"We hope the new US administration would have an open policy for the benefit of American firms and the economic development of the United States," Ren told reporters. "We still hope that we can buy large volumes of American materials, components and equipment so that we can all benefit from China's growth. Once a top-three smartphone supplier along with Samsung and Apple , its shipments plummeted more than 40 percent in the fourth quarter of 2020, according to industry tracker IDC, as the supply-chain disruptions prevented it manufacturing enough phones to meet demand.It fell to number five in the world in smartphones in the quarter -- behind Chinese rivals Xiaomi and Oppo. It also previously reported a significant slowdown in its January-September earnings.With China's huge domestic market, Huawei will likely survive but not without major changes, said Nicole Peng, analyst with Canalys "They will not go away. I believe they will come back, but need to rethink the business model," she said.Huawei is also fast diversifying to encompass enterprise and cloud computing.

Source: Economic Times February 09, 2021 04:26 UTC