Despite escalating U.S. export restrictions, Huawei Technologies achieved robust growth in 2024, with its intelligent automotive and consumer electronics segments leading the charge. However, the company’s net profit declined as it ramped up strategic investments in research and development aimed at building a future-ready technology ecosystem.
In its financial report released on March 31, Huawei reported total revenue of CNY 862.1 billion (approximately USD 118.16 billion) for 2024, marking a 22% year-on-year increase. The standout performer was its smart car solutions business, which saw revenue soar to CNY 26.4 billion — nearly six times higher than in 2023.
While Huawei maintains its stance of not producing cars under its own brand, it continues to play a pivotal role in the smart mobility value chain. The company provides integrated solutions such as intelligent control systems, autonomous driving technologies, and advanced cockpit platforms. These innovations have been adopted by major Chinese automakers including BYD, GAC Group, and Dongfeng Motor, collectively launching 15 car models equipped with Huawei technology.
In 2024 alone, Huawei shipped more than 23 million smart automotive components — nearly seven times the volume of the previous year.
Huawei’s consumer business, including smartphones — the segment most affected by U.S. sanctions — rebounded with revenues climbing to CNY 339 billion. The company recently launched a premium triple-fold smartphone in Malaysia, although the bulk of its handset sales remain concentrated in the domestic market.
Industry analysts note that Huawei still faces challenges in securing access to advanced chipsets, which could limit its smartphone exports in 2025.
Despite strong revenue growth, Huawei’s net profit declined by 28% to CNY 62.6 billion. This was largely due to record-high R&D spending, which reached CNY 179.7 billion — equivalent to 20.8% of the company’s total revenue.
Huawei stated that these investments were primarily directed toward its core ecosystems, including the Harmony operating system (as a Google Android alternative), the Kunpeng platform (designed to replace Intel and AMD processors), the Ascend AI computing framework (positioned as a local alternative to Nvidia), and Huawei Cloud services.
Huawei’s traditional IT and telecommunications infrastructure segment also experienced growth, expanding 4.9% year-on-year. Huawei Cloud revenue rose 8.5%, while its digital energy division — which includes solar energy solutions — grew by over 24%.
Huawei remains the global market leader in telecommunications infrastructure, ahead of rivals such as Ericsson, Nokia, and Samsung.
Although Huawei did not disclose specific details about its semiconductor activities, the company emphasized that establishing a “high-quality” local supply chain remains a strategic priority for 2025. According to Nikkei Asia, Huawei is pushing its Chinese suppliers to enhance their competitiveness, with semiconductor maker SiCarrier cited as a key example.
A report from the U.S.-based Center for Strategic and International Studies (CSIS) alleged that Huawei had used intermediary firms to acquire large volumes of AI chips from Taiwan Semiconductor Manufacturing Co. (TSMC), as well as to stockpile high-bandwidth memory (HBM), which is essential for AI computing.
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