Japan's Matsushita Electric Industrial Co (Panasonic) is finalizing plans to mass-produce 37-inch organic light-emitting diode TVs in three years, aiming to overtake rivals in the next-generation flat-TV race, the Sankei Shimbun daily reported on Tuesday.

After Sony, Samsung and LG Display Pansonic want to produce OLED TV as fast as possible.

Matsushita President Fumio Ohtsubo said in January it would be a while before Matsushita could launch OLED TVs. Although Matsushita was planning to launch large-sized OLED TVs, demand for that type of OLED TV would probably not take off until around 2015, he said.

The Sankei report said Matsushita would start a production line exclusively for OLEDs at its new LCD panel factory that is being built in Himeji, Hyogo Prefecture, in western Japan.