's out there.

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<v Speaker 1>Part of the problem with you know, a time just

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<v Speaker 1>driving is you just don't feel comfortable because you're not

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<v Speaker 1>in control with you know this, that those heads up displays,

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<v Speaker 1>you can you have an experience. You can experience what

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<v Speaker 1>looks like outside without actually driving. You know. I guess

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<v Speaker 1>what I want to talk to you about, to Michael,

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<v Speaker 1>is you know some of the trends that we did

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<v Speaker 1>see during the pandemic. I looked at UM your press

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<v Speaker 1>preview for c e S and you know, whether it's

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<v Speaker 1>refrigeration at supermarkets, whether it's immersive entertainment, whether it's you know,

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<v Speaker 1>working increasingly with education to do those fully remote learning experiences. Uh,

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<v Speaker 1>you guys are opening up is it a luminarium UM

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<v Speaker 1>or working with them that's going to open up in Atlanta. Like,

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<v Speaker 1>there's a lot of things go going on. Tell me

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<v Speaker 1>about the trends that you guys have had to kind

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<v Speaker 1>of either pick up some momentum on and said, man,

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<v Speaker 1>this train has left the station and this is going

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<v Speaker 1>to be with us from now on. That um that

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<v Speaker 1>are really going to stay with us longer term. Yeah,

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<v Speaker 1>I mean it's incredible how how we've how we've changed.

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<v Speaker 1>I mean, I'll just give you some examples and some

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<v Speaker 1>of it, you know, we were doing. We accelerated that.

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<v Speaker 1>I mean, you know, we're as you know, we're a

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<v Speaker 1>significant manufacturer and developers of battery technology, and you know,

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<v Speaker 1>we we ramped our production to support you know, a

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<v Speaker 1>bunch of healthcare providers and ventilator production facilities, and we

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<v Speaker 1>just we ramped that really quickly. Think that we didn't

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<v Speaker 1>know we could do that quickly. We just we we

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<v Speaker 1>got the entire team on board and just persevered and

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<v Speaker 1>make sure we delivered on that. I mean, you look

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<v Speaker 1>at quick service restaurants and you know, and and and

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<v Speaker 1>and how that has changed. Right everything from contact with

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<v Speaker 1>payment technologies that we're developing and accelerating rolling out to

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<v Speaker 1>smart lockers right the clicking collect it's not just about

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<v Speaker 1>being at room temperature, but being at you know, heating

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<v Speaker 1>and cooling in the same in the same locker and

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<v Speaker 1>tying that all back to a standardized platform. And uh

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<v Speaker 1>and within food retail or quick service restaurants. So we've

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<v Speaker 1>we've really accelerated a lot of that, a lot of

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<v Speaker 1>technology and even going back on the battery side, I mean,

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<v Speaker 1>we've never really experienced this kind of ramp before, but

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<v Speaker 1>you know, we power many of the data centers in

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<v Speaker 1>North America too, with you know, with battery technology and

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<v Speaker 1>battery technology that really supports that connectivity and need commerce.

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<v Speaker 1>That's that's powering this, uh, this new trend, and that's

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<v Speaker 1>going to continue in the foreseeable future. Yeah, what is

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<v Speaker 1>it that you guys have learned about businesses are consumers

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<v Speaker 1>specifically in terms of other trends that are going to stick.

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<v Speaker 1>I mean we've talked a lot about the digitization of

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<v Speaker 1>just everything that we're doing. I mean some things, whether

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<v Speaker 1>it's telemedicine, whether it's learning. Uh, there's a lot of things.

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<v Speaker 1>And like you said, had the contact less payment. I

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<v Speaker 1>mean I finally got an Apple PEG, you know, and

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<v Speaker 1>my husband I laugh about I can't remember the last

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<v Speaker 1>time that we've used money, uh cash money, I should

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<v Speaker 1>say paper money. So you know, I look to you

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<v Speaker 1>guys as, okay, kind of visionaries. So what are the

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<v Speaker 1>things that are maybe in R and D that you

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<v Speaker 1>are working on, that you're you know, that you can

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<v Speaker 1>talk about that are like, okay, the consumers different, the

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<v Speaker 1>businesses are different. Things are really this this pandemic impacted

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<v Speaker 1>a lot. Yeah, I mean we we have we have

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<v Speaker 1>so many technologies and an I p under under our hood.

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<v Speaker 1>And you know, one of the things that I'll just

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<v Speaker 1>get give me that. One of the things that we've

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<v Speaker 1>tried to do is leverage some of those technologies across

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<v Speaker 1>I'm a number of our businesses. And so I'll give

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<v Speaker 1>you an example of that. I mean, if you think

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<v Speaker 1>about what we're doing, we have a technology called nanoex technology,

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<v Speaker 1>and just the technical is, you know, we kind of

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<v Speaker 1>we have these high hydroxyl radicals, but basically from what

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<v Speaker 1>it means is it's actually effectively inhibits um you know,

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<v Speaker 1>odors and and and some viruses and uh and and

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<v Speaker 1>and various things that can be incorporated into our product.

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<v Speaker 1>This technology was actually developing for hair dryers to kind

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<v Speaker 1>of to make the hair drying experience actually better. And

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<v Speaker 1>then we said, well this actually inhibits you know things,

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<v Speaker 1>and so can we incorporate that into our airline business,

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<v Speaker 1>or avionics business, our automotive business. Right to have cleaner, cleaner,

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<v Speaker 1>fresher indoors or inside are air conditioning, so so many products.

