Huawei lost over USD 60-70mn on Mate Xs foldable phone
H
uaweis consumer business CEO Yu Chengdong has revealed that the company has so far lost around USD 60 to USD 70 million dollars in selling the Mate Xs foldable smartphone, even though it is priced at 16,999 Yuan (USD 2,267).
According to him, the prices of flagships are high because of the cost of production, and if the cost of the flexible display drops then it is possible to make some profit, reports GizmoChina.
Huawei phones are still a challenging sell overseas since a US blacklist has stripped access to Google apps like YouTube, Google Maps and Google Play.
Yu reassured users that Huawei phones will be fine even without US components
He said that Huawei's investment in Riamp;D will likely be the second-largest this year.
Yu added that some of the competitors merely spend a billion Yuan in Riamp;D, however, his company is investing $20 billion.
In 2019, the company invested about $18.5 billion in Riamp;D (third-largest), which accounted for 15.3 per cent of its total revenue of 467.3 billion Yuan with 34 per cent YoY growth.
✔️ Huawei lost over USD 60-70mn on Mate Xs foldable phone
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