Title: Huawei’s Revenue Grows Despite US Sanctions, Boosted by Smartphone and Electric Car Ventures
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Chinese tech giant Huawei has reported a modest 1% increase in revenue for the third quarter of this year, despite the launch of a popular new smartphone and a surge in sales in its electric car venture. The company’s revenue for the first three quarters of the year recorded a 2.4% year-on-year increase, totaling 456.6 billion yuan ($62.33 billion), making it the highest revenue for this period since 2020.
Despite facing US sanctions that restrict its access to high-end technology, Huawei’s latest smartphone – the Mate 60 Pro – has been receiving positive reviews for its impressive download speeds, thanks to an advanced semiconductor chip. The phone was quietly launched in China in late August and has already sold over 1.6 million units in the first six weeks, according to Counterpoint Research. It’s worth noting that Counterpoint Research also reported a 37% surge in Huawei’s smartphone sales in the third quarter, contrasting with Apple’s 10% decline during the same period.
In addition to its smartphone success, Huawei has managed to make waves in China’s new energy vehicle market. The company’s car brand, Aito, has sold its operating system and components to various car manufacturers, with its latest model, the M7, receiving 60,000 unit orders within just a month of its release. Aito has further announced that pre-orders for its upcoming M9 SUV have already reached 15,000 units.
These positive results demonstrate Huawei’s resilience and ability to maintain revenue growth despite the challenges posed by US sanctions. By diversifying its business and tapping into lucrative markets like smartphones and electric vehicles, the company has been able to offset losses incurred from limited access to cutting-edge technologies.
As the year progresses, industry experts are keenly observing Huawei’s performance, considering the ongoing geopolitical tensions and technological restrictions it faces. Nonetheless, the company’s ability to adapt and flourish in its smartphone and electric car ventures serves as a testament to its innovation and determination in the face of adversity.
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