Huawei Technologies Co is strategizing to double its smartphone sales in 2024, aiming to ship 60 to 70 million units, despite the looming threat of intensified U.S. restrictions. 

The Apple Inc (NASDAQ:AAPL) rival has been amassing a stockpile of essential components, including lenses, cameras, and circuit boards, to achieve this ambitious target. 

Huawei urged Qualcomm Inc (NASDAQ:QCOM), its sole U.S. supplier of 4G mobile chips, to fulfill the entire year’s order by June, anticipating further U.S. export controls, Nikkei Asia reports.

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The Chinese tech giant’s resilience is evident in its persistent efforts to advance chip development despite being under U.S. trade restrictions since 2019. 

Collaborating with China’s leading chipmaker, Semiconductor Manufacturing International Co (SMIC), Huawei has been manufacturing 5G mobile chipsets and other advanced chips, leveraging the country’s most sophisticated domestic chip production technologies. 

However, Huawei’s ambitious plans face potential obstacles as the U.S. contemplates expanding its stringent export controls on chipmaking equipment and AI chips. 

“Huawei is aiming high in the next two years, and we expect them to move upward on the back of domestic demand cheering on their hometown hero,” Bryan Ma, vice president of device research at IDC, told Nikkei Asia. 

Ma said Huawei will likely take some market share from Apple in China’s premium phone segment. But political tensions could throw a wrench in its plans if the company suddenly cannot secure enough components, Ma added.

Morgan Stanley does not see Huawei’s re-emergence as a threat to Apple, as its ecosystem in China remains very strong. 

Despite these challenges, Huawei remains undeterred, venturing into chip production with the support of local governments and emerging chipmakers. 

The release of its Mate 60 Pro, the first 5G smartphone post-U.S. blacklisting, underscores Huawei’s unwavering commitment to innovation and market resurgence.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.