(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Huawei Technologies Co.’s billionaire founder intends to kick off a three- to five-year overhaul of the networking giant, creating an “iron army” that can help it survive an American onslaught
-- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here.
Major structural shifts are around the corner as U.S. sanctions threaten the survival of its cash-cow smartphone business, Ren Zhengfei warned in an internal memo seen by Bloomberg News and verified by a Huawei spokeswoman. The consumer business faces a “painful long march,” Ren wrote, a possible reference to the Communist Party’s historic cross-country trek.
“We have to complete an overhaul in harsh and difficult conditions, creating an invincible iron army that can help us achieve victory,” Ren wrote in the letter dated Aug. 2. “We absolutely have to complete this re-organization within three to five years.” Huawei reported slower sales growth in the second quarter compared to the first as the ban started to bite, especially into a consumer business encompassing smartphones and laptops. The company unveiled its in-house HarmonyOS last Friday, saying it can replace Android if Google’s software was barred from its future smartphones. But Ren said the company needed a lot more time to build an apps ecosystem, a major requirement for any operating software to thrive in the long run.
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