Electric cars, solar panels… the new life of Chinese giant Huawei

A Huawei store in Yichang, Hubei province, October 30, 2023. CFOTO/Sipa USA via Reuters Connect

DECRYPTION – Targeted by numerous sanctions since 2019, the Chinese group is continuing its diversification outside of telephony and telecoms and is regaining momentum.

On the front cover of its latest financial reports, the Chinese technology giant Huawei got into the habit of summarizing his results with evocative illustrations. A lighthouse swept away by the storm in 2019 after the first American sanctions targeting it, an icebreaker ship sailing in a frozen ocean in 2021 at the height of the group’s difficulties, then plum buds at the start of flowering last year, symbol of renewal. Will the Shenzhen giant reap the fruits of the tree in its 2023 edition? Over the first nine months of the year, Huawei published turnover up 2.4% year-on-year, to $62.66 billion. An honorable growth, but which remains far behind that recorded during the last decade. Between 2010 and 2020, the Chinese group’s revenues increased from $28.8 billion to $136 billion. That is an average growth rate of 17% per year, due to the explosion in sales of its equipment on mobile antennas…

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