After enduring years of challenges due to US sanctions, Huawei is poised to report impressive revenue figures. The company is expected to announce an anticipated revenue of 860 billion yuan (approximately $118 billion) for 2024, which is strikingly close to its 2020 peak of 891 billion yuan, before facing significant restrictions on advanced technology and 5G chips.
Initially, the sanctions forced Huawei into a “survival mode,” where it focused on adapting its business strategies. Over the past few years, the firm has diversified into new sectors and developed alternatives to Western technologies, including collaborating with local authorities and state-backed companies.
As time progressed, the company’s outlook became more optimistic. In a meeting with President Xi Jinping last May, Huawei’s founder, Ren Zhengfei, noted a decrease in domestic concerns regarding chip and software shortages.
While Huawei has not disclosed specific revenue sources, it has confirmed growth in its consumer electronics division and a booming automotive sector. Reports indicate that the company shipped over 45 million smartphones in 2024, reflecting a year-over-year growth of at least 25%, despite ongoing challenges in chip production.
In response to sanction-related hurdles, Huawei has sought new opportunities, such as developing 5G infrastructure for mining operations and energy storage systems for data centers. Moreover, after losing access to Google’s Android, it created its own operating system, HarmonyOS, which now operates on over a billion devices, along with its enterprise resource planning system, ‘MetaERP’.
Further, the company has designed its own advanced chips, targeting the competitive AI hardware market. In the automotive arena, Huawei has emerged as a leader in autonomous driving technology, partnering with state-owned car manufacturers to bolster China’s electric vehicle industry.
The M7 and M9 models, equipped with Huawei’s driver-assistance technology, have become bestsellers.