Yuichiro Fujiwara's comments seem to answer the question in full so I am making it an answer. I quote below from Kronecker products and local joins of graphs by M. Farzan and D. A. Waller, Can. J. Math. 29 (1977), 255–269.
By a 1-contraction of $G$ we mean the removal from $G$ of each vertex of degree 1 (and its incident edge).
5.3 THEOREM. Let $G_1$ and $G_2$ be connected graphs with more than four vertices. Then $G_1\times G_2$ is planar if and only if either
(i) one of the graphs is a path and the other one is 1-contractible to a path or a circuit, or
(ii) one of them is a circuit and the other is 1-contractible to a path.
This leaves open only the case in which at least one of the graphs has fewer than five vertices. Proposition 5.4, which I won't bother reproducing here, covers some of these cases. Beaudou et al. addresses the case $G=K_2$. A complete solution appears to be still an open problem.