Panasonic Corp. said Thursday it will withdraw from all production of liquid crystal display panels by 2021 amid fierce competition from Chinese, South Korean and other foreign rivals.

Panasonic stopped manufacturing LCD panels for televisions in 2016. It has since focused on LCD panels for vehicles and industrial uses.

Panasonic "determined that continuation of the business would be unviable, faced with a tougher environment in the global market, so the decision was made to stop production," the company said in a statement.

The multinational electronics firm said it would conduct consultations with employees of Panasonic Liquid Crystal Display Co. in Himeji, Hyogo Prefecture, the Osaka-headquartered parent's sole LCD producer, with the aim of transferring and relocating the employees within its group.