Amind the on-going US-China trade war, which imposed several trade restrictions on Huawei, the Chinese giant finally sold its Honor sub-brand of budget smartphones. With the financials details remain unknown, it is said that a consortium of over 30 agents and dealers of the Honor brand and the Shenzhen Smart City Development Group Co. Ltd. bought the company for around $15.2 billion.
Now, at a farewell party for Honor, Ren Zhengfei, founder of Huawei, said that he hoped Honor to become Huawei’s strongest global competitor and even surpass the former parent company, which could be the company’s motivation going forward. This was reported by the South China Morning Post (SCMP).
EDITOR’S PICK: China surpasses the US for the first time in artificial intelligence patent filings to become a global leader
He also added that Huawei and Honor should not be connected anymore and everything should be handled separately, strictly following the compliance management and abiding by international rules to achieve respective goals.
Explaining the reason behind the sale of Honor, Ren said that the sanctions imposed by the United States threatened millions of jobs, as well as supplies from the company’s dealers and agents from 170 countries around the world.
Further, he added that Honor will face problems unlike any other new companies and called on the company’s employees to embrace globalization and learn from companies in the UK, US, EU, Japan, Taiwan, and South Korea.
Honor was formed as a sub-brand of Huawei in 2013 and since then, it has become of the leading smartphone brands globally, shipping more than 70 million units annually. As per IDC, it accounted for 28 percent of Huawei’s total shipments in H1 2020 and Huawei claims that it has generated more than $10 billion in revenue.
UP NEXT: Huawei P50 series to reportedly feature liquid lenses with a millisecond focusing
