TAIPEI -- Huawei Technologies said on Monday its automotive business surged nearly sixfold in 2024, while its consumer business, including smartphones, rose more than 38% despite tighter U.S. export controls aimed at curbing China's tech advancements.
Huawei, which the U.S. views as a security risk, reported revenue of 862.1 billion yuan ($118.16 billion) for 2024, up more than 22% from the previous year, and a net profit of 62.6 billion yuan, down 28% from 2023. Its revenue has now rebounded to a level similar to 2019, when the company was first added to the U.S. Entity List, a trade blacklist.
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