Huawei’s consumer business returned to growth in 2024 while infrastructure sales remained robust, with total revenue topping CNY860 billion ($110.6 billion), Shenzhen Business Daily reported.

Annual revenue growth of 22 per cent was also confirmed to Mobile World Live by a Huawei source. The company releases full 2024 results in March.

Despite many external uncertainties, Huawei chair Liang Hua insisted during a speech in the city of Guangzhou the shift to digital and more intelligent services as well as a low-carbon economy is certain, the newspaper stated. “Huawei will continue to increase its strategic investment and bring better products and services to global customers.”

The chair noted its smart vehicle business is developing rapidly, the Shenzhen Business Daily wrote. He explained the company is tapping the expertise gained from developing advanced communication infrastructure to accelerate its capabilities in other sectors.

Huawei invested heavily in the automotive sector after being hit by a wave of US trade restrictions which limited its access to advanced chips as well as US-sourced software.

Its smart car unit last August was valued at $16 billion following two domestic companies acquiring a combined 10 per cent stake.