Technology

Huawei founder says to cut output by $30 billion in 2019-20

Huawei founder says to cut output by $30 billion in 2019-20

The founder of Huawei said Monday the embattled Chinese telecom giant would slash production over the next two years as it grapples with a US push to isolate the company internationally.

by Agence France-Presse

The founder of Huawei said Monday the embattled Chinese telecom giant would slash production over the next two years as it grapples with a US push to isolate the company internationally.

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“In the coming two years, the company will cut production by $30 billion,” Ren Zhengfei said during a panel discussion at corporate headquarters in Shenzhen.

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Huawei earned just over $100 billion in revenue in 2018.

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But Ren, who compared Huawei to damaged aircraft, added that he expected the company to get back on its previous trajectory by 2021.

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“In 2021, we will regain our vitality and (continue to) provide services to human society,” he said.

Kitsch and confidence at Huawei HQ despite US pressure

Huawei has emerged as a key bone of contention in the wider China-US trade war that has seen tit-for-tat tariffs imposed on hundreds of billions of dollars worth of goods.

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President Donald Trump’s administration has essentially banned Huawei from the huge US market and barred American tech companies from supplying the Chinese company with vital components without permission from Washington.

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Washington fears that systems built by Huawei, the world’s leader in telecom equipment and the number two smartphone producer, could be used by China’s government for espionage.

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The Trump administration also is pressuring other countries to ban Huawei equipment from their networks, particularly in the coming rollout of super-fast 5G networks, a project in which Huawei had been expected to play a leading role.

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The US campaign has already spurred a number of major technology companies, including major semi-conductor suppliers and brands such as Facebook and Google, to suspend cooperation with Huawei.

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