After years of battling U.S. sanctions, China’s Huawei is set to announce a strong recovery, driven by advances in software, chip production, and smart-driving tech. The company expects to report 860 billion yuan ($118 billion) in revenue for 2024, nearly matching its 2020 peak of 891 billion yuan, despite challenges from chip shortages and U.S. restrictions that slashed consumer business revenues.
Once in “survival mode” due to U.S. sanctions, Huawei has adapted by diversifying into new sectors and developing alternatives to Western technologies. The company has regained momentum, with founder Ren Zhengfei confirming that concerns over China’s reliance on foreign chips and operating systems have eased.
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In the consumer space, Huawei shipped over 45 million smartphones in 2024, a 25% increase from the previous year. Despite ongoing constraints in chip yield rates, the company’s consumer business is back on track. Additionally, Huawei’s ventures into the automotive market, notably its collaboration with Dongfeng-backed Seres on Aito-branded cars, have seen impressive sales growth.
Huawei’s innovation extends beyond mobile devices. Having developed its own HarmonyOS to replace Android, the company has also ventured into autonomous driving, supplying advanced tech to electric vehicle makers like Chery, BAIC, and SAIC. This positions Huawei as a prominent player in China’s electric vehicle revolution, with plans to integrate AI into its industrial services and expand its software ecosystem across connected devices.
While its access to Android remains limited, Huawei is aggressively expanding its presence in markets such as the Middle East and Southeast Asia, with a recent launch of the Mate XT foldable smartphone in Malaysia. Its international presence may be patchy, but in markets where it can offer an alternative AI infrastructure, Huawei could dominate.
