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Huawei's 2024 revenue reached 860 billion yuan ($118.1 billion), marking a 22% increase despite ongoing U.S. sanctions. The company has successfully re-entered the premium smartphone market with its Mate 60 series and is also expanding in cloud computing and autonomous driving technology, positioning itself as a leader in China's tech self-sufficiency efforts.
China's smartphone market experienced a 5.6% growth in 2024, shipping 286.2 million units, driven by new product launches and government subsidies. Vivo led the market, followed by Huawei, which saw over 50% shipment growth. Apple, despite being the top seller in Q4, faced declining market share due to increased competition.
Honor, the Huawei spin-off, has undergone significant management changes, including the resignation of its CEO and CMO, as it prepares for an IPO amid fierce competition in China's smartphone market. The company faces challenges in regaining market share after a 14.9% decline in shipments last quarter, while also navigating the complexities of its association with Huawei. Despite these hurdles, Honor has seen growth in Europe and emerging markets, indicating potential for recovery.
Will Wong
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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10:12 07.02.2025
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