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More than $23 billion was spent on research and development in the last financial year making Huawei Consumer Business Group, one of the leading spenders on research and development.
It was Chief Marketing Officer for the Huawei Consumer Business Group, Chen Lei who during an interview at the launch of their flagship Huawei P60 Pro smartphone, announced a notable research and development spending.
Right before the launch of the new Huawei P60 Pro alongside an impressive product lineup – while on the meandering Kyalami race track, – Lei acknowledged the hard work put in by the tech giant, in a bid to overcome adversity.
The marketing officer noted how pivotal it was for resilience to be at the forefront of Huawei’s vision.
We have something special, Lei said while elaborating on the impressive specifications packaged together in both the Huawei Mate X3 and the latest Huawei P60 Pro.
Research and development are crucial to withstand competition in a dogfight market to avoid obsolescence.
R&D prompts initiatives from companies all in an effort to inspire them to withstand competitors.
This remains a benefit for the end consumer who benefits from this massive investment from determined business groups.
While Huawei reaches deep into its pocket, it may definitely be among the top three spenders this year, which signals a notable win for innovation.
What could arguably be a leading global leader in information, and communications technology (ICT) infrastructure, the tech giant in 2020 spent around $22 billion which constituted 15.9% of its total revenue.
The leading patent holder, Huawei was the third-highest R&D spender in the 2020 financial year a massive show of muscle as fewer companies devoted less revenue to research.
This was all under crippling U.S trade and investment sanctions.
The firm doubled its R&D budget over the past half-decade to $22.1 billion around 2021.
“In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei’s operations”, said Eric Xu, Huawei’s then Chairman, at the company’s annual report press conference.
He added”: “In the midst of this storm, we kept racing ahead, doing everything in our power to maintain business continuity and serve our customers. We also went to great lengths to grow the harvest – generating a steady stream of revenue to sustain our survival and lay the groundwork for future development.”
Huawei has officially launched the Huawei P60 Pro alongside the Huawei MateX3. Both devices are available for pre-orders from their online store.
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