Huawei Rebounds in Smartphone Market and Sees Growth in Automotive and ICT Solutions Despite US Sanctions

In 2024, Huawei showcased one of the largest displays at the Mobile World Congress in Barcelona. The Chinese telecommunications company reported that its net profit for 2023 had more than doubled, thanks to better product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion). Despite facing restrictions on accessing high-end technology from American suppliers since 2019, Huawei made a comeback in the smartphone market with the release of the Mate 60 Pro in China in late August 2023. The device offered download speeds associated with 5G, thanks to an advanced semiconductor chip, leading to increased sales in China and moving the company to fourth place in market share ahead of Xiaomi.

In 2023, Huawei’s intelligent automobile solutions business experienced a revenue growth of 128.1%, reaching 4.7 billion yuan. The consumer business also saw revenue growth of 17.3% year-on-year to 251.5 billion yuan. ICT remained the biggest revenue driver for Huawei in