Nikkei report: Panasonic quits low end camera business and release a camera jointly developed with Leica

The prestigious website Nikkei reports:

The company (Panasonic HD) said, “We have stopped developing new models that can be replaced by smartphones.” Production of existing products will continue for the time being, but in the future, the company plans to concentrate on developing high-end mirrorless machines aimed mainly at enthusiasts and professional filmmakers. We are planning to release a mirrorless machine jointly developed with Leica Camera, which we formed a comprehensive partnership with at the end of May, in about a year.

via Digicameinfo