Huawei Smart Car Solution Business achieves profit in Q1 2024: Chairman

The Chairman of Huawei Smart Car Solutions BU – Yu Chengdong has recently announced that the company’s automotive solution business has made a profit in Q1 2024. A major credit goes to AITO automobiles which achieved record-breaking sales.

In an interview with Tencent News, Yu Chengdong said that the Huawei smart car solutions business began welcoming profit, starting with Q1 2024. The executive also mentioned how the firm is currently at the top in the smart driving R&D ranking.

Yu says that Huawei’s automotive business has successfully turned losses into profits within the first three months of this year. He points out that the booming sales of automobiles like the AITO M7 and Luxeed have led to a new achievement for the OEM.

Other smart car partners like Chery, BAIC, and JAC have also contributed to the growth of Huawei’s automotive solutions business. As for now, the Chinese tech giant hopes to reach new heights in this segment by the end of 2024.

Yu Chengdong Interview (Image Credits: Tencent News)

Smart Driving R&D

A few reports suggest that the company puts around 70-80% of its R&D investment (say 10 billion yuan) into smart car solutions. The aim is to build innovative, advanced, as well as easy-to-use capabilities to enhance the driving experience for users.

“Huawei’s smart car solution business has completed the turnaround in the first three months of this year, and the car business unit is close to the edge of breaking even. It is expected to turn losses into profits as well as achieve healthy positive development starting in April.” – says Yu Chengdong.

When asked about how Huawei sees the pricing battle in the Chinese auto market, the Chairman replied that the company’s partners should respond to activity in such competition. You can check further details of the interview HERE.

Yu Chengdong Interview (Image Credits: Tencent News)