Huawei is denying reports claiming that it’s looking to sell its premium smartphone brands.
Reuters today said that two insiders are claiming that Huawei is in early talks to sell its P and Mate premium smartphone series. Those sources said Huawei has been talking with government-backed Shanghai investment firms from early as September 2020 but has not yet agreed on a deal.
Huawei sells Honor smartphone brand amid ‘tremendous pressure’
The move seemed plausible given that Huawei sold its value-oriented Honor smartphone brand to Shenzhen Zhixin New Information Technology in November 2020. “Huawei said that the sale was made “by Honor’s industry to ensure its own survival.”
Huawei selling its P and Mate series would essentially signal its exit from the smartphone business. Huawei sold 55.8 million devices worldwide in Q1 2020, outpacing both Samsung and Apple in units shipped. It lost the top spot to Samsung in Q3 2020 amid technology restrictions due to the U.S. entity list.
Huawei told Reuters that it has no plans to sell its premium smartphone brands, calling the reports meritless and unsubstantiated. The company prepared the following statement in response to IT World Canada’s request for comment:
“Huawei has learned there are unsubstantiated rumours circulating regarding the possible sale of our flagship smartphone brands. There is no merit to these rumours whatsoever. Huawei has no such plan. We remain fully committed to our smartphone business, and will continue to deliver world-leading products and experiences for consumers around the world.”