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Huawei Aims to Invest $1 Billion in EVs

The past few years have been pretty rough for Huawei. For quite a while, the Chinese telecommunications company had been at the top of the game alongside Samsung and Apple, but after former President Donald Trump began focusing on the company, things went downhill quickly. The Chinese tech giant has since faced a wide variety of U.S. sanctions that have almost crippled its operations and removed it from its lofty perch at the top of the telecommunications sector.

In a bid to diversify and keep the profits coming, Huawei has now pledged to invest $1 billion in partnership with major Chinese automakers to develop zero-emission electric vehicles (“EVs”) and smart cars. With several governments across the world looking to replace conventional internal combustion engine (“ICE”) vehicles with electric vehicles, Huawei’s massive investment…

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NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE

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