Huawei could see a drop in smartphone sales of between 40 million and 60 million units annually as a result of the ban, and that concerns just the global market. This will mean that the company's sales will flatline at $100bn during that time, where it had been widely expected to emerge as the biggest company in the mobile market sometime during that period. Huawei must mostly be hoping that uninformed consumers will pick up its smartphones, unaware of all the turmoil the company is going through.
"I think both sides will suffer", he said.
Huawei has been on shaky grounds ever since the U.S. government issued an order banning Huawei from doing business with the US-based companies.
"We simply have no channel of communication", Liang told reporters earlier this month.
Ren, 74, said Huawei planned to cut production by US$30 billion over the next two years to ride out the storm.
Meanwhile, Huawei is launching the Honor 20 in the midst of this trade war between the USA and China.
Ren Zhengfei said that the United States crackdown on Huawei will not prevent Huawei from advancing.
The move marked an escalation in efforts by Washington to block Huawei.
Huawei has said its work does not pose any threats and that it is independent from the Chinese government. Last year, it laid off five employees at its Washington office, including its vice president of external affairs, and slashed lobbying expenditures, Reuters reported.
The ban has been eased slightly to allow a temporary general license that lets Huawei purchase USA goods. It ran a full-page ad in major US newspapers in February following a string of interviews with Huawei Chief Executive Ren Zhengfei aimed at softening its dark image in the West. Ren said during the panel discussion that Huawei will not use its many patents as a "weapon", but did not rule out seeking royalties for usage.
Even so, the ban has had real repercussions.
He said the company expected revenues of about United States dollars 100 billion annually for the next two years, compared to USD 105 billion in 2018.
Huawei wants to play a leading role in 5G networks.
- Trump publicly opposes using Central Intelligence Agency informants against North Korea's Kim
- US Open gentle as a Rose, but for how long?
- Coutinho: I don't have much to say to Barcelona fans
- Saudis Agree With US That Iran Behind Suspected Attack on Oil Tankers
- HEADING TO WAR? American/Iran Tensions Heighten As Ship TORPEDOED
- PM Modi returns to India after attending SCO summit
- Amazon Have Confirmed Which Premier League Games They'll Show
- Samsung's $350 Galaxy A50 smartphone arrives in the USA on June 13
- Why has Turkey pursued the controversial Russian S-400 missile deal?
- Have to Hear Foreign Dirt to Know If It's Bad