Huawei Technologies' net profit climbed 18% in the first half of the year, thanks to strong smartphone sales and robust growth in its car business.
Net profit rose to 54.9 billion yuan, equivalent to $7.7 billion, compared with 46.6 billion yuan a year earlier, according to figures released by the privately held company Thursday. Revenue rose 34% to 417.5 billion yuan.
Huawei said its consumer and intelligent automotive solutions businesses grew rapidly during the period.
The Chinese tech giant has seen robust growth in its EV business by collaborating with automakers, leveraging its advantage in autonomous-driving technology and in-car software systems.
BYD on Tuesday said it was teaming up with Huawei on autonomous driving and would use the tech company's latest self-driving system for its premium brand Fangchengbao's Bao 8 off-road SUV, which is set to launch later this year. The tech titan's Qiankun ADS3.0 platform, which rolled out in April, has been used in new models of various EV partners, including in Seres's AITO, BAIC's Stelato and Chery's Luxeed.
Huawei reports a handful of unaudited financial figures throughout the year and releases a more detailed audited annual report each spring. It didn't provide data broken down by business segment for the first half.
In the second quarter, Huawei was the No. 2 smartphone seller in China, the world's largest smartphone market, with an 18.1% market share, according to market-research firm International Data Corp.
Counterpoint Research said Huawei's sales jumped 44.5% in the quarter from a year earlier, the fastest growth among Chinese original equipment manufacturers, thanks to the Pura 70 and Nova 12 series. The company launched its Pura 70 series in April.
The Chinese tech company has invested in its car business as Beijing ramps up support for high-tech industries as part of efforts to reduce the economy's reliance on the property sector for growth.
Changan Automobile-backed Avatr Technology said in an exchange filing last week that it will acquire a 10% stake in Yinwang Smart Technology, Huawei's car unit that provides autonomous-driving technology to automakers, valuing the company at 115 billion yuan. Seres on Monday said it would acquire a 10% stake in Yinwang.
Last year, Huawei more than doubled its net profit as it rebuilt the market share of its core businesses in consumer electronics and cloud computing, which were severely eroded by several years of U.S. sanctions that limited its access to advanced semiconductors." [1]
Sanctions didn't work for Huawei. Sanctions didn't work for Russia. Sanctions did huge damage to the economy of the West. Will voters everywhere punish the clumsy sanction designers? We should learn from expensive mistakes.
1. Huawei Profit Rises On Strong Phone Sales, Car Business --- Tech giant was the No. 2 smartphone seller in China in the second quarter. Huang, Jiahui. Wall Street Journal, Eastern edition; New York, N.Y.. 30 Aug 2024: B.4.
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