SHANGHAI – Chinese telecoms giant Huawei has announced the sale of its Honor budget phone line in a move it said is necessary to keep the brand alive, following supply chain pressures caused by US sanctions.
Honor has been purchased by a group of 40 companies made up of agents, distributors and other businesses dependent on the brand’s survival, Huawei and the consortium said in separate statements.
Huawei, which earlier this year became the world’s top mobile phone seller, said its consumer business “has been under tremendous pressure” from US sanctions.
The company said that it is increasingly cut off from acquiring components, with Washington seeking to cut the company off from the global supply chain. – AFP, November 17, 2020
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