Huawei today said it will refocus its efforts on software as part of a strategy overhaul aimed at counteracting the impact of US sanctions.
The Chinese tech giant also said it will ramp up production of components for electric vehicles in an effort to “boost business resilience”.
The controversial company has been rocked by a number of US sanctions over its alleged threat to national security. Huawei has always denied the claims.
Huawei’s revenue growth slowed significantly last year after its smartphone business was hit by both the US crackdown and the impact of the pandemic.
Speaking at the firm’s analyst summit today, rotating chairman Eric Xu said: “Moving forward, we will continue to find ourselves in a complex and volatile global environment. Resurgence of Covid-19 and geopolitical uncertainty will present ongoing challenges for every organisation, business, and country.
“We believe deeply in the power of digital technology to provide fresh solutions to the problems we all face. So we will keep innovating and driving digital transformation forward with our customers and partners to bring digital to every person, home and organisation for a fully connected, intelligent world.”
Xu also took aim at the US over its “unwarranted restrictions”, blaming the sanctions for a global shortage in semiconductors.
Efforts by the US to blacklist Huawei and cut off its chip supply have left the tech firm scrambling to develop new software and reduce its reliance on the country.
The company has created its own operating system, dubbed Harmony, after it was blocked from using Google’s Android.
But it has also been blocked from building 5G networks in countries including the UK following a campaign by former president Donald Trump’s administration.
In addition to the software push, Huawei will also be hoping to cash in from its enterprise business, which has proved resilient to the wider slowdown in growth.
It comes after Huawei’s chief financial officer Meng Wanzhou reached an agreement with HSBC over the release of documents relating to US fraud allegations against her.
Meng, who is facing extradition on accusations of misleading the bank about Huawei’s dealings in Iran, lost a legal bid in the UK to force HSBC to publish materials relating to her case.
The case then moved to a Hong Kong court, where the two sides today said they had reached an agreement.