Huawei is set to report strong financial results for 2024, with expected revenues of 860 billion yuan (US$118 billion), nearing its 2020 peak.

The company has diversified its business to counter US sanctions, expanding into smart-driving technology, 5G infrastructure for mines, and energy storage for data centers.

It has also developed its own operating system, HarmonyOS, and MetaERP to replace US-based technologies.

Huawei’s automotive partnerships with state-owned automakers like Seres, Chery, and BAIC have driven growth, with Aito-branded EV sales tripling last year.

Smartphone shipments in 2024 are projected to exceed 45 million units, up 25% year-on-year. However, chip production remains a challenge due to yield rate constraints.

Despite ongoing challenges in Western markets, Huawei continues to grow its footprint worldwide.

Recent Huawei developments