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<v Speaker 1>So I think, you know, what we've really done has

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<v Speaker 1>taken some of our core technology and say how does

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<v Speaker 1>that fit into other areas and how is that now

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<v Speaker 1>conducive or supportive to towards this pandemic and beyond in

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<v Speaker 1>terms of air quality and freshness. And that's just one

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<v Speaker 1>example of looking across our extended platform of businesses and

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<v Speaker 1>taking one technology things, how does it fit in other

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<v Speaker 1>areas well? And you know, I want to go back

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<v Speaker 1>if I can, because you, like I said in the introduction,

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<v Speaker 1>you came into your current position in August of twenty nineteen,

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<v Speaker 1>just before everything was going to you know, start to

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<v Speaker 1>be you know, come undone. Panasonic has I think something

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<v Speaker 1>like two workers globally. You know, what was it like,

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<v Speaker 1>you know, in your position and being involved in this

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<v Speaker 1>massive global company and just kind of finding your way

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<v Speaker 1>through those first few months of the pandemic. Yeah, it was.

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<v Speaker 1>It was really challenging. I mean we you know, first

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<v Speaker 1>of all, we had to evaluate exactly how serious this

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<v Speaker 1>was right early on thinking about it. We've got you know,

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<v Speaker 1>twenty employees in North America. A good chunk of those

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<v Speaker 1>are manufactory environments, and we had to we we had

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<v Speaker 1>to first understand how how how serious was this? And

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<v Speaker 1>then you know, how do we start to to move

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<v Speaker 1>our employees where we can remotely? I mean, you think

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<v Speaker 1>about all of our office workers like everybody else, we

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<v Speaker 1>started to move them remotely, making sure that our ike

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<v Speaker 1>systems and our networks are capable of handling all of that,

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<v Speaker 1>and then really communicating to our to our employees of

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<v Speaker 1>how to do that. That was kind of one one

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<v Speaker 1>one option or one silo, and the other one is

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<v Speaker 1>how do we make sure we have business continuity? I

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<v Speaker 1>mean we're we make things, we shift things, we put

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<v Speaker 1>things into other I mean you think about the comply

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<v Speaker 1>chain around automotive, the supply chain around so many of

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<v Speaker 1>our businesses. Grocery for example, we would power along the

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<v Speaker 1>refrigeration within grocers. We have to get into those stores

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<v Speaker 1>make sure that those equipment is fixed and ready and

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<v Speaker 1>and and and working for customers. Right. So, doing that

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<v Speaker 1>in the safe and secure environment, making sure that we

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<v Speaker 1>have the appropriate testing, making sure that we had business

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<v Speaker 1>continuity with the biggest challenge for us and making sure

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<v Speaker 1>that our employees were safe and secure within their environments.

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<v Speaker 1>And we did everything possible to make that happen right

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<v Speaker 1>like so many just you know, stakeholders to take care

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<v Speaker 1>of it. One hey, um, last question, just quickly, um,

0:11:50.080 --> 0:11:52.520
<v Speaker 1>what kind of visibility do you have about one what

0:11:52.559 --> 0:11:54.320
<v Speaker 1>do you think the business environment is going to be.

0:11:55.480 --> 0:11:58.280
<v Speaker 1>I mean, we're always listen, we're seeing we're seeing stability

0:11:58.320 --> 0:12:01.400
<v Speaker 1>in our in our business. Um. Obviously there's been winners

0:12:01.440 --> 0:12:04.120
<v Speaker 1>and some loser who say in the business, but I

0:12:04.120 --> 0:12:07.360
<v Speaker 1>mean overall, we're seeing stability and and and ramping in

0:12:07.559 --> 0:12:12.959
<v Speaker 1>areas around sustainability, uh and and around things like connectivity

0:12:13.000 --> 0:12:15.840
<v Speaker 1>and how we're and and those two, those two I

0:12:15.880 --> 0:12:19.040
<v Speaker 1>think are going to be with us for two and beyond. Right,

0:12:19.120 --> 0:12:22.520
<v Speaker 1>But we're seeing things stable, we're things and we're seeing

0:12:22.559 --> 0:12:25.720
<v Speaker 1>some momentum. Um. I think you know, the first quarter

0:12:25.800 --> 0:12:28.120
<v Speaker 1>is gonna be a little bit, a little bit challenging overall,

0:12:28.200 --> 0:12:30.240
<v Speaker 1>just because we're getting handled on the pandemic. But I

0:12:30.840 --> 0:12:35.120
<v Speaker 1>see some some some some brighter skies ahead, and especially

0:12:35.160 --> 0:12:36.920
<v Speaker 1>in the back half of this year. He sat a

0:12:36.960 --> 0:12:40.080
<v Speaker 1>little cautious there, Michael, A little bit, which is fair.

0:12:41.000 --> 0:12:42.880
<v Speaker 1>I think. I think I think we all if we

0:12:42.960 --> 0:12:46.200
<v Speaker 1>all through this over nine months, no doubt about it.

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<v Speaker 1>And it just feels like just when we feel like

0:12:47.600 --> 0:12:49.679
<v Speaker 1>we we can turn the corner on something, something else

0:12:49.760 --> 0:12:51.679
<v Speaker 1>hits us big time. Michael, Thank you so much. Good

0:12:51.720 --> 0:12:55.000
<v Speaker 1>luck with the show. The Digital CS Michael Moscow at

0:12:55.280 --> 0:12:58.600
<v Speaker 1>Chairman and CEO at Penasonic Corporation of North America on

0:12:58.640 --> 0:13:00.320
<v Speaker 1>the phone from Toronto, tab