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Huawei reported a 22% year-over-year revenue increase in 2024, reaching $118.2 billion, despite facing Western sanctions. The company generated $8.6 billion in net profit, a 28% decline from the previous year, primarily due to increased R&D investments and no business sales gains. Huawei continues to focus on quality and innovation, with over half of its workforce dedicated to R&D, while also expanding into AI, cloud, and automotive solutions.
Elon Musk's net worth has plummeted by approximately $121 billion since December, now estimated at $337.7 billion, making him still the world's richest person. This decline coincides with widespread protests against him and Tesla, including the "Tesla Takedown" demonstrations, which have negatively impacted Tesla's stock, down about 45% from its December peak. Amidst these challenges, Musk has threatened legal action against protest organizers while facing scrutiny over the effects of new tariffs on the automotive industry.
Huawei has rebounded from sanctions, shipping 12.7 million smartphones in Q4 2024 and capturing nearly 17% of China's market, driven by a focus on premium products and innovation, including the tri-fold Mate XT. Chinese OEMs, particularly Huawei and Xiaomi, dominate the AI smartphone market and foldable phone segment, investing in in-house chip development and proprietary operating systems like HarmonyOS and HyperOS to enhance user experience across devices.
Huawei has reported an unexpected loss, attributed to the impact of US sanctions that have hindered its technology research. This downturn follows a period of significant growth driven by the popularity of its Mate devices. Meanwhile, global markets are reacting to various economic pressures, including tariff concerns and corporate financial struggles.
Huawei Technologies Co. reported its first quarterly net loss in years, posting a loss of approximately 300 million yuan for the December quarter, despite a 9.5% rise in revenue to about 276 billion yuan. The company invested heavily in R&D, spending 179.7 billion yuan, driven by US sanctions and a focus on future-oriented projects, including advancements in chipmaking and AI. Overall, Huawei's net profit for the year fell 28% to 62.6 billion yuan, with significant contributions from its ICT infrastructure and consumer products.
Tesla's stock fell by as much as 6% amid concerns over President Trump's impending 25% tariffs on foreign autos, with CEO Elon Musk acknowledging the significant impact on the company. Analysts predict lower EV deliveries for the March quarter, with estimates ranging from 353,418 to 390,342 vehicles, as waning sentiment towards Musk and competition from Chinese EV makers like BYD weigh on sales. Additionally, protests against Musk and the anticipation of new models are contributing to short-term sales challenges.
The Chinese government plans to inject RMB 500 billion into four major state-owned banks to bolster lending and support the economy. This capital infusion, which comes with a premium on share prices, aims to strengthen the banking sector while private demand remains weak. Despite improving economic data, the CNY is expected to stay under pressure due to a low interest rate environment.
Global stocks plummeted as investors braced for President Trump's upcoming tariffs, with the ASX losing $42 billion and Japan's Nikkei index dropping 4.05%. Goldman Sachs raised US recession odds to 35%, predicting more Federal Reserve rate cuts as tariffs threaten economic stability. Safe-haven assets like US treasuries and gold surged amid the turmoil.
BYD has denied reports of plans to invest 10 billion yuan (approximately US$1.4 billion) in a manufacturing plant in Hyderabad, India, calling the information “untrue.” While the company is interested in expanding internationally, it has not confirmed any significant investment plans for India, where it operates through its subsidiary, BYD India, focusing on electric buses and passenger vehicles.
Alibaba is acquiring cross-border ecommerce startup HHO, facilitating the return of founder Chen Hang as CEO of DingTalk. Launched in 2015, DingTalk has become China's largest enterprise collaboration app with over 700 million users. Chen's return aligns with Alibaba's renewed focus on product-led growth and AI-driven development under CEO Eddie Wu.
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