Posted on 23 May 2024
Chinese technology firm Huawei says its intelligent vehicle business has turned loss into profit in the first quarter of 2024, Kallanish reports.
On 21 May, Chengdong Yu, Huawei’s managing director and chairman of Huawei's smart vehicle business, said the financial performance reflects the successful sales of intelligent vehicles, particularly from the Aito brand. The latter is a marque from Seres group and Huawei.
In January-March 2024, deliveries for the Aito M7 reached 74,330 units, leading the BEV to rank first among the most sold “new force” vehicles.
Yu also disclosed that the company is still choosing a name for the intelligent collaborative vehicle model that it is developing with JAC Group. This vehicle is set to be positioned above the Maybach and Rolls Royce Phantom, with a price estimated at around CNY 1 million ($139,585).
During Q1, Huawei’s net profit surged 564% on-year to CNY 19.65 billion, with its net profit margin reaching 11%. Total operating income reached CNY 178.45 billion, an on-year increase of 36.66%.
The company did not disclose the financial results and allegedly net profit of its smart vehicle unit.
Source:Kallanish
